Hearing Aids Industry Overview
The global Hearing Aids Market size is expected to reach USD 15.5 billion by 2030, according to a report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.90% from 2023 to 2030. Increasing adoption of hearing aids, the growing awareness regarding technologically advanced products for the treatment of auditory loss, and the rising prevalence of auditory loss are some of the factors contributing to the market growth. The World Health Organization estimates that by 2050, the number of individuals living with severe hearing loss would approach 900 million. Besides that, physiological ear aging, hereditary vulnerability, increasing noise exposure, vascular illness, and chronic inflammation are factors that will contribute to the growing need for hearing aid. Hearing aid support items are also benefiting from government-funded projects. The majority of nations with greater penetration rates have government-funded hearing aid and accessory programs, subsidies, or full or partial reimbursements.
Covid-19 has adversely affected the healthcare industry. As a result of the COVID-19 pandemic, more people are opting for remote monitoring. The crisis has brought a new paradigm in hearing healthcare that mandates a revolutionary reconsideration of audiology service delivery. Low- and no-touch therapies are becoming increasingly important for audiology patients, who have been at the greatest risk for COVID-19 morbidity and death due to their old age. Hearing aid manufacturers have started to prioritize the use of mobile audiometry and digital hearing care solutions for remote troubleshooting, fine-tuning, counseling, and device monitoring.
Furthermore, rising public awareness regarding hearing impairment and hearing aid devices is anticipated to create an opportunity for the growth of the market. Increased public awareness regarding hearing loss and the benefits of devices to people with hearing impairment are expected to increase the product demand, which will positively impact the market growth. For example, the World Health Organization (WHO) and its respective nations commemorate World Hearing Day on March 3rd each year to promote awareness regarding hearing loss and safe listening and the WHO provides a specific grant to anyone who wants to organize a program on these issues.
Increased noise pollution across the world has a substantial influence on people's hearing capacities. Adults' hearing capacity is projected to be harmed as a result of noise pollution in heavy-duty businesses and public carnivals, leading to an increase in demand for hearing aids. Furthermore, key companies in the sector are improving their products via technical innovation and the debut of new gadgets, which is likely to boost the market growth throughout the forecast period. For instance, Oticon, Inc. is extending its hearing aid range to make Oticon's innovative BrainHearing technology accessible to more hearing impairment. Two new Oticon More miniBTE models have been added to meet the demand for consumers who want compact, inconspicuous behind-the-ear (BTE) choices.
Hearing Aids Market Segmentation
Grand View Research has segmented the global hearing aids market on the basis of product type, technology type, sales channel, type of hearing loss, patient type and region:
Based on the Product Type Insights, the market is segmented into In-the-Ear Hearing Aids, Receiver-in-the-Ear Hearing Aids, Behind-the-Ear Hearing Aids and Canal Hearing Aids.
- The behind-the-ear (BTE) hearing aids segment accounted for the largest revenue share of over 40.4% in 2022. BTE hearing aids consist of a small curved case that comfortably fits behind the ear.
- The canal hearing aids segment is anticipated to grow at a fastest rate of 8.8% over the forecast period. Canal devices are discreet devices, which is one of the critical success factors for their rapid growth.
Based on the Technology Type Insights, the market is segmented into Digital and Analog.
- Digital devices dominated the market with a revenue share of over 92.8% in 2022 and are anticipated to expand at the fastest CAGR 5.1% over the forecast period.
- A few analog devices are programmable owing to the presence of an embedded microchip that allows the programming of different settings for different listening environments.
Based on the Sales Channel Insights, the market is segmented into Retail Sales, Government Purchases and E-commerce.
- The retail sales segment dominated the market with a revenue share of over 73.6% in 2022 and is also expected to grow at the fastest rate of 5.2% over the forecast period. The implementation of OTC hearing aids acts as one of the pivotal factors for a large share of retail sales.
- E-commerceand government purchases of these devices are expected to grow at a lucrative rate over the forecast period. E-commerce sales are considered a lucrative sales channel for hearing aids. The Internet plays a significant role in making a purchase decision and acquiring information about hearing aids, especially for young adults and millennials. These players help the wearer to get screened for auditory loss and acquire more information on technology.
Based on the Type of Hearing Loss Insights, the market is segmented into Sensorineural Hearing Loss and Conductive Hearing Loss.
Based on the Patient Type Insights, the market is segmented into Adults and Pediatrics.
Hearing Aids Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Key Companies Profile
Manufacturing outsourcing has emerged as a key trend among market participants to further gain or sustain their position in the market. China and South Korea are among the key destinations where most of the manufacturing outsourcing is happening due to superior manufacturing expertise, low manufacturing cost, and a strong presence of trained professionals.
Some prominent players in the global Hearing Aids market include
- Phonak
- Benson Hearing
- GN Store Nord A/S
- Starkey
- MED-EL
- William Demant Holding A/S
- Medtronic
- Widex USA, Inc.
- Sivantos Pte LTD
- Audina Hearing
- Instruments Inc.
- Eargo Inc.
- Elkon Pvt Ltd.
- Horentek
- SeboTek Hearing Systems LLC.
- Sonova Holding AG
Order a free sample PDF of the Hearing Aids Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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