Hearing Aids Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Hearing Aids market size was estimated at USD 8.9 billion in 2023 and is projected to reach USD 14.2 billion in 2030 at a CAGR of 6.9% during the forecast period 2023-2030.

Furthermore, the general public's growing awareness of hearing loss and hearing aids is anticipated to fuel the study market's expansion. Also, it will raise awareness of hearing loss and the advantages of devices for those who have hearing loss. For instance, the WHO and participating nations observe March 3 as World Hearing Day to promote safe listening and awareness of hearing loss. WHO offers a specific grant to individuals who want to conduct a program on these awareness campaigns. So, it is anticipated that as people become more aware of hearing loss, so too will their understanding of hearing aids. This aspect makes it likely that the market under study will expand.

People's hearing capacities are significantly impacted by the increasing noise pollution in the world. Adults' hearing capacities are predicted to be harmed by noise emissions from heavy-duty businesses and public carnivals, which will increase demand for hearing aids. Also, businesses in the market are developing new technologies and improving their products, which is anticipated to accelerate the growth of the hearing aids market throughout the course of the projected period. For instance, Oticon stated in February 2022 that the Oticon More technology will be included in hearing aids for children. One of the first pediatric hearing aids in the world with an integrated Deep Neural Network is the new Oticon Play PX range (DNN).

An unprecedented global health threat, the COVID-19 pandemic had a negative impact on people's lives, companies, and whole sectors. The diagnosis and treatment of patients with hearing difficulties were disrupted by COVID-19. During the early pandemic, fewer people visited hospitals and clinics as a result of the COVID-19 outbreak. For example, adult cochlear implant users and inhabitants of rural regions encountered more issues during the pandemic since access to healthcare substantially declined during the COVID-19 pandemic, according to a research report released by Europe PMC in September 2021. Yet with fewer COVID-19 instances, the market under study has begun to acquire momentum and is anticipated to reach its full potential over the course of the projection period.

Delvens Industry Expert's Standpoint

Increasing numbers of cases of hearing loss in developed nations. By 2050, there will be more than 900 million individuals worldwide who suffer from a severe hearing loss, predicts the World Health Organization (WHO). Hearing loss among the elderly may also be brought on by an increase in cases of chronic inflammation, vascular disease, noise exposure, hereditary vulnerability, and physiological aging of the ear. In addition, it is predicted that increasing initiatives and public awareness regarding hearing aid devices would present prospects for the market's expansion in the years to come.

During the past ten years, hearing aid technology has evolved significantly. Modern technologies and the incorporation of digital platforms into the little gadget have helped a number of people get over their problems and enhance their hearing.

Market Portfolio

Key Findings

• The hearing aids market is divided into hearing implants and hearing aid devices based on the product. The hearing aids are further divided into receivers, behind-the-ear aides, in-canal aids, and in-ear aids. Cochlear and bone-anchored hearing implants are the two subgroups of hearing implants.

• Open-fit hearing aids are hearing aids that do not obstruct your eardrum. Despite its recent popularity spike, open-fit cochlear implants are actually nothing new. One important factor in their resurgence is that their main weakness, feedback, is no longer a problem. Nowadays, only the simplest cochlear implants use sophisticated feedback mechanisms to recognize and eliminate data before it reaches your ears. A recipient or receiver-in-the-ear hearing aid with an accessible chamber within the ear or a behind-the-ear cochlear implant with a restricted path are both examples of open-fit hearing aids. Low-frequency noises may naturally enter the ear canal thanks to this design, while high-frequency sounds are amplified by the hearing aid.
   
• Despite recent significant advancements in hearing aid technology, hearing devices have always required four basic parts: a sensor, a transmitter, a receiver, and a power supply. Noises from your surroundings are gathered by the sensor and sent to the CPU. The signal is amplified by the processor before being sent to the receiver, which then amplifies it and transmits it to the inner ear. A generator of electricity, such as a battery, powers the system. Hearing aid systems may be divided into two categories: advanced and simple, depending on how complex the processor is. Even the most basic digital hearing aids of today are far superior to the best hearing aids of previous decades. Artificial intelligence (AI) is a feature included in some high-end hearing aids that enables the devices to analyze sounds.
   
• The nations included in the hearing aids market are the United States, Canada, and Mexico in North America, Germany, France, the United Kingdom, the Netherlands, Switzerland, Belgium, Russia, Italy, Spain, and Turkey, the Rest of Europe in Europe, China, Japan, the Asia-Pacific (APAC), Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, and the Rest of Middle East and Africa (MEA) as a part of Mideast.

Regional Analysis

North America to Dominate the Market

• Due to the rising prevalence of auditory loss, Europe controls the majority of the global hearing aid business. Also, during the anticipated period, increased awareness of technical improvements will support the expansion of the region's hearing aids market.
   
• Due to an increase in the older population, Asia-Pacific is expected to have considerable growth in the hearing aids market from 2022 to 2029.

Competitive Landscape

• Abbott (US)
• WIDEX A/S (Denmark)
• GN Store Nord A/S (Denmark)
• Sonova (Switzerland)
• Sivantos (Denmark)
• Microson (Spain)
• Horentek (Italy)
• RION CO. Ltd (Japan)
• Demant A/S (Denmark)
• Amplifon (Italy)
• Starkey. (US)
• MED-EL Medical Electronics (Austria)
• Cochlear Ltd. (Australia)
• SeboTek Hearing Systems, LLC. (US)
• Audina Hearing Instruments, Inc. (US)
• Arphi Electronics Private Limited (India)
• Sound One India (India)
• Amplicon (UK)
• MED-EL Medical Electronics (Austria)

Recent Developments

• The release of Sony Electronics' first over-the-counter (OTC) hearing aids for the US market was announced in October 2022.
   
• ReSound ONE, a revolutionary new hearing aid from GN Hearing, will be available in August 2020. Users are able to rely on these devices while still taking advantage of the simplicity of an open-fit device thanks to the additional microphone that may be put into the ear canal.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Hearing Aids Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope