Rechargeable Hearing Aids Market Size, Share, Growth, and Industry Analysis by Type (BTE, RIC, ITE and ITC) By Application (Children and Adult), Regional Insights, and Forecast To 2032

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Rechargeable Hearing Aids Market Report Overview

The global rechargeable hearing aids market size was USD 4.62 billion in 2023 and is projected to grow from USD 5.38 billion in 2024 to USD 19.13 billion by 2032, exhibiting a CAGR of 16.4% during the forecast period. Asia-Pacific holds leading position in rechargeable hearing aids market share in 2023.

An electrical device called a rechargeable hearing aid is made to help people with hearing loss or damaged auditory nerves hear better. Hearing device use is anticipated to increase as hearing loss becomes more common. Furthermore, the market is anticipated to benefit from technical developments in rechargeable hearing aid devices, such as the ability to wirelessly link devices with smartphones. In addition, demand for cochlear implants is progressively rising, particularly among children. Cochlear implants should be put in place as soon as possible to correct hearing loss, according to several healthcare professionals. This element is likely to support industrial growth.

COVID-19 Impact: Increased Number of Patients to Affect the Market

The global COVID-19 pandemic has been unprecedented and staggering, with rechargeable hearing aids experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic has had a negative effect on the healthcare industry. Patients from all around the world are flooding hospitals with urgent treatment requests, and as a result, many hospitals are at capacity. The management of COVID-19 patients is requiring the postponement or cancellation of millions of elective procedures. The market for medical devices has also been harmed by this aspect. The market for rechargeable hearing aids is affected by this problem as well. A drop in the sales of these gadgets has been recorded by major market participants. In addition, sales have declined as a result of the cancellation of cochlear implantation treatments.

LATEST TRENDS

"Tele- Audiology to Augment the Market Growth"

Increased telemedicine use among audiologists is a result of the COVID-19 pandemic. To cut down on patient travel, many healthcare professionals are shifting to tele-audiology. To find out how the COVID-19 pandemic has impacted their area of expertise, Hearing Review polled medical professionals in the US and Canada. The study found that 51% of medical professionals utilize tele-audiology for follow-ups and counselling and 45% use it for device changes and fine-tuning.

As a result, manufacturers are also developing a range of platforms to help patients and healthcare workers. For instance, Inventis announced the release of Satellite Tele-audiology Solutions in May 2021, which is the first technology that enables real-time diagnostic testing.

Rechargeable Hearing Aids Market Segmentation

• By Type Analysis

By type, market is segmented into BTE, RIC, ITE and ITC. The BTE segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into children and adult. The children segment will lead the global share through 2028.

DRIVING FACTORS

"Rising Hearing Loss Cases to Drive the Market"

Hearing loss has overtaken diabetes as the most common medical problem, especially in affluent countries. A staggering 466 million individuals worldwide, or nearly 6.1% of the world's population, suffer from a hearing loss that is incapacitating, according to the WHO. In addition, it is predicted that by 2050, this figure would rise to around 1.5 billion, mostly as a result of an increase in the number of elderly people. Hearing loss may also be brought on by genetic vulnerability, chronic inflammatory disease, vascular problem, noise exposure, and natural aging of the ear. Because of this reason, there may be a rise in the number of people with hearing loss around the world, which would increase demand for these devices and increase sales.

"Smart Technology and the Introduction of Digital Platforms to Propel the Market"

In the past ten years, hearing aid technology has made significant advancements. The addition of digital platforms and clever technology integration have helped patients overcome a number of challenges and improved their hearing experience. Digital devices are being used to grow the market. Features like Bluetooth connectivity, high sound processing, smartphone compatibility, artificial intelligence, and stinnitus masking technology have helped the hearing aid reach its full potential.

RESTRAINING FACTORS

"Patients' Ignorance of Hearing Tests May Limit Growth"

The fact that they have a hearing handicap is sometimes difficult for people to accept, therefore they never get tested. Additionally, many people are reluctant to utilize these products because of the social stigma attached to them. 92% of respondents, according to a global poll by Cochlear Ltd. that was included in the State of Hearing Report, believe that sustaining one's overall quality of life depends in part on one's ability to hear. But just 37% of people have had a hearing test in the recent two years.

A   little difficulty to "deafness," according to the FDA, 37.5 million persons ages 18 and older report having some difficulty hearing without a device. Furthermore, according to Starkey Research, about 42% of persons who said they had no hearing issues really had a modest hearing loss. The deployment of the device would be restricted by such factors, which would lower the frequency of hospital tests.

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Rechargeable Hearing Aids Market Regional Insights

"North America to Hold the Highest Rechargeable Hearing Aids Market Share"

One of the main reasons for North America's dominant position in the worldwide market is the market's expanding sales volume of hearing devices. Other important contributing elements are the strong adoption of less obvious devices for greater aesthetic appeal and new product releases.

Europe is predicted to have the second-largest share, thanks to significant government funding and expanded research towards the creation of cutting-edge rechargeable hearing aids. Additionally, the strategic presence of a number of businesses in the area, including WS Audiology, Senovo, Demant A/S, and GN Store Nord A/S, is anticipated to spur expansion. Approximately 1,260 individuals in England presently obtain cochlear implants each year, according to the National Institute for Health and Care Excellence (NICE). The market would increase as a result.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

LIST OF TOP RECHARGEABLE HEARING AIDS COMPANIES

• Sonova (Switzerland)
• Demant (Denmark)
• WS Audiology (Denmark)
• GN Store Nord (Denmark)
• Starkey (U.S.)
• Eargo (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.