At 5.7% CAGR, Asia Pacific Hearing Aids Market is Projected to be worth US$ 7,992.16 million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific hearing aids market was valued at US$ 5,140.91 million in 2022 and is expected to reach US$ 7,992.16 million by 2030, registering a CAGR of 5.7% from 2022 to 2030. Growing strategic initiatives by the companies and approval of over-the-counter hearing aids are among the critical factors attributed to the Asia Pacific hearing aids market expansion.

Companies operating in the hearing aids market constantly focus on strategic developments such as collaboration, expansion, agreements, partnerships, and product launches. These help them improve their sales, expand their geographic reach, and enhance their capacities to cater to a greater than existing customer base. A few of the noteworthy developments in the hearing aids market by companies are mentioned below:

• In April 2023, JIUYEE, a manufacturer of hearing aids, introduced a revolutionary new hearing aid, JIUYEE Real Pro Bluetooth intelligent hearing aids, to change how people with hearing loss live their lives. The latest hearing aid displays advanced features, such as its cutting-edge technology, owing to which users can experience clear and natural sound quality, that set it apart from traditional hearing aids; at the same time, its sleek and comfortable design provides seamless integration into daily life.
  
  
• In October 2022, Sony Electronics introduced its first over-the-counter hearing aids in the market. The company is re-imagining the hearing device space, focusing on innovation, accessibility, and personalization. The unique products were developed in partnership with WS Audiology. The first two products to debut from the partnership included the CRE-C10 and the CRE-E10 self-fitting OTC hearing aids. Sony's goal with these devices is to break down the barriers faced by individuals with signs of mild to moderate hearing loss.
  
  
• In September 2022, Sony Corporation and WS Audiology Denmark entered into a partnership agreement to develop and supply new products and services in the over-the-counter (OTC) self-fitting hearing aid market. Through the partnership, both companies plan to combine their technological and medical expertise to create solutions to shape the new field.
  
  
• In August 2021, Starkey introduced Evolv AI-a new hearing aid platform. Evolv AI is developed on Starkey Sound, a ground-breaking technology created by refining Starkey's research and science-based algorithms to power high-fidelity audio modeled after the human auditory system. Starkey also launched the industry's smallest 2.4 GHz completely-in-canal hearing aid as part of the Evolv AI line of hearing aids.
  
  
• In May 2021, Sonova, acquired Sennheiser Consumer Business. With the takeover of the Sennheiser Consumer business, the company added headphones and soundbars to its hearing care portfolio, which includes hearing aids, cochlear implants, and other hearing solutions. By acquiring Sennheiser's consumer business, Sonova leverages the complementary expertise of both companies to strengthen and expand its business areas in the future.
  
  Thus, strategic initiatives such as the introduction of innovative products, expansion, and acquisitions by the companies to remain competitive in the market drive the hearing aids market growth.
  
  On the contrary, high cost of customized and prescribed hearing aids hampers the growth of Asia Pacific hearing aids market.
  
  Based on type, the Asia Pacific hearing aids market is bifurcated into prescription hearing aids and OTC hearing aids. The prescription hearing aids segment held 100.0% market share in 2022, amassing US$ 5,140.91 million. It is projected to garner US$ 7,992.16 million by 2030 to expand at 5.7% CAGR during 2022-2030.
  
  In terms of product type, the Asia Pacific hearing aids market is bifurcated into hearing aid devices and hearing implants. The hearing aid devices segment held 75.6% share of Asia Pacific hearing aids market in 2022, amassing US$ 3,884.23 million. It is projected to garner US$ 6,123.32 million by 2030 to expand at 5.9% CAGR during 2022-2030. Furthermore, the hearing aid devices segment is subsegmented into behind-the-ear (BTE) hearing aid, in-the-ear (ITE) hearing aid, receiver-in-the-ear (RITE) hearing aid, canal hearing aid, and others. Additionally, the hearing implants segment is bifurcated into cochlear implants and bone conduction implants.
  
  By technology, the Asia Pacific hearing aids market is bifurcated into conventional hearing aids and digital hearing aids. The conventional hearing aids segment held 61.8% share of Asia Pacific hearing aids market in 2022, amassing US$ 3,177.97 million. It is projected to garner US$ 4,771.74 million by 2030 to expand at 5.2% CAGR during 2022-2030.
  
  Based on type of hearing loss, the Asia Pacific hearing aids market is bifurcated into sensorineural hearing loss and conductive hearing loss. The sensorineural hearing loss segment held 70.6% share of Asia Pacific hearing aids market in 2022, amassing US$ 3,630.89 million. It is projected to garner US$ 5,750.70 million by 2030 to expand at 5.9% CAGR during 2022-2030.
  
  Based on patient type, the Asia Pacific hearing aids market is bifurcated into adults and pediatric. The adults segment held 72.8% share of Asia Pacific hearing aids market in 2022, amassing US$ 3,741.69 million. It is projected to garner US$ 5,973.66 million by 2030 to expand at 6.0% CAGR during 2022-2030.
  
  Based on distribution channel, the Asia Pacific hearing aids market is categorized into pharmacies, retail stores, and online. The pharmacies segment held 58.9% share of Asia Pacific hearing aids market in 2022, amassing US$ 3,026.69 million. It is projected to garner US$ 4,868.95 million by 2030 to expand at 6.1% CAGR during 2022-2030.
  
  Based on country, the Asia Pacific hearing aids market has been categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 29.9% share of Asia Pacific hearing aids market in 2022. It was assessed at US$ 1,538.38 million in 2022 and is likely to hit US$ 2,483.78 million by 2030, exhibiting a CAGR of 6.2% during 2022-2030.
  
  Key players operating in the Asia Pacific hearing aids market are Starkey Laboratories Inc., Audina Hearing Instruments Inc, GN Store Nord AS, Cochlear Ltd, WS Audiology AS, Sonova Holding AG, and Sonic Innovations Inc, among others.
  
  
• In Oct 2021, Widex launched an updated version of its application, MOMENT version 1.4.
  
  
• In Aug 2022, Starkey launched an upgraded version of Evolve AI, its award-winning product.
  
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