Hearing Aid Market

Global Hearing Aid Market Size (2023 to 2028)

As per our analysis report, the size of the global hearing aid market is projected to reach USD 10.88 billion by 2028 from USD 7.98 Billion in 2023. As per our recent research report, this market registers a CAGR of 6.4% during the forecast period.

MARKET DRIVERS:

The growing patient population suffering from hearing loss is one of the major factors driving the growth of the hearing aid market. In 2019, 466 million people had hearing loss disabilities (where 34 million are children), and it is estimated to reach 900 million by 2050. According to WHO, 5% of the world population suffers from hearing loss problems, of which 32 million are adults and 34 million are children. In the U.K., 10 million people have various forms of hearing impairment. In America, 1 out of 5 teens experience hearing loss issues and show interest in proper education. The Individuals with Disabilities Education Act (IDEA) ensures hearing loss students get appropriate education and accommodations. Mild hearing loss may also cause a child to miss 50% of classroom discussions. Regularly, 10% of Americans are affected by Tinnitus, where 16 million seek medical assistance. In the United States, in every 1000 children, 2 to 3 suffered from hearing loss in one or both ears in 2016, according to NIDCD. Also, around 15% of adults aged above 18 report the same issues every year. People in the 60-69 age group are more likely to have hearing loss. According to the National Institute of Deafness and Other Communication Disorders (NIDCD), 28.8 million people used hearing aids in 2019. In the United States, 98% of newborn babies are undergoing hearing loss screening, according to the data announced by the Centers for Disease Control and Prevention (CDC). Per the Johns Hopkins Cochlear Center for Hearing and Public Health, 3.2 million people in America have hearing loss issues. People aged more than 80 have the most significant difficulty with hearing loss.

Technological developments in hearing aids and the increasing global aged population are major factors driving the growth of the global hearing aid market. The ever-growing trend towards customized implants is also an attribute propelling the growth of the hearing aid market. In developing countries, preventable medical problems are often the leading cause of hearing loss, and infectious diseases such as rubella and syphilis can lead to congenital hearing loss. Besides, pregnancy complications can lead to hearing loss in the infant, and the increasing frequency of hearing loss and hearing loss problems among the population, has led to the sale of numerous hearing aids on the market.

Furthermore, the rising noise pollution around the globe significantly impacts people's hearing skills. The noise emissions in heavy-duty industries, and even the public carnivals, will damage adult hearing capacity, driving higher demand for the hearing aid market. Because of the noisy drilling and dismantling jobs, hearing aids is also higher among construction workers.

MARKET RESTRAINTS:

Hearing aids with significant challenges cause several problems, such as earwax, moisture problems, feedback problems, and handling problems can occur if the hearing aid is placed incorrectly. Therefore, manufacturers focus on the size of hearing aids, providing comfort and a cleaning set for device maintenance. In addition, inadequate testing methods, consumer shortages, and noisy ringing and amplification are the factors that hinder the development of the global hearing aid market. One of the main drawbacks of the market for current products is the miserable battery life of hearing aids. After the assisting battery runs out, the user is left helpless and silent.

Impact of COVID-19 on the global hearing aid market:

COVID-19 has negatively impacted the hearing aid market. World Health Organization declared this virus as a pandemic in March 2020. Almost every country has imposed lockdowns and bans on international flights to control the spread of the coronavirus. Insufficient production of hearing implants, hearing aids and hearing diagnostics, and other ENT-related devices have affected the market's growth rate. To reduce exposure to the virus, patients have reduced their visits to ENT clinics and meeting specialists. According to research studies, the coronavirus may affect hearing in some patients, leading to the growth of the hearing aid market.

REPORT COVERAGE:

This research report on the global hearing aid market has been segmented and sub-segmented based on the product, hearing loss, end-user, and region.

Hearing Aid Market – By Product:

• In-The-Ear
• Canal Hearing Aids
• Receiver-In-The-Ear
• Behind-The-Ear
• Cochlear Implants
• Bone Anchored Systems

Based on the product, the in-the-ear segment is estimated to hold the most significant share of the global hearing aid market during the forecast period owing to the increasing number of people suffering from hearing loss problems.

The canal hearing aids market is predicted to register healthy growth during the forecast period due to the growing awareness among people towards the availability of different devices.

Receiver-in-the-ear and behind-the-ear segments are expected to grow in foreseen years. The rise in R&D activities in developed countries is elevating the growth of these segments.

The cochlear implants segment is also likely to have a surge in growth rate in the coming years with the rise in the world's aging population.

On the other hand, the bone-anchored hearing aid market is expected to grow at a moderate growth rate during the forecast period.

Hearing Aid Market - By Hearing Loss:

• Sensorineural
• Conductive

The sensorineural hearing loss segment is the most lucrative segment based on hearing loss due to a rise in hearing loss-related diseases. In addition, growing support from both public and private organizations boosts the demand for this market. Furthermore, escalating healthcare expenditure significantly influences the market's growth rate.

The conductive segment will hit the highest CAGR during the forecast period. Adopting the latest technologies in healthcare positively impacts the market's growth. In addition, the rise in the number of screening and diagnosing tests in newborn babies is accelerating the growth rate of this market.

Hearing Aid Market – By End User:

• Adults
• Pediatrics

The adult category has a dominant hearing aid market share, whereas the pediatrics segment holds the highest CAGR in the forecast period. Initiative steps by the government in concern towards ordinary people are anticipated to leverage the market's demand. In addition, growing hearing loss defects in newborn babies are considered to elevate the need for the hearing aid market.

Hearing Aid Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American hearing aid market accounted for the dominating share of the worldwide market in 2021 and is estimated to continue dominating throughout the forecast period owing to the continually growing economy. In addition, the rise in the adoption of the latest technology, the launch of innovative products, and the increasing prevalence of developing cost-effective devices are propelling the regional market growth.

The European hearing aid market is forecasted to hold a substantial share worldwide in 2021. It is expected to grow at a healthy CAGR in the coming years owing to the growing aging population and the adoption of technological advancements in manufacturing advanced hearing aids.

The hearing aid market in the Asia Pacific is one of the most promising regions globally, and it is estimated to have the fastest growth in the foreseen years. India and China are the major countries that lead market shares in this region. The increasing population is undoubtedly a key factor for the market to grow. Creating awareness among the people living in rural areas through campaigns and digital advertisements is fuelling the market’s growth rate in APAC. In addition, the prevalence of e-commerce is also surging the growth of the market.

The Latin American hearing aid market is anticipated to grow at a steady CAGR during the forecast period.

The hearing aid market in MEA is expected to hold a moderate share of the worldwide market in the coming years.

KEY MARKET PARTICIPANTS:

Some of the significant manufacturers playing a prominent role in the global hearing aid market profiled in this report are GN Store Nord A/S (Denmark), Cochlear Limited (Australia), MED-EL (Austria), SeboTek Hearing Systems, Starkey Hearing Technologies, Inc. (U.S.), Widex (Denmark), William Demant Holding A/S (Denmark), Sivantos Pte. Ltd. (Singapore), Sonova (Switzerland) and Zounds Hearing, Inc. (U.S.).

RECENT HAPPENINGS IN THIS MARKET:

• In March 2020, Widex, a leading hearing aid manufacturer, invented a new device to address tiny and artificial hearing aid equipment sounds. This device works effectively by eliminating unnatural sounds and exchanging information between the microphone and the receiver.
• In March 2019, Sonova and Semtech jointly introduced a new radio system that will play a key role in manufacturing new-generation hearing aids. In the 2.4Hz band, this system can enable multiple protocols.
• In September 2019, Apple announced that the WHO is to receive surveys from hearing health studies to help the WHO take initiatives to raise awareness among people at risk of hearing loss. Over a billion people suffer from hearing loss, and WHO promotes new standards for these people.
• In July 2019, the FDA approved a single-sided deafness implant introduced by Med-EI USA. This device benefits people with sensorineural hearing loss in one ear. The launch of this product is to level up the company's position in the market.
• In June 2019, the Cochlear Nucleus Profile Plus series received FDA approval. Cochlear Limited came up with a new idea to connect directly to Android smartphones through new built-in connectivity features.
• In October 2018, Bose, a leading company for headphones and loudspeakers, received a U.S. FDA for a hearing aid. This company has entered into this field to provide over-the-counter hearing aids at a reasonable cost.
• In May 2018, Sivantos, a leading company in hearing aids, merged with Widex with a USD 8 billion cash transaction. This acquisition will develop innovative hearing instruments and lead multi-channel sales in the coming days. According to a Reuters report, Widex and Sivantos focus on investing in developing a new product with future technology and software for treating hearing loss.