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Global Hearing Aid Market Size, Share, Trends, COVID-19 impact and Growth Analysis Report– Segmented By Hearing Loss, Product, End-User & Region - Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 3633
Pages: 175
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Hearing Aid Market Size, Growth (2022 to 2027)

As per our analysis report, the size of the global hearing aid market is projected to reach USD 10.23 billion by 2027 from USD 7.5 Billion in 2022. As per our recent research report, this market registers a CAGR of 6.4% during the forecast period. The growing incidence of hearing loss majorly drives the hearing aid market growth. In 2019, 466 million people had hearing loss disabilities (where 34 million are children), and it is estimated to reach 900 million by 2050. 

Some of the key statistics concerning hearing loss:

  • According to WHO, 5% of the world population suffers from hearing loss problems, 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 is experiencing hearing loss issues and showing interest in proper education. The individuals with Disabilities Education Act (IDEA) ensure hearing loss students get appropriate education and accommodations. Mild hearing loss may also impact a child to miss 50% of classroom discussions. Regularly, 10% of Americans are affected by Tinnitus, while 16 million seek medical assistance. 
  • In the United States, in every 1000 children, 2 to 3 suffered hearing loss in one or both ears in 2016, according to NIDCD. Also, around 15% of adults above 18 report the same issues every year. Therefore, people in the 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 have hearing loss issues. People aged more than 80 have the most significant difficulty with hearing loss. 

MARKET DRIVERS:

The growing incidences of hearing loss, technological developments in hearing aids, and the increasing global aged population are major factors driving the growth of the worldwide hearing aid market.

In addition, the ever-growing trend toward customized implants is also an attribute propelling the need for the hearing aid market. Additionally, preventable medical problems are often the leading cause of hearing loss in developing countries, 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. Therefore, 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 public carnivals will damage adult hearing capacity, driving higher demand for the hearing aid devices market. Because of the noisy drilling and dismantling jobs, hearing aids is also higher among construction workers.

MARKET RESTRAINTS:

A few side-effects of Hearing aids may cause problems such as earwax, moisture problems, feedback problems, and handling problems that can occur if the hearing aid is placed incorrectly. Therefore, manufacturers focus on the size of hearing aids, provide comfort, and provide a cleaning set for device maintenance. However, inadequate testing methods, consumer shortages, and noisy ringing and amplification are the factors that hinder the development of the global hearing aid market. In addition, 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.

COVID-19 impact on the global hearing aid market:

The development of the COVID-19 pandemic has altered how medical treatment is delivered worldwide. Many hospitals and departments have been reprofiled for treating COVID-19 patients due to the increasing demand brought on by the rising rate of COVID-19 hospitalizations. As a result, numerous elective procedures have been canceled or postponed worldwide to resolve or allocate low capacities and resources, such as hospital beds and patient care staff, to COVID-19 patient care.

The reallocation of intensive care resources has disproportionally impacted the provision of ENT-related surgeries and services. According to the Centers for Disease Control and Centers and Prevention (CDC), ENT clinics and audiology centers represent a medium to high risk of COVID-19 infection due to their proximately, test setup, and visit time. In addition, the fact that most people who need audiology services (those over 65) are also at the highest risk of COVID-19-related mortality and morbidity emphasizes the significance of rethinking how hearing care is provided.

More people are choosing remote monitoring because of the COVID-19 pandemic. The crisis has ushered in a new era in hearing care, necessitating a complete overhaul of audiology service delivery. For audiology patients, low and no-touch services are now required. Hearing aid markers have also emphasized mobile audiometry and digital hearing care solutions for remote troubleshooting, counseling, fine-tuning, and tracking hearing aid devices.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

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 of Investment Opportunities

Regions Covered

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:

  • 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 in the global hearing aid market, 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 accounted for most of the global hearing aid market share in 2020. However, 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

The European hearing aid market dominated the global market in 2020 and is forecasted to grow significantly during the forecast period. Furthermore, the market is anticipated to account for a substantial share globally during the forecast period. The market growth in the region is attributed to the rising incidence of hearing disorders and the availability of the Well-established healthcare sector. Moreover, developed economies such as Germany, the U.K., Italy, France, and Spain significantly contribute to the European regional market growth. In Europe, the German hearing aid market accounted for the largest share in 2020 and is likely to witness a significant share during the forecast period. The increasing burden on hearing loss and growing awareness about Hearing Aid devices are driving the market in Germany. The U.K. hearing aid market is anticipated to accelerate at a promising CAGR from 2021 to 2026. The growing geriatric population and increasing product demand from this section are propelling market growth. G.N. Store Nord A/S, Senovo, Demant A/S, and W.S. Audiology are just a few firms that are likely to contribute to the region's development. In addition, cochlear implants are used by around 12,000 persons in the United Kingdom, according to Hearing Link. As a result, it would also encourage growth.

On the other hand, the North American hearing aid market accounted for a significant global market share in 2020 and is likely to continue its growth throughout the forecast period. The increased research and development for advanced hearing devices are expected to promote regional growth. The U.S. hearing aid market dominated the hearing aid market in North America over the forecast period. The U.S. Witnessed rapid adoption of technologically advanced hearing Aids, favorable reimbursement policies, and high incidence of hearing problems are contributing to the market growth.

The hearing aid market in the Asia Pacific is projected to grow rapidly during the forecast period. The increasing incidence of hearing disorders and the growing demand for hearing implants drive market growth. In addition, the surging geriatric population is expected to bolster the development of the market in the region. Also, highly populated countries such as India and China are expanding their regional market growth. The Chinese hearing aid market accounted for a significant share during the forecast period and is likely to continue to witness its expansion throughout the forecast period. Technological advancements in the healthcare sectors, increasing disposable income, and increasing prevalence of Hearing disorders are fuelling the market growth. Similarly, the Indian Hearing aid market is projected to have a moderate share during the forecast period. In addition, improving the healthcare sector and support from the government for creating awareness among the people living in rural areas through campaigns and digital advertisements positively influence the market growth.

The Latin American hearing aid market is expected to rise at a CAGR of 6.8% from 2022 to 2027.

The hearing aid market in the MEA is forecasted to be worth USD 7.4% during the forecast period.

KEY MARKET PARTICIPANTS:

A few of the significant manufacturers operating in the global hearing aid market profiled in this report are G.N. 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 MARKET HAPPENINGS:

Product Innovations:

In March 2020, Widex, a leading hearing aid manufacturer, invented a new device to address the sounds of tiny and artificial hearing aid equipment. This device works effectively by eliminating unnatural sounds and exchanging information between the microphone and the receiver.

Product Launches:

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. 

Awareness Programmes:

In September 2019, Apple announced that WHO will receive surveys from hearing health studies to help WHO 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. 

Product Approvals:

In July 2019, the FDA approved a single-sided deafness implant introduced by Med-EI USA. This device is beneficial for 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, has now received U.S. FDA for a hearing aid. This company has entered this field to provide over-the-counter hearing aids at a reasonable cost. 

Mergers:

In May 2018, Sivantos, a leading company in hearing aids, merged with Widex in 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. 

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FAQ's

How much is the global hearing aid market going to be worth by 2027?

The global hearing aid market size is estimated to grow USD 10.23 Billion by 2027.

Which segment by end-user is projected to lead the hearing aid market in the coming years?

Based on the end-user, the adult segment is estimated to dominate the hearing aid market from 2022 to 2027.

Which region led the hearing aid market in 2021?

The European region accounted for the most significant share of the global hearing aid market in 2021.

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