United State Hearing Aids Market to Grow at a CAGR of 9.4%, during Forecast Period
Published | 05 July 2022
United State Hearing Aids Market is gaining significant traction owing to the flourishing healthcare industry along with the increasing hearing loss prevalence and favorable regulatory policies as well as insurance coverage across the country…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United State Hearing Aids Market was worth USD 3.17 billion in the year 2021. The market is projected to grow at a CAGR of 9.4%, earning revenues of around USD 5.93 billion by the end of 2028. The United State Hearing Aids Market is booming because of the expanding healthcare industry. Also, increased hearing loss incidences as well as prevalence in the US surge the demand for hearing aids. In addition, the market is growing as a result of favorable regulatory policies, industry developments in technology, and the growing emphasis on recovering listening capacity. Additionally, expanding insurance coverage along with new product introductions by major players would spur market expansion. Furthermore, United State Hearing Aids Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, the high cost of the devices and rising patient drop-out rates from the treatment of hearing loss, in turn, may act as a huge restraining factor for the market growth.
An Increase in Hearing Loss Prevalence
It is vital to monitor and analyze hearing functions due to the increased prevalence of hearing loss in the country. Untreated hearing loss in children has a detrimental influence on social interaction, learning, and language development. Similar to younger folks, older adults with hearing loss frequently struggle to follow daily conversations. Moreover, untreated hearing loss has been associated with several medical and mental problems in older adults, including depression and cognitive decline as well as a higher risk of trips and falls. This results in offering lucrative opportunities for the US Hearing Aids Market during the forecast period (2022-2028).
Increased Insurance Coverage and Favorable Regulatory Policies in the US
The country's favorable reimbursement and regulatory rules for hearing aids are the main factors fueling the market's expansion. To give individuals with this illness access to assistive items for auditory loss, several regulatory adjustments have been made in the US According to a statute that President Trump signed in 2017, the FDA has three years to create safety guidelines and regulations that will permit over-the-counter sales of these devices for those with mild to moderate auditory loss without first contacting an audiologist. These factors are expected to lead to an increase in the use of these aids in the United States.
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Challenge: Lack of qualified professionals
There is now a dearth of qualified individuals in numerous regions who can successfully carry out ENT treatments like cochlear implantation. This issue is significantly more prevalent in underdeveloped areas. Despite having a sizable target patient population base, some regions of the country are predicted to have a limited supply of experienced ENT surgeons, which will restrict the number of ENT procedures performed annually, including cochlear implantation. The market for hearing aids is facing a significant challenge, which in turn restrains the market growth. Moreover, the high cost of the hearing aid devices and rising patient drop-out rates from the treatment of hearing loss may act as a huge restraining factor for the market growth.
Segmental Coverage
Based on distribution channels, the United State Hearing Aids Market is segmented into Government Services, Manufacturer Owned Retail Network, National Retailers, Independent Retailers/Small chains, Online Retailers, and Others. Among these, the Manufacturer Owned Retail Network segment holds the largest market share. This is brought about by significant market participants putting more emphasis on acquiring and building new retail outlets. Additionally, the growing number of company-owned retail locations is anticipated to fuel market expansion. Moreover, due to consumers' growing preference for online channels, the online retailers segment is anticipated to hold a sizeable market share throughout the projection period (2022-2028). All these factors boost the growth of the United State Hearing Aids Market during the forecast period (2022-2028).
Impact of COVID-19 on US Hearing Aids Market
The healthcare business has been impacted by the COVID-19 pandemic-induced lockdown and economic catastrophe. Many hospitals were at capacity as a result of the influx of urgent treatment requests from patients around the nation. Millions of elective treatments had to be delayed or canceled to manage COVID-19 patients. This has also had a significant negative influence on the market for medical gadgets. The market for equipment, such as orthopedic implants, heart valves, intraocular lenses, and audiology testing instruments, is showing a falling slope. In this respect, the hearing aids market is the same.
Competitive Landscape
The leading market players in the United State Hearing Aids Market are Sonova, Demant A/S, GN StoreNord A/S, Cochlear Ltd, WS Audiology, RION Co., Ltd, Starkey Company, MED-EL, and other prominent players. The US Hearing Aids Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United State Hearing Aids Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United State Hearing Aids Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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