According to the latest research by iData Research, the global hearing device market is limited by lifestyle and aesthetic concerns. Despite the many new hearing aid styles and discreet designs, some users still regard hearing aids as a symbol of advanced old age and incapability. In spite of this trend, the level of innovation has been increasing within the global hearing device market and multiple companies have made strategic product launches to improve their market positioning in 2022 and 2023. Continue reading to learn more about these companies and their devices:
GLOBAL HEARING DEVICE MARKET DEVELOPMENTS
- In December 2022, GN ReSound was able to acquire Lively, a leading online hearing aid sales and digital marketing platform. This acquisition has given GN access to the fast-growing telehealth market.
- In January 2022, Sonova Holding AG acquired Alpaca Audiology, one of the largest independent networks of audiological care clinics in the US. Through this acquisition, Sonova was able to double its network in the US and expand its direct consumer access.
- In January 2022, TODOC, a South Korean company that specializes in neural prosthetic devices and neuromodulation systems, announced that its artificial cochlear device, ‘SULLIVAN’, will be unveiled at the “CES 2022” in Las Vegas.
- In April 2022, the Cochlear Nucleus Implant, developed by Cochlear Ltd., was approved by the United States Food and Drug Administration (U.S. FDA) to treat unilateral hearing loss (ULH) as well as single-sided deafness (SDD).
- In October 2022, Sony, for the first time in the US, released an over-the-counter hearing aid. Sony is developing this product through a partnership with WSAudiology. In this partnership, CRE-C10 and CRE-E10 self-fitting OTC hearing aids are the first two products.
GLOBAL HEARING DEVICE MARKET ANALYSIS AND FORECAST
According to iData’s Hearing Device Market Report, the global market is expected to reach a valuation around $24.8 billion by 2028. The hearing device market is dominated by the hearing aid market. The majority of the overall market is captured by hearing aids and the share is expected to increase.
iData’s full report includes metrics such as unit sales, average selling prices (ASPs), market values, market trends, a complete competitive analysis and COVID-19 analysis, along with market drivers, market limiters, and more. The following markets are included within the report: hearing aids, bone-anchored hearing aids, cochlear implants, middle ear implants, zinc air hearing aid batteries, otoacoustic emission and auditory brainstem response analyzers, audiometer and tympanometers, real ear analyzers and otoscopes.
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