Hearing Aids Market Size, Share & Trends Analysis, By Product (Hearing Aid Devices), By Type of hearing loss (Conductive Hearing Loss), By Patient Type, By Sales Channel, By Region and Segment, Forecast Period 2022 – 2030 (Updated Version Available)

Key Market Overview:

Hearing Aids market size was worth USD 7.7 Billion in 2021, accounting for a CAGR of 5.1% during the forecast period (2022-2030), and the market is expected to be worth USD 12.05 Billion by 2030.

The global prevalence of hearing loss among the population is anticipated to boost the demand for hearing aids owing to rising customer awareness. Additionally, access to hearing aids among the large population is also anticipated to witness significant growth for product facilitation, especially in developing countries. According to the World Bank, over one billion people, or 15% of the population experience some form of disability around the globe. Thus, the high usage of hearing aids, especially among the growing patient pool with hearing loss cases is anticipated to boost the market growth during the forecast period.

Further, the increased initiatives for bolstering consumer awareness in terms of hearing aids are also expected to witness significant growth owing to the facilitation of low-cost medical devices among the population. For instance, in October 2021, the Food and Drugs Administration proposed to facilitate the availability of a new set of Over-the-Counter (OTC) hearing aids at lower prices. Such intervention is estimated to create a new revenue-generating opportunity for medical device manufacturers to contribute their share in the OTC hearing aid category. Thus, the enhanced number of initiatives plays a crucial role in augmenting medical device access, especially among the middle-class population. In the context of the region, Europe is estimated to contribute a substantial share to the market growth owing to the growing customer awareness in terms of hearing aids and implants for the rising hearing loss cases coupled with the favorable government initiatives in terms of health insurance and others are estimated to boost the industry growth in the European region.

Market Dynamics:

Hearing Aids is a device designed for the improvement of the hearing ability of the individual with hearing loss by making the sound audible. The device amplifies the environmental sound through the three-part system which consists of the microphone, amplifier, and speaker. Further, hearing aids are also classified as medical devices in multiple countries owing to the respective regulations for enhanced patient safety protocols.

Driver:

The rising prevalence of hearing loss among the population such as congenital or early onset childhood hearing loss, noise-induced hearing loss, chronic middle ear infections, and age-related hearing loss, combined with the increased consumer awareness for hearing aids are the major factors that fuel the hearing aids market statistics during the forecast period. Additionally, the rising emergence of technological advancements in hearing aid products such as invisible hearing aids, smart-linked hearing aids, and Bluetooth and AI-enabled hearing aids with the Android or iOS compatibility accelerates the market growth owing to the increased expenditure by major market players on product innovations.

Restraint:

Lack of financial reimbursements coupled with the high costs of the hearing aids is the major restricting factor of the market growth owing to the expensive manufacturing costs of the hearing aids. Furthermore, the lack of knowledge in terms of hearing aids usage for hearing loss, especially in developing regions such as Mexico, Brazil, and India coupled with the shortage of trained professionals for effective ENT surgical procedures also hamper the market growth during the forecast period.

Opportunities:

The scope of lowering the production costs of hearing aids by increased research and development in terms of product innovation supplemented by the competitive surgical procedure costs by key healthcare facilities is expected to provide lucrative opportunities for market growth during the forecast period owing to the improved healthcare facilities.

COVID-19 Impact:

The hearing aids market has been significantly impacted due to the COVID-19 pandemic in multiple parts of the world. The factors such as reduced material sourcing, limited availability of raw materials, and economic slowdown are the major impacts of COVID-19 which hampered market growth. Shipments were impacted during the initial lockdown due to the interrupted supply chain, reduced customer preference for elective surgeries such as ENT surgeries, and the closure of the hearing aids manufacturing facility which led to the market decline. However, the circumstances have stabilized and as a result, it is determined that COVID-19’s overall impact on the industry is moderate. Post covid-19, there was a positive impact on market growth due to the rising rate of awareness among the population in terms of health.

Hearing Aids Report Coverage:

Report Attributes	Report Details
Study Timeline	2016-2030
Market Size in 2030 (USD Billion)	12.05  Billion
CAGR (2022-2030)	5.1%
By Product	Hearing Aid Devices (Receiver-In-The-Ear Hearing Aids, Behind-The-Ear Hearing Aids, Canal Hearing Aids, In-The-Ear Hearing Aids, Other Hearing Aid Devices), Hearing Implants (Cochlear Implants, Bone-Anchored Systems)
By Type of Hearing Loss	Sensorineural Hearing Loss, Conductive Hearing Loss
By Patient Type	Adults, and Pediatrics
By Sales Channel	Retail Sales, Government Purchases, And E-Commerce
By Geography	North America– (U.S., Canada, Mexico) Europe- (Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe) Asia Pacific- (China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific) Latin America- (Brazil, Argentina, Chile, Rest of Latin America) Middle East and Africa- (GCC, Turkey, Israel, and the Rest of MEA)
Key Players	Sonova Group, Benson Hearing, Cochlear Ltd., Demant A/S, Starkey, GN Store Nord A/S, RION Co. Ltd., Medtronic, MED-EL, Sivantos Pte LTD

Market Segmentation:

By Product

The product segment is bifurcated hearing aid devices and hearing implants. The hearing aid devices segment is further sub-segmented into behind-the-ear hearing aids, receiver-in-the-ear hearing aids, in-the-ear hearing aids, canal hearing aids, and other hearing aid devices. The hearing aid devices especially behind-the-ear hearing aids are anticipated to contribute the largest share of over 40.2% in terms of volume during the forecast period. The factors such as the wide product availability in terms of multiple features, improved battery life, and easy maintenance of the hearing aids are estimated to support the contribution of the behind-the-ear hearing aids segment in the hearing aids market share. Furthermore, the hearing implants segment is also projected to register the fastest CAGR growth during the forecast period owing to the allowance of regaining hearing ability without the mechanical device in severe hearing loss cases combined with the enhanced processing of speech and sounds that are difficult for detection in damaged ears.

By Type of Hearing Loss

The type of hearing loss segment is separated into sensorineural hearing loss and conductive hearing loss. The sensorineural hearing loss segment is estimated to contribute the largest share to the industry growth. The factors such as the increased prevalence of sensorineural hearing loss especially among the geriatric population which is permanent due to genetics and high demand for cochlear implants for the treatment or surgery of such hearing loss are expected to support the growth of the sensorineural hearing loss segment. Additionally, the conductive hearing loss segment is also estimated to witness significant growth during the forecast period owing to the increased cases of blockages of the outer, middle, or inner ear due to the presence of the earwax or infection in the earlobe which triggers the conductive hearing loss.

By Patient Type

The patient type segment is categorized into adults and pediatrics. The adult segment is expected to contribute the largest revenue share in 2021. Chronic exposure to loud noises leading to the reduction of the sound-conducting ability of the ear and damage to the central auditory systems and peripheral portions of the brain that led to the dysfunction of the cochlea are the major factors that cause hearing loss among the adult population. Furthermore, the pediatrics segment is also anticipated to support the market growth owing to the increased cases of hearing loss among children due to genetics or undetected symptoms, rising exposure to loud noises, especially from televisions, and growing noise hypersensitivity among the young population.

By Sales Channel

The sales channel segment is divided into retail sales, government purchases, and e-commerce. The retail sales segment is estimated to contribute the largest share in terms of revenue over 70.2% during the projected period. The factors such as the large presence of retail store networks, high sales margin in terms of selling the products, and the growing numbers of products being launched on the retail networks due to favorable customer preference are anticipated to support the growth of the retail sales segment. Additionally, the e-commerce segment is also expected to register the fastest CAGR growth during the forecast period owing to the wide availability of the assortment of products coupled with the presence of multiple product options, and the scope of availing the discounts on products in terms of redeeming brand coupons.

By Region

The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. Europe is estimated to witness substantial growth in terms of the revenue share by over 35.2% during the forecast period. The factors such as a large patient pool affected by hearing or auditory loss, rising numbers of deafness cases among the population, and the presence of key market players are estimated to fuel the market growth in the European region.

North America is also expected to register the second revenue share in terms of volume during the forecast period owing to the rising disposable income among the population combined with the emphasis on the improvement of medical facilities and growing retail availability of hearing aids products owing to the increased customer awareness for hearing ailments.

Hearing Aids Market Competitive Landscape:

The market competitive landscape has been elaborated in the report, along with the detailed profiles of the major market players. Additionally, the product innovations such as the miniaturization of electrical devices and placement of inertial sensors in hearing aids are being emphasized especially by Sonova Holding AG, which accounts for over 90% market share. Also, the surge in Research and Development (R&D), lowering the production costs, augmented business strategies for improved company portfolio, and expertise in terms of product marketing has accelerated the growth of the market. Key players in the industry include-

• Sonova Group
• Benson Hearing
• Cochlear Ltd.
• Demant A/S
• Starkey
• GN Store Nord A/S
• RION Co. Ltd.
• Medtronic
• MED-EL
• Sivantos Pte LTD

Table of Content

1. Introduction
   • Market Introduction
   • Market Research Methodology
     • Research Process
     • Primary Research
     • Secondary Research
     • Data Collection Technique
     • Data Sources
   • Market Estimation Methodology
     • Limitations of the Study
   • Product Picture of Hearing Aids
   • Global Hearing Aids Market: Classification
   • Geographic Scope
   • Years Considered for the Study
   • Research Methodology in brief
   • Parent Market Overview
   • Overall Hearing Aids Market Regional Demand
   • Research Programs/Design
   • Market Breakdown and Data Triangulation Approach
   • Data Source
   • Secondary Sources
   • Primary Sources
   • Primary Interviews
   • Average primary breakdown ratio
2. Market Dynamics
   • Drivers
     • Drivers
   • Restraints
     • Restraints
   • Opportunity
     • Impact forces on market dynamics
     • Impact forces during the forecast years
   • Industry Value Chain
     • Upstream analysis
     • Downstream analysis
     • Distribution Channel
     • Direct Channel
     • Indirect Channel
   • Potential Customers
   • Manufacturing/Operational Cost Analysis
   • Pricing Analysis by Region
   • Key Technology Landscape
   • Regulatory Analysis
   • Porter’s Analysis
     • Supplier Power
     • Buyer Power
     • Substitution Threat
     • Threat from New Entry
     • Competitive Rivalry
   • PESTEL Analysis
   • Political Factors
   • Economic Factor
   • Social Factors
   • Technological Factor
   • Environmental Factors
   • Legal Factor
   • Covid-19 impact on Global Economy
   • Covid-19 impact on Hearing Aids demand
   • Post-Covid Impact on Hearing Aids Market Demand
   • Impact Analysis of the Russia-Ukraine Conflict
3. Global Hearing Aids Market Segmentation, by Volume (Units) & Revenue (USD Billion), (2022-2030)
   • By Product
     • Hearing Aid Devices
       • Receiver-In-The-Ear Hearing Aids
       • Behind-The-Ear Hearing Aids
       • Canal Hearing Aids
       • In-The-Ear Hearing Aids
       • Other Hearing Aid Devices
     • Hearing Implants
       • Cochlear Implants
       • Bone-Anchored Systems
     • By Type of Hearing Loss
       • Sensorineural Hearing Loss
       • Conductive Hearing Loss
     • By Patient Type
       • Adults
       • Pediatrics
     • By Sales Channel
       • Retail Sales
       • Government Purchases
       • E-Commerce

4. Global Hearing Aids Market Overview, By Region
   • North America Hearing Aids Market Volume (Units) & Revenue (USD Billion), by Countries, (2022-2030)
     • US
       • By Product
       • By Type of Hearing Loss
       • By Patient Type
       • By Sales Channel
     • Canada
     • Mexico
   • Europe Hearing Aids Market Volume (Units) & Revenue (USD Billion), by Countries, (2022-2030)
     • France
     • UK
     • Spain
     • Russia
     • Italy
     • BENELUX
   • Asia Pacific Hearing Aids Market Volume (Units) & Revenue (USD Billion), by Countries, (2022-2030)
     • China
     • Japan
     • Australia
     • South Korea
     • India
     • ASEAN

5. Latin America Hearing Aids Market Volume (Units) & Revenue (USD Billion), by Countries, (2022-2030)
   • Brazil
   • Argentina
   • Chile
6. Middle East and Africa Hearing Aids Volume (Units) & Market Revenue (USD Billion), by Countries, (2022-2030)
   • GCC
   • Turkey
   • South Africa
7. Global Hearing Aids Market Revenue: Competitive Analysis, 2021
   • Key strategies by players
   • Revenue (USD Billion and %), By manufacturers, 2021
   • Player Positioning by Market Players, 2021
8. Competitive Analysis
   • Sonova Group
     • Business Overview
     • Business Financials (USD Billion)
     • Product Category, Type, and Specification
     • Main Business/Business Overview
     • Geographical Analysis
     • Recent Development
     • Swot Analysis
   • Benson Hearing
   • Cochlear Ltd.
   • Demant A/S
   • Starkey
   • GN Store Nord A/S
   • RION Co. Ltd.
   • Medtronic
   • MED-EL
   • Sivantos Pte LTD
9. Market Research Findings & Conclusion

Disclaimer

Research Methodology

The Market Research Community offers numerous solutions and its full addition in the research methods to be skilled at each step. We use wide-ranging resources to produce the best outcome for our customers. The achievement of a research development is completely reliant on the research methods implemented by the company. We always faithful to our clients to find opportunities by examining the global market and offering economic insights.

Market Research Community are proud of our widespread coverage that encompasses the understanding of numerous major industry domains. Company offers consistency in our research report, we also offers on the part of the analysis of forecast across a range of coverage geographies and coverage. The research teams carry out primary and secondary research to carry out and design the data collection methods.