Pune, India, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global hearing aids market size is valued at USD 11.98 billion in 2023, and it is projected to be valued at USD 21.09 billion by 2030, recording a CAGR of 8.4% during the forecast period. Market was valued at USD 11.29 billion in 2022.
Hearing aids are small electronic devices that help people suffering from mild to moderate hearing loss and impairment hear clearly. The growing incidence of hearing loss & impairment among people across the world, especially the geriatric population, is one of the major factors that will boost the hearing aids market growth.
Fortune Business Insights™ displays this information in a report titled, "Global Hearing Aids Market, 2023-2030."
Key Industry Development:
February 2023 - GN Store Nord A/S expanded its ReSound OMNIA portfolio to cater to the rising demand from people suffering from hearing loss.
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Key Takeaways:
- Driven by the increasing prevalence of hearing loss, the aging population, and technological advancements.
- Segmented by product type (ITE, BTE, RIC), distribution channel (retail, online), and region.
- Key players include Sonova, William Demant, GN ReSound, Sivantos, and Starkey Hearing Technologies.
- Companies invest in R&D, new product development, and mergers & acquisitions to maintain their competitive edge.
- Challenges include the high cost of hearing aids, lack of awareness about hearing loss, and the need for better reimbursement policies.
Discover the Leading Players Featured in the Report:
Major players in the hearing aids market are Sonova (Switzerland), Demant A/S (Denmark), WS Audiology (Denmark), Cochlear Ltd. (Australia), GN Store Nord A/S (Denmark), Starkey Laboratories Inc. (U.S.), RION Co., Ltd. (Japan), MED-EL (Medical Electronics) (Austria).
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 8.4% |
| 2030 Value Projection | USD 21.09 Billion |
| Base Year | 2022 |
| Hearing Aids Market Size in 2023 | USD 11.98 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 139 |
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Drivers and Restraints:
Growing Cases of Hearing Loss to Boost Product Demand
The rising incidence of partial/complete hearing loss among the global population is one of the leading factors increasing the total patient population suffering from this disorder. The ever-expanding older population is another factor that has significantly contributed to the high prevalence of this condition as the risk of hearing loss is much higher among people belonging to this age group.
However, high cost of hearing aids and treatments is expected to hinder the market growth.
Drivers:
- Rising prevalence of hearing loss: Aging population, increasing exposure to noise, and growing awareness of hearing health are driving demand for hearing aids.
- Technological advancements: Advancements in miniaturization, wireless connectivity, and digital processing are making hearing aids more effective, comfortable, and user-friendly.
- Reimbursement policies: Favorable government policies and private insurance coverage are making hearing aids more accessible to patients.
Restraints:
- High cost of hearing aids: Advanced hearing aids can be expensive, limiting access for some patients.
- Stigma associated with hearing loss: Some people still associate hearing aids with aging and disability, deterring them from seeking treatment.
- Shortage of qualified audiologists: Limited availability of trained professionals can hinder access to hearing aids and proper fitting.
Report Scope & Segmentation:
By Product
Hearing Devices
- BTE (Behind the Ear)
- ITE (In the Ear)
- RIC (Receiver in the Canal)
- CIC (Completely in the Canal)
- Others
Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
By Patient Type
- Adult
- Pediatric
By Distribution Channel
- OTC
- Medical Channel
- Private Practices
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Rising Awareness among Population to Boost Sales of Hearing Devices
Based on product, the market is divided into hearing devices and hearing implants. The hearing devices segment is further sub-segmented into BTE (behind the ear), ITE (in the ear), RIC (receiver in the canal), CIC (completely in the canal), and others.
The hearing devices segment held a dominant hearing aids market share in 2022. The growing awareness of these devices among the patient population and rising diagnosis rate are expected to boost their sales.
Hearing Aids Find Robust Demand among Adults Due to Growing Prevalence of Hearing Loss
In terms of patient type, the market is bifurcated into adult and pediatric. The adult segment is predicted to register a higher CAGR during the forecast period due to the rising prevalence of hearing loss among this section of the population and growing diagnosis rate of this condition.
Growing Patient Visits to Hospitals to Boost Product Demand across Medical Channels
In terms of distribution channel, the market is segmented into OTC, medical channel, and private practices. The medical channel segment dominated the market in 2022 and might depict a higher CAGR during the forecast timeline. The number of patients visiting specialty clinics and hospitals to avail audiology and ENT services and consultations is increasing. This factor will contribute to the segment’s growth.
Geographically, the market covers North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage:
The report provides a detailed analysis of the market and highlights key aspects, such as competitive landscape, product, patient type, distribution channel, and region. The report also offers valuable insights into the market trends, market drivers, COVID-19 impact on the market, market dynamics, and other key areas. Besides the factors mentioned above, the report covers other factors that have contributed to the market’s growth in recent years.
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Regional Insights:
North America to Dominate Due to Rising Incidence of Hearing Loss and Impairment
North America held the largest market share and generated a revenue of USD 4.29 billion in 2022. The region is projected to dominate the global market as the incidence of hearing loss and impairment is rising, thereby increasing the diagnosis and treatment rates. The growing diagnosis rate of this condition and awareness among the population is expected to fuel the sales of these devices.
Competitive Landscape:
Demant A/S, Sonova, WS Audiology, and Cochlear Ltd. to Lead the Market with Strong Product Portfolios
This market comprises a few major players that offer a wide range of products. These companies held a vast majority of the market share. Rising number of initiatives and focus of these firms on expanding their product portfolios is boosting their presence in the market.
FAQ’s
How Big Is The Dental Market?
Hearing Aids Market Size Is USD 11.98 billion in 2023.
How Fast is the Dental Market Growing?
The Hearing Aids Market will exhibit a CAGR of 8.4% during the forecast period, 2023-2030
Related Reports:
U.S. Hearing Aids Market Share, Trends and Forecast To 2030
Europe Hearing Aids Market Size, Share, Trends, Growth | Global Forecast Report 2030
Asia Pacific Hearing Aids Market Size, Share| Global Forecast Report 2030
Bone Conduction Hearing Devices Market Size, Share, Trends, Growth Forecast To 2030
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