Hearing Aid Market

Market Definition

The Hearing Aid Market was valued at USD 7.36 billion in 2021 and is predicted to reach USD 13.91 billion by 2030 with a CAGR of 7.6% from 2022-2030.

A hearing aid is an electronic device designed to improve hearing in patients suffering from hearing loss or auditory nerve damage. Hearing aids comprise three key components including microphones, amplifiers, and speakers. The hearing aid receives sound via a microphone, converts the sound waves to electrical signals, and sends them to an amplifier. Hearing aids are mainly useful in improving the hearing and speech ability of people with hearing loss, due to damage to the small sensory cells in the inner ear, called hair cells. These devices magnify sound vibrations entering the ear. The larger vibrations are detected by remaining hair cells, which then convert them into neural signals and send them to the brain.

Market Dynamics and Trends

The rising cases of hearing loss disorders across the world are anticipated boost the demand for hearing aids. According to reports published by WHO in April 2021, nearly 2.5 billion people are projected to have some degree of hearing loss and at least 700 million will require hearing rehabilitation by 2050. Also, over 1 billion young adults are at risk of permanent, avoidable hearing loss due to unsafe listening practices. In addition, technological advancements in hearing aid devices, such as AI-based hearing aids and wirelessly connecting devices with smartphones are significant factors driving the market growth.

For instance, in October 2021, Audibel, a brand of Starkey hearing technologies launched the “Arc AI”, a complete line of AI-driven hearing aids that supports the most advanced sound quality available. This AI-based hearing aid reduces background noise, allowing the user to hear in noisy environments. Moreover, government and private organizations are undertaking various initiatives to bridge the gap between existing needs and the availability of resources for hearing devices. For instance, in June 2022, UNICEF provided 1200 hearing aids to the government of Rwanda at a 94% discounted price to reach more children with these life-changing products. This is expected to boost the growth of the hearing aids market.

Factors including the high cost of hearing aids, the absence of reimbursement, and the lack of awareness about hearing loss and hearing aid devices in developing regions are factors that are expected to impede the market growth during the forecast period. On the contrary, the latest innovations including the introduction of completely-in-the-canal (CIC) hearing aids that are virtually invisible, easy to use with a phone, and reduce the occlusion effect in the ear are expected to create ample growth opportunities for the market in the future.

Market Segmentations and Scope of the Study

The hearing aid market is segmented based on product, application,  patient type, and distribution channel. On the basis of product, the market is categorized into in-the-ear hearing aids, receiver-in-the-ear hearing aids, behind-the-ear hearing aids, and canal hearing aids. On the basis of application, the market is categorized as sensorineural hearing loss and conductive hearing loss. On the basis of patient type, the market is bifurcated into adults and pediatrics. On the basis of distribution channel, the market is categorized into retail sales, government purchases, and e-commerce. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Asia-Pacific dominated the global hearing aid market in 2021 and is potently expected to remain dominant in the market throughout the forecast period. This is attributed to factors such as technological developments in hearing devices and a surge in the geriatric population in counties such as China, India, and Japan. Hearing loss is more common in those 65 years of age and beyond, which creates a large consumer base for hearing aid devices. Therefore, it is anticipated that the increasing older population would greatly fuel market expansion in the region.

Also, the various technological advancements related to hearing aid technology and cochlear implants to overcome high-frequency hearing loss are expected to generate profitable opportunities for the hearing aid market. For instance, in September 2022, Sony Corporation and WS Audiology Denmark A/S collaborated to develop and deliver innovative products and services in the over-the-counter self-fitting hearing aid market, beginning with the United States. Through this collaboration, Sony and WSA will use their specialized technological and medical knowledge to develop solutions that will help to establish this new field, which will accelerate the growth of the industry in this region.

North America is expected to show a steady rise in the hearing aid market due to the rapidly increasing cases of hearing loss in adults and children. According to the report published by the National Institute on Deafness and other Communication Disorders (NIDCD) in Mar 2021, about 2 to 3 out of every 1,000 children in the United States are born with a detectable level of hearing loss in one or both ears. Approximately 15% of American adults (37.5 million) aged 18 and over report some trouble hearing.

Also, the key market players in the region such as Audina Hearing Instruments Inc. and Starkey Hearing Technologies are involved in strategic mergers and new launches that reinforce their market position in this region. For instance, in November 2021, Starkey collaborated with researchers from the Stanford University school of medicine to study the use of hearing aids equipped with embedded sensors and artificial intelligence to track and reduce health risks as well as enhance speech intelligibility in challenging listening environments.

To sum up, the steady rise in the hearing aid market in North America, driven by the increasing prevalence of hearing loss in both children and adults, presents significant opportunities for key players in the region to reinforce their market position through strategic partnerships and new product launches that cater to the evolving needs of consumers.

Competitive Landscape

The hearing aid market comprising of various market players such as Oticon, Starkey Hearing Technologies, WS Audiology (formerly Demant), Sonova Holding AG, William Demant Holding, GN Store Nord, Jabra, Bernafon, Hansaton, and Philips Hearing Aids. These market players are adopting various strategies including collaboration, new launches, and planning the expansion of businesses across various regions to maintain their dominance in the hearing aid market.

For instance, in August 2022, GN Hearing announced the launch of ReSound OMNIA, a hearing aid platform that aims to improve the way people interact with the world around them and provide significantly better hearing in noisy environments. Through this platform, people living with hearing loss gain access to a solution that helps them hear even the finest details of sound more easily.

In December 2020, Sonova successfully launched Marvel hearing technology for cochlear implant wearers. Through the close collaboration between its brands, Advanced Bionics (AB) and Phonak, cochlear implant (CI) wearers of all ages can benefit from the breakthrough Marvel hearing technology. The launch is a significant advancement that has the potential to improve the quality of life for people of all ages with hearing loss.

Key Benefits

• The hearing aid market report provides a quantitative analysis of the current market and estimations through 2022-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the hearing aid market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints, and opportunities and their impact on the hearing aid market is provided in the report.

• The competitive analysis of the market players along with their market share in the hearing aid market.

• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

Key Market Segments

By Product

• In-the-Ear Hearing Aids

• Receiver-in-the-Ear Hearing Aids

• Behind-the-Ear Hearing Aids

• Canal Hearing Aids

By Application

• Sensorineural Hearing Loss

• Conductive Hearing Loss

By Patient Type

• Adults

• Pediatrics

By Distribution Channel

• Retail Sales

• Government Purchases

• E-commerce

By Geography 

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Spain

  • Italy

  • Netherlands    

  • Denmark    

  • Finland    

  • Norway    

  • Sweden    

  • Russia    

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• Rest of World

  • Latin America    

  • Middle East    

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Analysis Period	2021–2030
Base Year Considered	2021
Forecast Period	2022–2030
Market Size Estimation	Billion (USD)
Market Segmentation	By Product (Hearing Devices and Hearing Implants) By Application (Sensorineural Hearing Loss and Conductive Hearing Loss) By Patient Type (Adults and Pediatrics) By Distribution Channel (Retail Sales, Government Purchases, E-commerce)
Countries Covered	28
Companies Profiled	Cochlear Hearing, GN Store Nord, RION Co. Ltd, Sonova Holdings AG, Demant A/S, Audina Hearing Instruments, Inc., Starkey Laboratories Inc, Microson, SeboTek Hearing Systems LLC, and WS Audiology A/S

KEY PLAYERS

• Oticon

• Starkey Hearing Technologies

• WS Audiology (formerly Demant)

• Sonova Holding AG

• William Demant Holding

• GN Store Nord

• Jabra

• Bernafon

• Hansaton

• Philips Hearing Aids