|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The hearing aids market was valued at USD 8,244.60 million in 2021, and it is expected to reach USD 11,427.40 million by 2027, registering a CAGR of 5.59% during the forecast period.
The COVID-19 pandemic is an unprecedented health concern that adversely affected communities, industries, businesses, and lives around the world. COVID-19 led to disruption in the diagnostics and treatment of people with hearing problems as due to COVID-19 breakout, the footfall in the hospitals and clinics decreased. For instance, according to the research study published in September 2021 by Harper L. Wilson et al., adult users with cochlear implants and residents of rural areas faced greater challenges, pandemic preparedness, and access to healthcare during the COVID-19 pandemic, which shows a negative impact on the studied market. However, with the ongoing vaccinations and decreasing cases of COVID-19, the studied market is expected to regain its full potential over the forecast period.
The major propelling factors for the growth of the hearing aids market include the rising burden of hearing loss and raising awareness and initiatives about hearing aid devices among people. For instance, according to the April 2021 report of the World Health Organization (WHO), about 2.5 billion people were estimated to have some degree of hearing loss, and approximately 700 million people will need hearing rehabilitation by 2050. As per the same source, about 1 billion young adults are at risk of permanent, avoidable hearing loss due to unsafe listening practices. This data from the WHO shows the prevalence of hearing impairment and risk around the world. Thus, the demand for hearing aids devices is expected to increase over the years.
The rising awareness about hearing loss and hearing aid devices among the general population is further expected to act as a catalyst for the growth of the studied market as with the increase in awareness about hearing loss and the benefit of devices to the people with hearing impairment. For instance, every year, 3rd March is celebrated as World Hearing Day by the World Health Organization (WHO) and respective countries to raise the awareness about hearing loss and safe listening, and a special grant is provided by WHO to the people who wish to do a program on these awareness programs. Hence, with the increased awareness about hearing loss, the awareness about hearing devices is expected to increase, and the studied market is anticipated to grow owing to this factor.
Growing noise pollution throughout the world also has a significant impact on the hearing abilities of people. Noise emission in heavy-duty industries, as well as public carnivals, is expected to damage the hearing capacity of adults, thereby resulting in the increasing demand for hearing aids devices. Moreover, the companies in the area are enhancing their product through technological innovation and launching new devices, which is also expected to augment the growth of the hearing aids market during the forecast period. For instance, in 2020, GN Hearing launched ReSound ONE, which solves one of the most enduring challenges for people with hearing loss. This solution places an additional microphone inside the ear canal with a microphone and receiver-in-ear design (M&RIE) that uses the unique shape of every individual’s ear to collect sound. However, the high cost associated with the hearing aids and the availability of alternative products are anticipated to impede the growth of the hearing aids market over the forecast period.
Scope of the Report
As per the scope of the report, hearing aids are sound-amplifying devices that treat hearing impairment. These devices differ by design, the technology used to achieve amplification, and special specific features.
The hearing aids market has been segmented by product type (behind the ear (BTE), receiver in the ear (RITE)/ receiver in canal (RIC), in the ear (ITE), completely-in-canal (CIC), and other hearing aid devices), type of hearing loss (sensorineural hearing loss and conductive hearing loss), technology (conventional hearing aids and digital hearing aids), patient type (adults, and pediatrics/children), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
|Behind the Ear (BTE)|
|Receiver in the Ear (RITE)/ Receiver in Canal (RIC)|
|In the Ear (ITE)|
|Completely-in canal (CIC)|
|Other Hearing Aid Devices|
|Type of Hearing Loss|
|Sensorineural Hearing Loss|
|Conductive Hearing Loss|
|Conventional Hearing Aids|
|Digital Hearing Aids|
Key Market Trends
Behind the Ear (BTE) Segment is Expected to Hold a Major Market Share in the Product Type Segment Over Forecast Period
The behind-the-ear (BTE) hearing aid device segment is expected to hold a significant market share in the studied market in terms of revenue, owing to better connectivity, high efficiency, and easy usage. It is also considered to be ideal for most people with hearing problems and is suitable for people of all ages and any type of hearing impairment which increases the patient pool for the device. Due to these mentioned factors, the BTE segment is expected to grow and hold a major share in the studied market over the forecast period of the study.
According to the October 2021 article titled “Hearing aids: how to choose the right one,” published by Mayo Clinic, behind-the-ear hearing aids are the most common type of hearing aid. They have more amplification power as compared to other hearing aids, and also have a directional microphone which increases their efficiency. These types of hearing aids are available in various sizes, from small devices to large, high-powered devices, which are streamlined and barely visible and thus, preferred by the users and expected to be in high demand over the years.
Other factors propelling the BTE hearing aid segment toward growth are the technological advancements in the devices and the launch of new products by the key market players, which are further expected to complement the growth of the studied segment over the years. For instance, in October 2021, Canada-based Unitron launched its latest Stride Blu BTE hearing aids, namely Stride B-PR and Stride B-UP. The Stride Blu BTE hearing aids have a smaller and sleeker design than their predecessor. The Stride B-UP features a multi-function button for easier control and is Unitron’s first Ultra Power device to offer direct connectivity, whereas the rechargeable Stride B-PR offers tap control and provides a full day of listening on a single charge, so wearers can remain engaged in daily activities without pausing to recharge. Thus, these advancements are further expected to increase the adoption of the BTE hearing aids by the patients. However, due to the COVID-19 pandemic, the number of installations and production of hearing aids was hampered owing to the high infectivity and lockdown restrictions by the respective government, which has had an impact on the studied segment.
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North America Expected to Dominate the Hearing Aids Market Over the Forecast Period
North America dominates the market for hearing aids and is expected to show a similar trend over the forecast period, owing to the high prevalence of hearing loss, presence of robust healthcare infrastructure, and greater awareness and adoption of hearing aid devices in the region.
For instance, according to the October 2021 report of Statistics Canada, hearing loss and tinnitus were highly common in Canadian adults, more specifically in men, and overall, 60% of Canadians of age 19 to 79 years had a hearing health issue: audiometrically measured hearing loss, tinnitus (last year) or both conditions. As per the same source, in Canada, hearing loss is more common in older ages, and thus, with the increase in the older population, the burden of hearing loss is further expected to increase, which is driving the growth in the studied market in the region. As per the research study published in August 2020 by Enrique O Graue-Hernández et al., the pooled prevalence of hearing loss in the participants was 31.8%, and the prevalence of hearing loss alone and together with visual impairment was associated with age (the study was conducted in Central Mexico). Thus, owing to the high prevalence of hearing loss in the region, the hearing aids market is expected to have significant growth over the years in the region.
Moreover, in North America, the United States is expected to hold a major market share in the hearing aids market during the forecast period due to the high prevalence and incidence of hearing loss in the country and the high adoption of hearing aids. For instance, according to the March 2021 update from the National Institute on Deafness and Other Communication Disorders, about 2 to 3 out of every 1,000 children in the United States were born with a detectable level of hearing loss in one or both ears, and approximately 15% of American adults (37.5 million) aged 18 and over report some trouble hearing. As per the same source, based on standard hearing examinations, about one in eight people in the United States (13%, or 30 million) aged 12 years or older had hearing loss in both ears, and there were about 28.8 million adults in the United States, who can benefit from hearing aids. This data shows a high prevalence of hearing loss in the country. Thus, the demand for hearing aids is likely to increase, driving the growth of the studied market.
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The leading manufacturers of the hearing aids market are focused on market consolidation and expansion of their product portfolios. Due to the increased number of benefits, companies are also found focusing on providing advanced hearing aid devices with lithium-ion batteries. Some of the key players in the hearing aids market include Audina Hearing Instrument Inc., Cochlear Ltd, Amplifon SpA, and GN Hearing AS.
- In October 2021, Audibel launched its advanced AI-based hearing aids called Arc-AI. As per the company, the artificial intelligence algorithm is able to automatically adjust the volume of the hearing aid to the user’s environment, and users can choose from multiple styles, including completely-in-canal and behind-the-ear styles.
- In May 2021, Bose Corporation launched SoundControl Hearing Aids, which is cleared by the United States Food and Drug Administration and is a direct-to-consumer hearing aid developed for adults with perceived mild to moderate hearing loss.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of Hearing Loss
4.2.2 Technological Advancements in Hearing Aid Devices
4.2.3 Rising Awareness and Initiatives about Hearing Aid Devices
4.3 Market Restraints
4.3.1 High Cost of Hearing Aid Devices and the Presence of Substitute Products
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 Product Type
5.1.1 Behind the Ear (BTE)
5.1.2 Receiver in the Ear (RITE)/ Receiver in Canal (RIC)
5.1.3 In the Ear (ITE)
5.1.4 Completely-in canal (CIC)
5.1.5 Other Hearing Aid Devices
5.2 Type of Hearing Loss
5.2.1 Sensorineural Hearing Loss
5.2.2 Conductive Hearing Loss
5.3.1 Conventional Hearing Aids
5.3.2 Digital Hearing Aids
5.4 Patient Type
5.5.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.5.4 Middle-East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
5.5.5 South America
188.8.131.52 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Amplifon SpA
6.1.2 Audina Hearing Instruments Inc.
6.1.3 Arphi Electronics Private Limited
6.1.4 Demant AS
6.1.5 Cochlear Ltd
6.1.6 Eargo Inc.
6.1.7 Elkon Pvt Ltd
6.1.8 GN Hearing AS (GN Store Nord)
6.1.11 Medtronic PLC
6.1.12 SeboTek Hearing Systems LLC
6.1.13 WS Audiology AS (Sivantos Group, WIDEX)
6.1.14 Sonova Holding AG
6.1.15 Starkey Hearing Technologies
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Hearing Aids Market market is studied from 2019 - 2027.
What is the growth rate of Global Hearing Aids Market?
The Global Hearing Aids Market is growing at a CAGR of 5.59% over the next 5 years.
What is Global Hearing Aids Market size in 2019?
The Global Hearing Aids Market is valued at 8245 Million USD in 2019.
What is Global Hearing Aids Market size in 2027?
The Global Hearing Aids Market is valued at 11427 Million USD in 2027.
Which region has highest growth rate in Global Hearing Aids Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Hearing Aids Market?
North America holds highest share in 2021.
Who are the key players in Global Hearing Aids Market?
Audina Hearing Instruments, Inc., Amplifon SpA, GN Hearing AS (GN Store Nord), Horentek, Cochlear Ltd are the major companies operating in Global Hearing Aids Market.