Market Trends of Hearing Aids Industry
This section covers the major market trends shaping the Hearing Aids Market according to our research experts:
Behind the Ear (BTE) Segment is Expected to Hold a Significant Market Share in the Product Type Segment Over the Forecast Period
The behind-the-ear (BTE) hearing aid device segment is expected to hold a significant market share in the studied market in terms of revenue, better connectivity, high efficiency, and easy usage. It is also ideal for most people with hearing problems and any hearing impairment, which increases the patient pool for the device. Behind-the-ear hearing aids are considered the most common type of hearing aid. They have more amplification power as compared to other hearing aids and also have a directional microphone which increases their efficiency. These hearing aids are available in various sizes, from small to large, high-powered, streamlined and barely visible devices. Thus, they are preferred by users and expected to be in high demand over the years.
Other factors propelling the BTE hearing aid segment toward growth are the technological advancements in the devices and the launch of new products by the key market players, which are further expected to complement the development of the studied segment over the years. For instance, in October 2021, Canada-based Unitron launched its latest Stride Blu BTE hearing aids, namely Stride B-PR and Stride B-UP. The Stride Blu BTE hearing aids have a smaller and sleeker design than their predecessor. The Stride B-UP features a multi-function button for easier control and is Unitron's first Ultra Power device to offer direct connectivity. The rechargeable Stride B-PR offers tap control and a full day of listening on a single charge, so wearers can remain engaged in daily activities without pausing to recharge. Thus, these advancements are further expected to increase the adoption of BTE hearing aids by patients.
Therefore, the Behind the Ear (BTE) segment is expected to witness significant growth over the forecast period due to the abovementioned factors.
North America Expected to Hold a Significant Share in the Hearing Aids Market Over the Forecast Period
North America is expected to hold a significant market share over the forecast period, owing to the high prevalence of hearing loss, robust healthcare infrastructure, and greater awareness and adoption of hearing aid devices in the region.
For instance, according to the October 2021 Statistics Canada report, hearing loss and tinnitus were prevalent in Canadian adults, specifically men. Overall, 60% of Canadians of age 19 to 79 years had a hearing health issue like audiometrically measured hearing loss, tinnitus (last year) or both conditions. According to the same source, hearing loss is more common in Canada in older ages. Thus, with the increase in the older population, the burden of hearing loss is further expected to increase, driving the growth in the studied market in the region. So, owing to the area's high prevalence of hearing loss, the region's hearing aid market is expected to grow significantly over the years.
Moreover, in North America, the United States is expected to witness notable growth in the hearing aids market during the forecast period due to the high prevalence and incidence of hearing loss in the country and the increased adoption of hearing aids. For instance, according to the March 2021 National Institute on Deafness and Other Communication Disorders update, about 2 to 3 out of every 1,000 children in the US are born with a detectable level of hearing loss in one or both ears, and approximately 15% of American adults (37.5 million) aged 18 and over report some trouble hearing. As per the same source, based on standard hearing examinations, about one in eight people in the United States (13%, or 30 million) aged 12 years or older had hearing loss in both ears. About 28.8 million adults in the United States can benefit from hearing aids. This data shows a high prevalence of hearing loss in the country. Thus, the demand for hearing aids is likely to increase, driving the growth of the studied market.
