The growth of the Bluetooth hearing aids market. As per FMI, the market is expected to rise at an impressive 8% CAGR between 2020 and 2030. With the demand for waterproof hearing aids surging, the market is believed to gain from sales uptick over the forecast period.
The rising cases of hearing impairment has resulted in high demand for hearing aids. Traditional and wired hearing aids often limited a user’s access to their smart phones or music players. However technologies today are more sophisticated and are allowing users to connect to their personal electronic devices to stream signals and music to hearing aids.
Some of the leading companies are aiming at more sophisticated design and robust technologies for Bluetooth hearing aids. The advent of artificial intelligence (AI) in the market resonates their goal to provide cutting-edge technologies to the users.
A slew of product launches are on cards and as per FMI, this will be one of the chief drivers of the market. It its report FMI studies various factors enabling growth in the market and opportunities for expansion. It gauges prospects held for innovation and research initiatives.
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Some of the key takeaways from the report are highlighted below:
- Global market for Bluetooth hearing aids is expected to reach US$ 2 Bn by the end of 2020
- An increasing number of companies are expected to strengthen their online presence to gain competitive advantage. The increasing number of online star-ups selling Bluetooth hearing aids will compel leading market players to rethink strategies to bolster their ecommerce presence
- Europe is expected to remain the dominant regional market for Bluetooth hearing aids. Rising cases of hearing impairment will stoke growth opportunities in the region
- Behind-the-ear hearing aids hold dominance among product types however in the coming years the demand for in-the-ear hearing aids is expected to rise at a greater pace
COVID-19 Impact on Bluetooth Hearing Aids Market
With COVID-19 tightening its noose around the world, apprehensions regarding shortage in supply of live-saving and essential medical supplies are widening. Healthcare centers and hospitals are scrambling to tackle with soaring cases of coronavirus infections. Against this scenario, patients are fearing inadequacy in optimal treatment for health conditions other than COVID-19.
The unprecedented pandemic outbreak is expected to have significant impact on the market for Bluetooth hearing aids. Besides disruptions in supply-chain, complexities witnessed in the healthcare sector are expected affect the market as well.
Who is winning?
Some of the key players operating in the Bluetooth hearing aid market are Union Hearing Aid Centre Limited, Beltone, MED-EL Eartone Hearing Aid, Shenzhen Sunsky Technology, Widex, Cochlear, Wiliam Demant Holding, Sonova Holding, GN ReSound, Siemens Healthcare, Sivantos Pte. Ltd., Miracle Hearing Aid., Starkey Hearing Aid, Persona’Medtechnica Orthophone, GN Stoe Nord, and others.
Companies in the Bluetooth hearing aids market are operating in a highly competitive environment. As a result there is immense focus on product launches among key players as they aim at gaining competitive advantage. Also, rising demand for advanced technologies is encouraging innovations in the market.
- In March 2019, Oticon launched a new product named Oticon Opn S, which uses 2.4GHz Bluetooth with low energy technology and offers easy connectivity and compatibility with Android and I-Phone and it streams to both ears
- In April 2018, Widex launched its new product Named Widex Evoke specially designed for I-Phone. It incorporated artificial intelligence to store information on the user preference over the time and automatically adjust the programs based on the inputs
Bluetooth Hearing Aid Market Segmentation
- In-The-Ear Hearing Aid (ITE)
- In-The-Canal Hearing Aid (ITC)
- Behind-The-Ear Hearing Aid (BTE)
- Completely-In-The Canal Hearing Aid (CIC)
- Receiver-In-The-Ear Hearing Aid (RIE)
- Online Retailers
- Multi-brand Stores
- Speciality Stores
- ENT Clinics and Audiology Centres
- Other Sales Channel
- Clinic/ Medical Centers
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
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