Wilmington, Delaware, United States, April 18, 2023 (GLOBE NEWSWIRE) -- The hearing aids market was valued at USD 7.6 Bn in 2021 and is projected to reach USD 12.9 Bn by 2031 at a CAGR of 5.2%.
Surge in demand for hearing assistive technologies to treat/manage hearing loss in adults is anticipated to propel the global hearing aids market. Rapid advancement in hearing technology and design features is expected to offer significant business opportunities to companies in the hearing aids industry.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue | USD 7.6 Bn in 2021 | |
| Estimated Value | USD 12.9 Bn by 2031 | |
| Growth Rate | 5.2% | |
| Forecast Period | 2022–2031 | |
| No. of Pages | 166 Pages | |
| Market Segmentation | By Product Type, Age, and Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Audina Hearing Instruments, Inc., Cochlear Ltd., Demant A/S, GN Hearing A/S, Medtronic plc, Sonova, Starkey Laboratories, Inc., and WS Audiology A/S | |
Regulatory agencies such as the U.S. FDA are committed to promote good manufacturing practices (GMP) related to hearing aids by constantly revising the current quality system. This is estimated to broaden the hearing aids market outlook in the near future. An instance is focus on implementation of Quality System (QS) Regulation/Medical Device Good Manufacturing Practices. Rapid increase in access to and affordability of advanced hearing assistive technologies is projected to drive commercialization of hearing aids.
Key Findings
- Rise in Usage of Behind-the-ear Hearing Devices: Based on product type, the behind-the-ear segment is expected to be highly lucrative in the near future. The segment accounted for the leading share in 2021 and is projected to retain its dominance from 2022 to 2031. Surge in rate of adoption can be ascribed to ease of maintenance, advanced features, and enhanced acoustic amplification. Growth in adoption of hearing aids in management of hearing loss in adults is expected to propel the hearing aids market. Based on age, the adult segment accounted for major market share in 2021. Rise in prevalence of hearing impairment in adults in less developed and developing countries is anticipated to fuel the segment. Furthermore, increase in awareness about the role of device-related hearing rehabilitation in enhancing the quality of life in the affected adult population is a key trend that is estimated to offer lucrative opportunities to manufacturers in the market.
- Innovations in Hearing Assistive Technology to Offer Lucrative Opportunities: Introduction of products with enhanced patient comfort, better fit, and low maintenance requirements is likely to bolster market growth. Companies in the global hearing aids market are focusing on incorporating novel/premium features related to acoustic amplification effects. Hearing aids powered by digital platforms are expected to gain traction among users. Additionally, medtech companies in the hearing aids industry are launching hearing aids with longer battery life and increased energy efficiency. Recent market trends indicate a rise in popularity of hearing aids with digital amplification and smartphone controls.
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Key Drivers
- Rise in prevalence of age-related hearing loss across the globe, especially in developed countries, is a key driver of the hearing aids market. Usage of hearing aids in older adults is anticipated to rise rapidly over the next few years. Hearing loss is one of the most prevalent chronic health conditions in geriatrics.
- Growth in awareness about effectiveness and efficacy of hearing aids in the management of permanent hearing loss in adults is a key factor that is estimated to bolster the market value. Healthcare professionals and primary care providers are undertaking steady initiatives to promote hearing rehabilitation through hearing-related technology. For instance, ENT specialists are instructing patients about the importance of regular usage of hearing aids in people with partial hearing loss.
Regional Growth Dynamics
Asia Pacific is anticipated to offer significant revenues to companies in the hearing aids market. A large patient population in the region is underserved primarily due to the surge in number of individuals living with disabling hearing loss in developing countries. High prevalence of hearing impairment in population in Sub-Saharan Africa indicates high unmet need for hearing aids. This is likely to offer considerable revenue opportunities to manufacturers of hearing aid devices.
Europe is likely to account for major market share from 2022 to 2031. Presence of strong product distribution channels is expected to propel the market in the region. North America is also a lucrative region. It is likely to be driven by the rise in adoption of advanced hearing assistive technologies. Significant initiatives by the Government of the U.S. to boost hearing aid adoption among adults are expected to propel the market in North America.
Competition Landscape
Prominent companies are focusing on strategic collaborations and partnerships in order to strengthen distribution channels and consolidate their market positions. They are engaged in product innovations to gain a competitive edge over others in the near future.
Key players operating in the hearing aids market are Audina Hearing Instruments, Inc., Demant A/S, Cochlear Limited, GN Hearing A/S, Sonova, Medtronic plc, Starkey Laboratories Inc., and WS Audiology A/S.
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Hearing Aids Market Segmentation
By Product Type
- Behind-the-ear
- Receiver-in-Canal (RIC)
- Custom-fit Earmold
- In-the-ear
- Others
By Age
- Adult
- Pediatric
By Distribution Channel
- Hospitals & Clinics
- Retail Stores
- E-commerce
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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