According to Future Industry Insights (FMI), current trends favor the growth of the Bluetooth hearing aids market. According to FMI, the market will grow at an outstanding 8% CAGR between 2020 and 2030. The market is expected to benefit from an increase in sales due to the rising demand for waterproof hearing aids over the forecast period.
|Bluetooth Hearing Aids Market Size (2022)||US$ 2.2 Bn|
|Revenue Forecast (2030)||US$ 4.1 Bn|
|Global Market Growth Rate (2022-2030)||8% CAGR|
|Dominant Product Type||Behind-the-ear Hearing Aids (BTE) (34.3% Share)|
Hearing aids are in increasing demand due to the increased number of cases of hearing loss. Hearing devices that were wired or traditional often restricted access to smartphones or audio players. However, today’s technology are more advanced, allowing users to connect their hearing aids to their personal electronic devices and stream signals and music to them.
For Bluetooth hearing aids, several of the main businesses are working for more advanced designs and strong technologies. The introduction of artificial intelligence (AI) into the market aligns with their goal of providing people with cutting-edge technology.
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
“Leading players are gearing to accommodate 3D printing technologies to foster design innovations. At a time when companies need aggressive strategies to sail through looming recessions, focus on cutting-edge technologies can create incremental opportunities for market players,” said a lead analyst at FMI
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
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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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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.