As per our research report, the size of the global hearing aid market is projected to reach 9.61 Billion by 2024 from USD 7.05 Billion in 2020. This market to register a CAGR of 6.4% during the forecast period, as per our recent research report. Growing incidence of hearing loss majorly drives the hearing aid market growth. In 2019, 466 million people had hearing loss disability (where 34 million among these are children) which is estimated to reach 900 million by 2050.
According to WHO, 5% of the world population is suffering from hearing loss problems in which, 32 million are adults and 34 million are children. In the U.K., 10 million people are having various form of hearing impairment. In America, 1 out of 5 teens are experiencing hearing loss issues and are showing interest to have proper educations. Individuals with Disabilities Education Act (IDEA) are to ensure hearing loss students to get appropriate education and accommodations. Mild hearing loss may also impact a child to miss 50% of classroom discussion. Regularly, 10% of Americans are affected with Tinnitus, where 16 million among those seeking 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 are reporting with the same issues every year. 60-69 age group people 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).
As per the Johns Hopkins Cochlear Center for Hearing and Public Health, 3.2 million people in America are having hearing loss issues. People aged more than 80 are having the most significant difficulty in hearing loss.
The growing incidences of hearing loss, technological developments in the hearing aids, and increasing global aged population are major factors driving the demand of the market. The ever-growing trend towards customized implants is also an attribute propelling the need for the hearing aid market.
Additionally, 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 as well as the increasing frequency of hearing loss and hearing loss problems among the population has therefore led to the sale of numerous hearing aids on the market.
Furthermore, the rising noise pollution around the globe has a very major impact on people's hearing skills. The noise emissions in heavy-duty industries, and even the public carnivals, will damage adult hearing capacity are driving higher demand for hearing aid devices market. Because of the noisy drilling and dismantling jobs, the need for hearing aids is also higher among construction workers.
Hearing aids in which the significant challenges are the cause of several problems such as earwax, moisture problems, feedback problems, and handling problems can occur if the hearing aid places incorrectly. Therefore, manufacturers focus on the size of hearing aids, provide comfort and provide a cleaning set for device maintenance.
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.
Market Size Available
By Product, Hearing Loss, End-User and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East and Africa
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
The in-the-ear segment is holding the most significant shares in the market by owing to the increasing number of people suffering from hearing loss problems. Canal hearing aids category is positio0ned second in leading dominant shares with 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 the R&D activities in developed countries is elevating the growth of these segments. Cochlear implants are also likely to have surge growth rate in the coming years with the rise in the ageing population across the world. Bone anchored systems are likely to have a slow growth rate during the forecast period.
Hearing Aid Market - By Hearing Loss
Sensorineural hearing loss segment is ruling the significant shares of the market by owing to a rise in the incidences of hearing loss related diseases. Growing support from both public and private organizations is also boosting up the demand of this market. Furthermore, escalating expenditure on healthcare is significantly influencing the growth rate of the market. The conductive segment is to hit the highest CAGR in the coming years. Adoption of latest technologies in healthcare is impacting positively on the growth of the market. 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
The adult's category is having dominant shares of the market, whereas the paediatrics segment is holding the highest CAGR in the forecast period. Initiative steps by government in concern towards ordinary people are anticipated to leverage the demand of the market. Growing hearing loss defects in newborn babies are considered to elevate the need for the hearing aid market.
North America is the one ruling with dominant shares of the market by owing to the continually growing economy. The rise in the adoption of latest technology and launch of innovative products is enhancing the demand of the market. Prevalence to develop cost-effective devices is also one of the factors bolstering the growth rate of the market.
Europe is following North America is leading the highest shares of the market with the increasing elderly population. Growing technological advancements is also promoting the demand of the market in this region.
Asia Pacific is holding the highest CAGR from the past few years, and it is estimated to have the same growth in foreseen years. India and China are the major countries to lead market shares in this region. 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 fueling the growth rate of the market. Prevalence of e-commerce is also surging the growth of the market.
List of significant manufactures playing a prominent role in the global hearing aid market profiled in this report are:
Some of the major initiatives taken by the leading companies in the market in the recent past
On March 09, 2020, Widex, one of a leading hearing aid manufacturer, has invented a new device to address tiny and artificial sounds of hearing aid equipment. This device is to work effectively by eliminating unnatural sound and exchanging of information between the microphone and receiver.
On March 21, 2019, Sonova and Semtech jointly introduced a new radio system which is going to play a key role in manufacturing new generation hearing aids. In the 2.4Hz band, this system can enable multiple protocols.
On September 10, 2019, Apple announced that WHO is to receive the surveys from hearing health study to help WHO to take initiatives to raise awareness among people who are at risk of hearing loss. Over a billion people are suffering from hearing loss, and WHO is to promote new standards for these people.
On July 22, 2019, FDA approved single-sided deafness implant introduced by Med-EI USA. This device is beneficial for the people who have sensorineural hearing loss in one ear. The launch of this product is to level up the company's position in the market.
On June 17, 2019, Cochlear Nucleus Profile Plus series has received FDA approval. Cochlear Limited come up with a new idea where this device can connect directly to android smartphones through new built-in connectivity features.
On October 15, 2018, Bose, a leading company for headphones and loudspeakers has now received U.S. FDA for hearing aid. This company has entered into this field to provide over the counter hearing aids with effective cost.
On May 17, 2018, Sivantos, a leading company in hearing aids, is merged with Widex with cash transaction of USD 8 billion. This acquisition is to develop innovative hearing instruments and also to lead multi-channel sales in the coming days. According to a Reuters report, the Widex and Sivantos to focus on investing in the development of a new product with future technology and software for treating hearing loss.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Hearing AID Devices
22.214.171.124 Receiver-In-The-Ear (RITE) Hearing AIDS
126.96.36.199 Behind-The-Ear (BTE) Hearing AIDS
188.8.131.52 Canal Hearing AIDS
184.108.40.206 In-The-Ear (ITE) Hearing AIDS
220.127.116.11 Other Hearing AIDS
5.1.3 Hearing Implants
18.104.22.168 Cochlear Implants
22.214.171.124 Bone-Anchored Systems
5.1.4 Y-o-Y Growth Analysis, By Product
5.1.5 Market Attractiveness Analysis, By Product
5.1.6 Market Share Analysis, By Product
5.2 Type of Hearing Loss
5.2.2 Sensorineural Hearing Loss
5.2.3 Conductive Hearing Loss
5.2.4 Y-o-Y Growth Analysis, By Type of Hearing Loss
5.2.5 Market Attractiveness Analysis, By Type of Hearing Loss
5.2.6 Market Share Analysis, By Type of Hearing Loss
5.3 End User
5.3.4 Y-o-Y Growth Analysis, By End User
5.3.5 Market Attractiveness Analysis, By End User
5.3.6 Market Share Analysis, By End User
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Product
184.108.40.206 By Type of Hearing Loss
220.127.116.11 By End User
6.1.4 Market Attractiveness Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Product
126.96.36.199 By Type of Hearing Loss
188.8.131.52 By End User
6.1.5 Market Share Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Product
18.104.22.168 By Type of Hearing Loss
22.214.171.124 By End User
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Sonova Holding Ag
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 William Demant Holding A/S
8.3 GN Store Nord A/S
8.4 Cochlear Limited
8.5 Sivantos Pte. Ltd.
8.6 Starkey Hearing Technologies, Inc.
8.9 Zounds Hearing, Inc.
8.10 Sebotek Hearing Systems, Llc
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures