News
Stay Ahead with the Latest Industry Trends & Market Insights with Industry News 📰

Hearing Aid Market Size, Share, Industry, Forecast and outlook (2024-2031)

Hearing Aid Market is segmented By Product Type (Behind-the-Ear, Canal), By Technology Type (Digital, Analog), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Published: December 2024 || SKU: MD745
excelpdfpowerpoint
180 pages
Report Summary
Table of Contents
List of Tables & Figures
Get Free Sample

Get Expert Insights on Hearing Aid Market

Talk to analysts, not

Market Overview

Global Hearing Aid Market is expected to grow at a CAGR of 7.9% during the forecast period (2024-2031).These hearing aids are used by people who have hearing problems that result from the damage of sensory cells inside the ear.

A hearing aid is a medical device designed to amplify sound for individuals with hearing impairments, improving their ability to perceive and interpret auditory stimuli. It makes some sounds louder so that a person with hearing loss can listen, communicate and participate more fully in daily activities. A hearing aid can help people hear more in both quiet and noisy situations. A hearing aid has three basic parts: a microphone, an amplifier and a speaker. The hearing aid receives sound through a microphone, which converts the sound waves to electrical signals and sends them to an amplifier. The amplifier increases the power of the signals and then sends them to the ear through a speaker.

A hearing aid magnifies sound vibrations entering the ear. Surviving hair cells detect the larger vibrations and convert them into neural signals that are passed along to the brain. The greater the damage to a person’s hair cells, the more severe the hearing loss, and the greater the hearing aid amplification needed to make up the difference. However, there are practical limits to the amount of amplification a hearing aid can provide.

Market Summary

MetricsDetails
Market CAGR7.9%
Segments CoveredBy Product Type, By Technology Type, and By Region
Report Insights CoveredCompetitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.
Fastest Growing RegionAsia Pacific
Largest Market Share North America

For More Insights Request Free Sample

Market Dynamics

The global hearing aid market growth is driven by heavy noise pollution, ear-related infections, birth complications. Old age is often characterized by a gradual hearing loss, which increases the product demand from this section of the population.  

Technological advancements in hearing aid devices will drive the market growth

There has been a tremendous advancement in the field of hearing aids. The incorporation of smart technologies and the emergence of digital platforms in the mini device have helped overcome multiple patients' difficulties and have improved their hearing experience. Digital hearing aids are being introduced to the market. Features such as smartphone compatibility, Bluetooth connectivity, high sound processing, Artificial Intelligence (AI), rechargeable batteries, and the latest tinnitus masking have leveraged the hearing device’s potential to no bounds. For instance, in May 2021, Bose entered into digital health with the launch of the first FDA-cleared, direct-to-consumer hearing aid, SoundControl Hearing Aids.

Additionally, the introduction of aesthetically appealing designs, coupled with the launch of innovative product variations such as waterproof hearing aids, is also contributing to the market growth. The implementation of digital technology coupled with the introduction of products that integrate cochlear implant and hearing aid technology to overcome the high-frequency hearing loss is expected to further drive the market. Growing noise pollution throughout the world has also 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.

Increasing Global Incidence of Hearing Loss

  • The increasing global incidence of hearing loss is significantly driving the hearing aids market. As more people experience hearing impairments due to aging, noise exposure and other factors, the demand for hearing aids has grown exponentially.
  • For instance, according to the WHO, the prevalence of hearing loss increases with age, among those older than 60 years, over 25% are affected by disabling hearing loss. Currently, more than 1.5 billion people (nearly 20% of the global population) live with hearing loss and 430 million of them have disabling hearing loss.
  • As the global population ages, particularly in regions like North America, Europe, and Asia-Pacific, the demand for hearing aids continues to rise.
  • For instance, according to the WHO, In 2019, the number of people aged 60 years and older was 1 billion. This number will increase to 1.4 billion by 2030 and 2.1 billion by 2050. This rising aging population where hearing loss becomes more common, significantly expanding the potential customer base for hearing
    aids.

Ignorance by patients to undergo hearing tests will hamper the market growth

Many people find it difficult to accept that they have a hearing impairment and never undergo a test. Also, due to the social stigma associated with these products, many people hesitate to use them. According to the State of Hearing Report 2019, a global survey conducted by Cochlear Ltd. showed that around 92% of respondents recognize hearing as an important factor for maintaining the overall quality of life. But, only 37% have had a hearing test in the last two years. According to the FDA, approximately 37.5 million adults aged between 18 years and above report having some trouble hearing without a device, ranging from “a little trouble” to “deaf.” Furthermore, Starkey Research estimated that around 42% of people who reported no hearing trouble turned out to have mild hearing loss. Such considerations would reduce the number of tests conducted in hospitals, thereby narrowing the device's adoption. This factor will hamper the growth of the market in the forecast period.

High Cost of Hearing Aids

  • The high cost of hearing aids is one of the factors hampering the growth of the hearing aids market. Despite advancements in technology and an increase in awareness about hearing loss, the expense associated with hearing aids limits access for many people, especially those in lower-income groups or regions with less healthcare support.
  • For instance, according to HearingLife, the average price of one hearing aid can vary between $1,000 and $3,500. To put this in perspective, over the course of 4 years, a pair of hearing aids (priced at $3,000 each) would cost about $5.57 per day. In the U.S., they can range from about $1,000 to more than $6,000, but the average cost is close to $2,500.
  • The high cost of hearing aids has resulted in low adoption rates, especially among individuals with mild to moderate hearing loss who may not fully recognize the severity of their condition or may be unwilling to invest in a solution due to the price.

COVID-19 Impact Analysis on Market

The COVID-19 negatively impacted the hearing aids market. The pandemic caused added challenges for hospital patients who are deaf or hard of hearing. The increased use of masks has negatively impacted those who rely on lip-reading and facial expressions to communicate. Due to social distancing, many hospitals have restricted interpreters and visitors, and they are instead offering patients video conferencing with hearing aids to overcome the limitations of the market growth. Furthermore, there are limitations associated with treatments, which restricted the growth of the hearing aids market. Major players operating in the market have reported a decline in the sales of hearing aid devices. Also, the postponement of cochlear implantations procedures has resulted in their decreasing sales.

According to the Hearing Industries Association (HIA) statistics, the U.S.'s unit sales of hearing devices declined by 18.0% in 2020. According to the British Irish Hearing Instrument Manufacturers Association, the sales of these aids decreased by 35.7% in 2020. The hearing segment of GN Store Nord A/S witnessed a decrease of 25.6 % in 2020 compared to the previous year. Similarly, Demant's hearing segment registered a decline of 13.0% in 2020. Thus these factors will hamper the growth of the market during the pandemic.

Market Segmentation Analysis

The behind the ear (BTE)  segment is expected to grow at the fastest CAGR during the forecast period (2024-2031)        

The behind-the-ear hearing aid device segment held a significant market share owing to better connectivity, high efficiency, and easy usage. It is also considered to be ideal for most people with hearing problems. BTE products, because of their wide range of applications and wider target patients, are expected to grow at a high rate over the forecast period.

BTE aids are used by people of all ages, and they are suitable for almost all types of hearing loss. The devices are available in various sizes, from small devices to large high-powered instruments, which are streamlined and barely visible. Continuous advancements in the product are also helping in driving the market’s growth. In 2018, Hansaton launched a rechargeable BTE Hearing System. The model has a lithium-ion battery that guarantees users 24 hours of battery runtime. Hence, due to the increasing number of hearing disorders and the advantages associated with BTE, the market is expected to witness growth over the forecast period.​

Market Geographical Share

Asia-Pacific region holds the largest market share of the global hearing aid market

The Asia-Pacific region is expected to experience the fastest growth rate for hearing aid devices over the forecast period. There are factors, such as high noise pollution levels in countries, such as India, China, Japan, and other Asian countries that have a major impact on the growth of this market. According to hearit.org, among people living in the Delhi area in India, the overall prevalence of hearing loss was 26.9% among persons aged 5 years and over, in 2019. Furthermore, South Korea and China are among the key destinations where most of the manufacturing outsourcing is happening due to low manufacturing cost, superior manufacturing expertise, and a strong presence of trained professionals. According to Hear-it.org, over 3.6 million Australians suffer from hearing loss, and the figure is projected to reach 7.8 million in 2060, which is poised to surge the country's growth market.

Companies and Competitive Landscape

The hearing aid market is a moderately competitive presence of local as well as global companies.  Some of the key players which are contributing to the growth of the market include Amplifon SpA, Audina Hearing Instruments Inc., Arphi Electronics Private Limited, Demant AS, Cochlear Ltd, Eargo Inc., Elkon Pvt Ltd., GN Hearing AS (GN Store Nord), Horentek, MED-EL, Medtronic Plc among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Hearing Aid Market globally. For instance, in January 2021, Oticon Inc. launched the Oticon More, a new hearing aid that builds on the company’s proven BrainHearing approach to provide the brain optimum input for better speech understanding with less effort. Oticon’s newest technology works more like the brain works because it is learned through experience.

Audina Hearing Instruments Inc

Overview:

Audina Hearing Instruments, Inc. designed and produces medical equipment. The Company offers hearing instruments to improve the lives of hearing loss patients. Audina Hearing Instruments serves patients worldwide.     

Product Portfolio:

Arro Open Fit (Family):  The instrument features a 312 battery; a New Power Seal Thin Tube” capturing high fidelity sound, 24-bit processor, optimized Dual Sound Computing Power available in 2, 6, and 12 channels. The Arro Open Fit “Power Seal Thin Tube” system, microphone, and “Dual Sound Computing Power” unite to minimize the chance of feedback.

Buy this report
Single User
$4350
Multiple User
$4850
Enterprise User
$7850
Proceed to Buy
  Get Free Sample
  Request new version
  Customize Sample
  Demo Full Report
Chat on WhatsApp
FAQ’s

  • Hearing Aid Market is expected to grow at a CAGR of 7.9% during the forecast period 2024-2031

  • Major players are Amplifon SpA, Audina Hearing Instruments Inc., Arphi Electronics Private Limited, Demant AS, Cochlear Ltd, Eargo Inc., Elkon Pvt Ltd., GN Hearing AS (GN Store Nord), Horentek, MED-EL and Medtronic Plc.
Related Reports
healthcare-it iconhealthcare-it

Bone Anchored Hearing Aids Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: 2024 May 30

Starting from

$4350

food-and-beverages iconfood-and-beverages

Health And Wellness Products Market Size, Share, Growth Trends and Outlook 2024-2031

Published: 2025 May 05

Starting from

$4350

pharmaceuticals iconpharmaceuticals

Heparin Induced Thrombocytopenia Market Size, Share, Growth Insights and Forecast 2025-2033

Published: 2025 January 24

Starting from

$4350

medical-devices iconmedical-devices

Portable Hemodialysis Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: 2024 September 05

Starting from

$4350

medical-devices iconmedical-devices

Orthopedic Appliances Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: 2024 September 03

Starting from

$4350

medical-devices iconmedical-devices

Humanoid Robots in Healthcare Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: 2024 September 02

Starting from

$4350

WhatsApp