Market analysis and insights
The Global hearing aids Market was worth USD 10.30 billion in 2022, and it expanded at a CAGR of 6.54% from 2023 to 2032. By 2032, the Global hearing aids Market is anticipated to have grown to USD 19.41 billion.
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Hearing aids are getting more advanced and cheaper, enhancing their accessibility for those who have hearing loss. The necessity of early identification and treatment for hearing loss is being emphasised by governments and non-profit organisations. According to product type, technology, sales channel, and geographic location, the hearing aid market is divided. The Global hearing aids Market is segmented by product type into hearing aids worn behind-the-ear (BTE), in-the-ear (ITE), in-the- canal (ITC), and receiver-in-the-canal (RIC). With a market share of more than 40% in 2022, BTE hearing aids are the most strongly widely used type of hearing aid. The Global hearing aids Market is segmented into four categories according to technology: wireless connectivity, directional microphones, adaptive noise reduction, and digital signal processing. The sound excellence and features of digital hearing aids surpass those of analogue ones, and they are more sophisticated. Over 90% of the market share belongs to digital hearing aids.
The Global hearing aids Market is segmented by sales channel into three categories: retail, healthcare, and online. With more than 60% of the economy share in 2022, the retail sector will be the main sales channel. The Global hearing aids Market is segmented into five regions based on geography: North America, Europe, Asia Pacific, Latin America, as well as the Middle East & Africa. The largest global hearing aid market, with over 35% of the market share in 2022, is North America. The second-largest market is Europe, accompanied by Asia Pacific. In general, the Global hearing aids Market is anticipated to experience rapid expansion in the years to come as a result of rising geriatric populations, rising hearing loss prevalence, technical advancements, and increased awareness.
Hearing Aids Market scope :
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | USD 19.41 billion |
| Growth Rate | CAGR of 6.54% during 2023-2032 |
| Segment Covered | By Type ,By Technology , By Sales Channel ,By Region |
| Regions Covered | North America, Europe, Asia Pacific, South America Middle East and Africa |
| Key Players Profiled | Sonova, William Demant Holding, GN Hearing, Starkey, Hearing Technologies, Sivantos, Cochlear Limited, Medtronic, Siemens Healthineers, Widex, Hearing Healthcare Professionals, Unitron Hearing. |
Market Definition
The sound is amplified and sent to the ear by a tiny electronic gadget known as a hearing aid. People with hearing impairments use hearing aids to help them communicate and hear better. To capture sound, hearing aids use microphones. A receiver is used to transmit the sound after it has been amplified. To customise the sound level for their comfort, hearing aids also offer volume control. People who have hearing loss may find hearing aids to be quite beneficial. In a range of settings, including the workplace, classroom, and social settings, they can help people hear and communicate better.
Key Market Segments
Insights on Key Types
Behind-the-ear (BTE)
hearing aids are the type of hearing aid that dominates the global market. Over 40% of the Global hearing aids Market is dominated by BTE devices. Because they may be used to treat a variety of hearing impairments, BTE hearing aids are the best-suited kind of hearing aid. Aside from being reasonably priced and simple to maintain, BTE hearing aids are also. The most popular kind of hearing aids are BTE devices. They have a small earmold that inserts into the ear canal and is worn behind the ear. BTE hearing aids are one of the most versatile kinds of hearing aids and may be utilised to address a variety of hearing impairments.
In-the-ear (ITE) ITE
hearing aids are not even close to the size of ITC hearing aids. They are practically undetectable and inserted deep within the ear canal. For those with mild to regulate hearing loss, ITC hearing aids are an excellent solution.
In-the-canal (ITC)
Hearing aids for in-the-canal (ITC) use are even more compact than those for ITE use. They are practically undetectable and inserted deep within the ear canal. For those with mild to moderate hearing loss, ITC hearing aids are an excellent solution.
Receiver-in-the-canal (RIC):
aids called RICs are a cross between BTE and ITC devices. The hearing aid’s other parts are worn behind the ear, while the receiver, which sends the enhanced sound to the ear, is inside the ear canal. For those with mild to moderate hearing loss, RIC hearing aids are a decent alternative.
Insights of Key Technology:
Digital signal processing (DSP) is the technology that dominates the world market for hearing aids. All digital hearing aids, that hold a market share of more than 90% worldwide, use DSP. Hearing aids with DSP can increase sound more accurately and cut down on noise in the background, which can greatly enhance the listening experience for those who have hearing loss. DSP is a technology that transforms audio signals using a computer chip. Hearing aids may accurately boost sound and lower background noise thanks to DSP.
Directional Microphones Background noise is reduced and sounds coming from a certain direction are focused on via directional microphones. When attempting to comprehend in noisy situations, those with hearing loss may find this to be beneficial.
Adaptive Noise Reduction The technology known as adaptive noise reduction (ANR) automatically modifies the level of noise reduction dependent on the environment. For those with hearing loss who want to be able to hear speech and background noise, this can be useful.
Wireless Connectivity Hearing aids can communicate wirelessly with other electronics like smartphones, televisions, and laptops. This can be useful for those who have hearing loss and want to stream audio straight to their hearing devices.
Insights on Sales Channel:
Hospital
Segment to Dominate the Market Over the course of the forecast period, the hospitals sector is anticipated to hold the biggest revenue share in the worldwide hearing aids market. This is because hearing loss is becoming more common among the elderly population, which is why hospitals and clinics are now selling state-of-the-art hearing aids. Audiology departments, VA hospitals, and ENT clinics are examples of hospital sales channels. For those with hearing loss who have significant medical requirements or who need hearing aids that are not offered through retail channels, hospital sales channels are an excellent choice. Additionally, hospitals and clinics offer services for fitting hearing aids, which are necessary for the device to function at its peak. Because healthcare professionals in these settings have a high level of competence, patients obtain appropriate diagnosis and therapy for their hearing loss.
Retail
Retail is the sales channel is another major segment of the Global hearing aids Market. Over 60% of the worldwide hearing aid market is accounted for by retail sales channels. This is due to the broad variety of hearing aids available to consumers through retail sales channels, as well as the affordable prices. Additionally, consumers can try hearing devices and receive guidance from a certified hearing aid expert through retail sales channels. Pharmacy and department stores are examples of retail sales channels for hearing aids. Over 60% of the Global hearing aids Market share in 2022 will come from retail sales channels, which are the most popular sales channels for hearing aids.
Online
E-commerce websites and the websites of hearing aid manufacturers are examples of online sales channels. Due to their broader assortment of hearing aids and affordable costs, online sales channels are growing in popularity.
Insights on regional analysis
With a market share of more than 35% in 2022, North America will continue to dominate the global market for hearing aids. Numerous causes, notably a significant number of hearing loss in North America, are to blame for this. North Americans’ large discretionary incomes. The North American region’s effective hearing aid reimbursement coverage. Due to the significant incidence of hearing loss, the ample financial resources of North Americans, and the favourable reimbursement coverage for hearing aids in the region, the North American hearing aids market is anticipated to expand over the next few years. Europe The ageing population and rising rates of hearing loss are likely to cause the European hearing aid industry to expand in the upcoming years. Asia Pacific Due to the vast population base and rising disposable income of individuals in the region, the Asia Pacific hearing aids market is anticipated to experience the quickest development over the next few years. Latin America Due to the region’s residents’ rising disposable income, the Latin American hearing aids industry is also anticipated to expand in the ensuing years. Middle East & Africa Although the Middle East and Africa have the lowest hearing aid market of the five, it is anticipated to expand over the next few years as a result of the region’s residents’ rising disposable income.
Key players
These businesses are putting their efforts towards creating novel hearing aids that become more useful, inexpensive, and available to those who are deaf.
The top companies in the Global hearing aid Market are: Sonova, William Demant Holding, GN Hearing, Starkey Hearing Technologies, Sivantos, Cochlear Limited, Medtronic, Siemens Healthineers, Widex, Hearing Healthcare Professionals, Unitron Hearing.
Covid-19 Impact and Recovery Analysis
The global hearing aid market was significantly impacted by the COVID-19 pandemic. Many hearing assistance clinics and shops were shut down or operating with limited staffing in the initial phases of the pandemic. Accessing the treatment and assistance people with hearing impairments required was made challenging by this. During the pandemic, many people were also hesitant to purchase new hearing aids due to worries about their safety and uncertain financial situations. As a result of these factors, the global hearing aids market experienced a decline in sales in 2020. However, the market began to recover in 2021 as hearing aid clinics and stores reopened and people became more comfortable seeking out new hearing aids. The market is expected to continue to grow in the coming years, driven by the increasing prevalence of hearing loss and the ageing population. The COVID-19 pandemic had a significant impact on the global hearing aids market, with sales declining by over 10% in 2020. This was due to several factors, including the closure of hearing aid clinics and stores, reduced disposable income, and concerns about safety and uncertainty. As hearing aid clinics and shops reopened in 2021 and individuals felt more at ease shopping for new hearing aids, the worldwide hearing aids market started to rebound. Sales are anticipated to increase over the next few years, driven by the ageing population and rising prevalence of hearing loss. In general, it is anticipated that the global hearing aids industry will bounce back following the COVID-19 pandemic and keep expanding in the years to come. The ageing population, rising hearing loss prevalence, technological breakthroughs, and greater awareness will all contribute to this rise.
Latest trends and analysis
The following are some of the most recent changes in the international hearing aids market:
2023:
• Sonova purchases CoHear: The largest producer of hearing aids in the world, Sonova, purchased CoHear, a US-based manufacturer of hearing aids using AI technology. Future hearing aids from Sonova are anticipated to be more sophisticated and intelligent thanks to this acquisition.
• Starkey introduces the Evolv AI Evo 2: The Evolv AI Evo 2 is a new hearing aid that employs artificial intelligence to learn about and adapt to the unique needs and preferences of each user, according to Starkey, a well-known maker of hearing aids. The Starkey Livio AI Thrive app, which enables users to operate their hearing aids with their mobile devices and have access to several functions like real-time translation and fall detection, is only compatible with the Evolv AI Evo 2. The Evolv AI Evo 2 is the initial hearing aid to be compatible with this app.
2022:
• Demant introduces the Oticon More: Demant, a different top-tier provider of hearing aids, has introduced the Oticon More, a brand-new device intended to give users a more immersive and natural listening experience. The Oticon More employs artificial intelligence (AI) to process sound information in a more complex manner than conventional hearing aids, producing a more nuanced and natural sound quality.
• GN Hearing introduces the ReSound Omnia: GN Hearing, a well-known provider of hearing aids, has introduced the ReSound Omnia, a brand-new device that can be used in a variety of settings, from quiet to raucous. The AI in the ReSound Omnia uses the hearing aid’s settings to be automatically adjusted to the environment so that users may always hear their highest potential. Significant Growth Factors Due to causes including ageing, noise pollution, and encountering loud noises, hearing loss is becoming more commonplace on a global scale. The World Health Organisation (WHO) estimates that 466 million individuals worldwide suffer from hearing loss that is incapacitating. By 2050, 900 million people are anticipated to be living in this region.
Another important factor fuelling the expansion of the world market for hearing aids is the ageing population. Hearing loss is more common in older persons than in younger ones. Hearing aids are getting more advanced and cheap, enhancing their accessibility for those who have hearing loss. For instance, hearing aids can now be purchased with features like Bluetooth connectivity, artificial intelligence (AI), and wireless charging. The necessity of early identification and treatment for hearing loss is being emphasised by governments and nonprofit organisations. As a result, more people are looking into hearing aids. The global hearing aids market is expanding as a result of these and other reasons, including rising disposable income and improved healthcare infrastructure. Overall, the ageing population, rising incidence of hearing loss, technical improvements, and rising awareness are all projected to contribute to the global hearing aid market’s rapid rise in the years to come.
Restraining factors
The cost of hearing aids can vary, especially for high-end ones with cutting-edge features. Because of this, hearing aids may not be affordable for those with modest means. In many nations, insurance companies do not pay for hearing aids. This may increase the cost of hearing aids for those who require them.
The stigma around hearing loss still exists, which may discourage some people from getting hearing aids. Restricted availability of hearing healthcare specialists exists in several regions of the world. It may be challenging for people to receive the assistance they require for their hearing loss as a result. Accessing hearing aids along with additional hearing healthcare treatments can be challenging for certain persons due to these and other issues, including linguistic and cultural limitations. Despite these difficulties, the world’s need for hearing aids is anticipated to rise in the years to come as a result of rising rates of hearing loss, an ageing population, technical developments, and greater awareness. The development of more affordable hearing devices, better reimbursement coverage, and public awareness raising regarding hearing loss and the value of early detection and therapy are all efforts being made by Hearing aid makers and healthcare providers to overcome the market restraints.
Frequently Asked Questions (FAQ) :
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The base year for the report is 2023 in hearing aids market.