Hearing Aids Market

Report Scope & Overview

Hearing Aids Market size was valued at USD 10.03 Billion in 2022 and is expected to reach USD 18.98 Billion By 2030 and grow at a CAGR of 8.3% over the forecast period of 2023-2030.

The global market for hearing aids, which are electronic devices made to help people with hearing loss enhance their hearing, is referred to as the hearing aids market. People with hearing loss can engage in daily activities and speak more effectively with the help of hearing aids, which are worn in or behind the ear. Due to a number of factors, the hearing aid industry has seen tremendous expansion in recent years. The ageing population is one of the main causes since hearing loss becomes more common as people get older. Additionally, the market has grown as more people become aware of and recognise hearing loss as a disorder that can be treated.

The development of the hearing aid industry has also been significantly influenced by technological improvements. Digital signal processing, wireless networking, and other innovations that improve sound quality and the user experience are included in contemporary hearing aids. Due to these advancements, hearing aids are now more discreet, user-friendly, and flexible for various listening contexts. There are several different kinds of hearing aids available on the market, including BTE, ITE, RIC, and CIC devices that are totally in the canal. To accommodate the various needs and preferences of people with hearing loss, these devices may differ in terms of size, design, and capability. In order to boost convenience and accessibility, there has been an increased focus on creating rechargeable hearing aids and connecting them with smartphone apps. Additionally, the incorporation of machine learning and artificial intelligence (AI) algorithms into hearing aids has the potential to enhance their speech recognition and noise cancellation skills.

Market Dynamics
Drivers

• The hearing aid market is significantly influenced by the ageing population. Hearing loss becomes more prevalent as individuals get older.

• Raising Conscience and Acceptance.

Growing numbers of people are becoming aware of and accepting hearing loss as a problem that may be treated. The stigma attached to hearing loss has been lessened as a result of efforts by healthcare organisations, advocacy groups, and product manufacturers to inform the public about the effects of hearing loss and the advantages of hearing aids. As a result of this raised awareness, more people are now seeking expert assistance and thinking about using hearing aids as a remedy.

Restrain

• Hearing aids may be quite expensive, and for many people, this is a major barrier.

• Influence on Social Perception.

Although it has diminished over time, there is still some stigma attached to hearing loss. Some people can be afraid to use hearing aids out of fear of coming off as elderly, crippled, or odd. The adoption of hearing aids may be hampered by social stigma and perception.

Opportunity

• There is great potential for additional technical development in the field of hearing aids.

• Rechargeable batteries with a longer life.

Users have welcomed the availability of rechargeable hearing aids because of their convenience and low environmental impact. Rechargeable technology has room for more advancements, such as longer battery life and quicker charging times. Users' happiness might rise as a result of battery technological advancements, which also take care of their maintenance and replacement worries.

Challenge  

• The high price of hearing aids is a major obstacle. Hearing aids are sometimes out of reach for many people with hearing loss, especially when insurance coverage is limited or nonexistent.

• Insufficient knowledge and stigma.

There is still a paucity of knowledge regarding hearing loss and the advantages of hearing aids, despite attempts to increase awareness. Some people might put off getting assistance because they are unaware of the options or are reluctant to admit they have hearing loss. People may be deterred from getting treatment or using hearing aids due to stigma and societal misconceptions around them.

Impact of Russia and Ukraine-War

Since the start of the war, the organisation has provided support to Ukrainians through the Ukraine Crisis Appeal, including housing, supply distribution, language training, and more. The organisation is committed to reconstructing Jewish life in the city. Thanksgiving 2022 saw a hearing evaluation session for refugees that was organised by the JCC and held at a hotel. Chung attended together with other volunteers from the Federal University of Rio Grande do Norte in Brazil and Northern Illinois University.

The School of Allied Health and Communicative Disorders at NIU's Chung is also the programme director for audiology. "We tested about 160 people," Chung recalls. According to the findings, 72 of the Ukrainian refugees suffered hearing loss. To remove earwax, many also need expert ear cleaning.

Impact of Ongoing Recession

I forecast higher-than-average hearing aid sales (>6%) for 2022 in my market research from the previous year, "barring an uptick in COVID-19, stock market upheaval, recession, military conflicts with Russia or China, unrest in politics around the midterm elections, or any unanticipated negative development." As previously said, U.S. unit sales were essentially unchanged, with a 0.9% overall rise despite a 0.7% fall in the commercial sector and a 7.4% increase in the VA.

The year 2022 provided bad economic news, particularly for seniors who rely on fixed income sources and returns from retirement accounts, despite not technically falling under the definition of a recession. The Russell 2000 fell by 32.1%, the S&P 500 lost 19.6% of its value, and 2022 was the worst year ever for bond ownership. Rising interest rates and a 9.2% inflation rate—the highest since the Reagan years—were added to this.

Market Segmentation

 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 End User

• Hospitals & Clinics

• Ambulatory Surgical Centers (ASCs)

• Home-use

REGIONAL COVERAGE

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • South Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of the Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Regional Analysis

North America: The United States and Canada together make up the largest hearing aid market in North America. The area features a sophisticated healthcare infrastructure, widespread use of cutting-edge technologies, and helpful reimbursement regulations. The ageing population, rising rates of hearing loss, and rising consumer awareness of hearing health all support market expansion.

Asia-Pacific: Significant development potential exists in the Asia-Pacific area, which includes nations like China, Japan, South Korea, India, and Australia. The area has a sizable population, increasing disposable incomes, and increased hearing health awareness. The growing middle class, technological development, and programmes to increase access to hearing healthcare all contribute to market expansion.

Key Players

The major key players are starkey hearing technologies, amplifon, Cochlear Ltd, , GN Store Nord A/S, American Hearing Aids, SONOVA., William Demant Holding A/S, WS Audiology, IntriCon Corporation, med-electronics, inc. and others.

Recent Development

GN Hearing (Denmark): ReSound Key, a series of hearing aids that expands access to GN Hearing's award-winning hearing technology globally, was introduced in 2021.

OrCam Technologies: offer assistive technology to those who are blind or deaf, Starkey (US) and OrCam Technology (Israel) joined in 2020. With Starkey's Livio Edge Al hearing aids, this relationship improved OrCam's capacity to use the sophisticated computer vision and machine learning techniques they had created to relay the visual world through audio.

Cochlear Ltd: For its Cochlear Nucleus Kanso 2 Sound Processor, Nucleus 7 Sound Processor for users of the Nucleus 22 Implant, and Custom Sound Pro fitting software, Cochlear Ltd. (Australia) got US FDA certification in 2020.