Predicted Market Growth in NANO Type Hearing Aids: Who are the Winners?
By Space Coast Daily // December 22, 2020
By the end of 2026, the hearing aids market size is expected to get to $14.45 billion because of the increase in hearing disorders spanning the globe.
The World Health Organization (WHO) has reported that in 2019, there were approximately 466 million people all around the world who had to deal with hearing difficulties. Of this number, 34 million were children. WHO estimates that more than 900 million people will suffer from disabling hearing loss by 2050.
In response to this estimated need, there has been a steady increase in financial investment in research and development of hearing aid products and this is accompanied by numerous big scale businesses helping the overall market growth. However, this is not enough to adequately address the scale of the problem.
As a consequence, the focus on technological intervention has a massive effect on the overall market and has established itself as a focal point.
According to WHO, what can be done to combat the crisis?
Hearing devices including hearing aids, cochlear implants, and numerous other assistive devices, are exceedingly beneficial to those with hearing difficulties. In terms of hearing aids, however, the global production only meets approximately 10% of global need, especially in developing nations where it only meets 3%.
In low-income settings, there is an absence in availability for fitting and keeping the devices in working order. The absence of batteries is also a significant barrier. The production of good-fitting and low-cost hearing aids, and adequate follow-up services, would be advantageous to millions around the world, but is currently not adequately available.
So what has the dominant impact on the projected market growth?
Amongst the many contributing factors to this market growth is an amplification of product launches by big businesses around the world. This has been prompted by significant technological innovation which has resulted in some astonishing products.
However, there is too much competition without substantial development in providing for most of the world’s population who suffer from hearing disabilities. These technological innovations are useful, but ultimately insufficient in addressing the overall need.
For example, Starkey released a new hearing aid in 2018 which used artificial intelligence which, according to the company, assured better audio quality with decreased noise because of concepts which came from artificial intelligence.
Not only did this have a positive effect on the company itself, but also the overall market and its projected growth. Widex, on the other hand, also produced the first machine learning hearing aid in the world in 2018 which entails having the user to be able to control the sound intensity by using a smartphone application.
These two are just the beginning, and most of the dominant hearing aid manufacturers currently offer devices that are managed through smartphone apps and which interact with their environment through the use of wireless and other innovative technology.
These are great innovations but remain inaccessible to those with financial constraints and most of those who live in third-world countries where the need is just as real.
What are digital hearing aids and why are they the most popular?
Most modern hearing aids are digital as they can tell foreground and background noise apart and also isolate specific types of noise. Sound is processed through a digital sound processor which has the ability to read sound waves and adjust them as necessary.
They have the power to transpose sounds to ranges that are more comfortable to the wearer, or they can increase or decrease specific noise patterns and frequencies. This means that the wearer has the most coherent hearing that is feasible in numerous listening environments.
The Nano hearing aid is an exceptionally small and discreet hearing aid that is surprisingly robust and effective. This is the name given to these micro devices in general, but it’s also the name of the brand which was founded by Robert Carlson in the United States of America.
It’s one of the primary brands which are dominating the market, in line with others such as Sonova (Unitron), Demant A/S, GN Store Nord A/S, Starkey, Sivantos Pte. Ltd., Widex A/S, MED-EL, and Cochlear Ltd.
The Nano Hearing Aids brand has quickly become the most well-liked online hearing aid company in the United States since it was founded in 2017. One of the reasons for its market advantage is that it’s sold online directly to the public without the client having to first visit an audiologist at a physical location, much like MD hearing aids. To ensure that the client has found an appropriately comfortable hearing aid, they have a 45-day free trial and money-back guarantee.
However, the most important reasons for its success, and in accordance with what the data suggests, Nano hearing aids are leaping ahead because they integrate advanced nano-microchip technology with comfort, sound quality, and sophisticated designs. More than that, they offer their products at reasonable prices.
As an example, Starkey’s customized hearing aids do provide exceptional technological innovations, but they come at a steep price which many are simply unable to afford. As the data from WHO indicates, there are many people who suffer from hearing loss whose biggest obstacle to receiving the help that they need is finances and the requirement to visit an audiologist.
Nano combats this directly by selling their products online and at approximately 90% less than other well-known hearing aids.
With the projected market growth in mind and the recognized desire for cost-effective but technologically advanced, the above-mentioned hearing aids have cemented their market share by catering to the needs of the future.
The right hearing aid has immense potential in the amelioration of everyday struggles for those with hearing loss, and designing ones that incorporate and adjust to natural environments is of the essence. However, many people are forced to choose between this comfort and their own financial resources.
Those hearing aid companies which take this into consideration will become market leaders, and Nano seems to have just this in mind. These types of companies have made cost-effective and high-quality products that individuals can purchase online without having to visit a potentially expensive audiologist.
Through the use of innovative technology, the business is able to do adequate hearing tests online and the client can consequently browse a wide range of styles which can be decided upon according to the unique requirements of the wearer.
Although not a direct address to the overwhelming problem, it is a step in the right direction.