Summary:
- The World Health Organization (WHO) projects that by 2050, 900 million people will suffer from disabling hearing loss.
- The need for efficient, discreet, technologically driven, but affordable hearing aids have become prevalent.
- As such, hearing aid manufacturers such as Nano are standing out for the incorporation of innovative technology, with cost-effective products.
It is expected that by the end of 2026, the hearing aids market will reach $14.45 billion with a Compound Annual Growth Rate (CAGR) of 7.2% from 2019 – 2026. This is attributed to the substantial predicted increase in hearing disorders all around the world.
As reported by the World Health Organization (WHO) in 2019, at the time there were about 466 million people around the globe who suffered from hearing issues. 34 million of this number were children, and the WHO speculates that by 2050, the number of overall people who suffer from disabling hearing loss will get to 900 million people.
This need has prompted financial resources being poured into research and development in the hearing aid industry. According to the above data, it’s clear that the market is ripe for the picking, and large (and small) companies can benefit greatly from investing in hearing aids.
What are the effects of hearing loss, and why does it require urgent aid?
The primary effect of hearing loss is the functional impact of being unable to effectively communicate with others. This is especially troubling in children where spoken language development is significantly hampered by undiagnosed hearing troubles. This has a significant effect on academic performance and the concurrent social and emotional impact.
The lack of communication that those with hearing difficulty suffer from often results in isolation and frustration which becomes a part of everyday life.
However, on the national and global levels, hearing loss and a lack of treatment have a significant impact on the economic well-being of a country. The World Health Organization speculates that $750 billion is lost globally because of untreated hearing loss. This number is composed of not only costs relating to the health sector, although not hearing devices, but also to the cost associated with educational support, societal costs, and the overall lack of productivity.
This is more prevalent in developing countries, but the US is not immune. As a result, the use of hearing aids and other assistive hearing methods are essential to the well-being of not only the individual but society and country at large.
What is the role of hearing aids in combating the expected growth?
Hearing aids, alongside other hearing devices such as cochlear implants and numerous other assistive devices, are exceptionally advantageous to those who struggle with their hearing. Currently, the global production of hearing aids only meet 10% of global hearing aid requirements, and this is especially prevalent in developing countries where only 3% of the needs are met.
Low-income settings also have to deal with a lack of availability for fittings and no (or very few) ways of maintaining the devices and making sure that they continue to work effectively. As such, the manufacture of well-fitted and cost-effective hearings aids, accompanied by sufficient follow-up services, would benefit millions of people around the world.
This is what a Nano hearing aid is and why it’s the future of hearing aids:
A nano hearing aid is one that is very small and discreet, whilst still retaining its strength and effectiveness. It’s a name given to the microdevices overall, but it’s also the name of a specific brand founded in 2017 in the United States of America.
Alongside Sonova (Unitron), Demant A/S, GN Store Nord A/S, Starkey, Sivantos Pte. Ltd., Widex A/S, MED-EL, and Cochlear Ltd., Nano is a market leader. They have cemented their top spot because they sell their products online, directly to the client, without the consumer needing to visit an audiologist at a brick-and-mortar location.
This opens up the products to the average person, and through the use of technology, they can still ensure exceptional quality. Nano uses innovative technology to allow the wearer to adjust the settings to suit their hearing needs without the need for an audiogram. However, to ensure that users are happy, the company offers a 45-day free trial and money-back guarantee.
What role does technology play in the success of dominant hearing aid market shareholders?
Nano’s success is deeply related to its integration of nano-microchip technology, suave designs, high-quality sound, and ultimately, comfort. All of this is offered at affordable prices.
Another dominant player, Starkey Hearing Aids also offers hearing aids that make use of avant-garde technological innovations. However, these come at a higher price, and as the data from WHO suggests, this does set the product apart from the average individual who is kept from hearing aids because of their financial situation.
The requirement to visit an audiologist is also a deterrent to many potential customers. This is in contrast to Nano who sells directly to the client online and at a price of about 90% less than its major competitors.
The importance of digital hearing aids:
The reason for the popularity of digital hearing aids is their ability to distinguish between foreground and background noise, and also their ability to isolate certain noise types.
Sound is processed through a digital sound processor that has the capacity to read sound waves and amend them as required by the wearer. They invert sounds to ranges which the wearer finds more comfortable and they have the power to enlarge or lessen noise patterns and frequencies.
Final Take:
Taking into account the estimated market growth and the established need for affordable but technologically innovative hearing aids, the above-mentioned key market players may top the ranks through their consistent advancement of technologically state-of-the-art devices at cost-effective prices.
These are the elements that companies need to consider when forging into the future in the hearing aid industry, and it remains the distinguishing factor between the success stories and businesses which lag behind.
Interesting Related Article: “Hearing Health and Senior Life“