The global hearing aids market size was valued at USD 9.68 billion in 2021. The market is projected to grow from USD 10.23 billion in 2022 to USD 17.68 billion by 2029, exhibiting a CAGR of 8.1% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with hearing aids experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market had exhibited a decline of -12.2% in 2020 as compared to 2019.
A hearing aid is an electronic device designed to enrich hearing in patients suffering from hearing loss or auditory nerve damage. The increasing prevalence of hearing loss is expected to boost the adoption of hearing devices. For instance, according to 2020 WHO reports on deafness and hearing loss, about 1.1 billion young people (aged 12-35 years) are at risk of hearing loss due to exposure to noise in recreational settings.
Furthermore, technological advancements in hearing aid devices, such as wirelessly connecting devices with smartphones, are expected to impact the market positively. Besides, the demand for cochlear implants is gradually increasing, especially among children. Many healthcare providers support the early implantation of cochlear implants to restore hearing defects. This factor is set to favor industry growth.
Postponement of Cochlear Implantations Procedures to Decline the Hearing Aids Market Growth
COVID-19 pandemic has adversely impacted the healthcare sector. Hospitals worldwide are getting filled with patients demanding urgent care, owing to which many hospitals are running out of resources. Millions of elective surgeries are being postponed or canceled to reallocate the resources to manage COVID-19 patients. This factor has also negatively affected the medical device sector. The demand for orthopedic implants, heart valves, intraocular lenses, and audiology diagnostics devices is indicative of the downward curve.
This factor is also the case with the hearing devices market. Major players operating in the market have reported a decline in the sales of these devices. Also, the postponement of cochlear implantation procedures has decreased sales. According to the Hearing Industries Association (HIA) statistics, the U.S.'s unit sales of hearing devices declined by 18.0% in 2020. Below are some of the essential findings:
- According to the British Irish Hearing Instrument Manufacturers Association, hearing aids sales declined by 35.7% in 2020.
- The hearing segment of GN Store Nord A/S witnessed a decrease of 25.6 % in 2020 compared to the previous year.
- Similarly, Cochlear Limited’s hearing segment registered a decline of 6.5% in 2020.
However, there are reports of sudden hearing loss post-COVID-19. These patients are expected to seek treatment for hearing loss and may turn up the demand for these devices. According to the World Health Organization, in May 2021, there will be over 162 million survivors of COVID-19. Hearing loss affects 5% of those survivors. This factor results in more than 8 million people needing treatment for hearing loss. Such events may drive the growth in demand for hearing aids.
Rising Adoption of Tele-Audiology Worldwide to Propel Industry Growth
The COVID-19 pandemic has boosted the adoption of telehealth among audiologists. To avoid patient traffic, many healthcare professionals are switching to tele-audiology.
- Hearing Review surveyed healthcare professionals in the U.S. and Canada to evaluate the impact of the COVID-19 pandemic in their practice. According to the survey, 51% of healthcare professionals use tele-audiology for follow-ups and counseling, and 45% use it for device adjustments and fine-tuning.
Due to this, manufacturers are also developing various platforms to support patients and healthcare professionals. For instance, in May 2021, Inventis announced the launch of Satellite Tele-audiology Solutions, the first technology that allows you to perform real-time diagnostic tests.
Increasing Prevalence of Hearing Loss to Boost Product Demand
Hearing loss has become the most common disorder in patients, especially in industrialized countries. According to the WHO, an astonishing 466 million people across the globe are living with disabling hearing loss, equating to about 6.1% of the world’s population. Moreover, there is a prediction that this number would reach about 1.5 billion by 2050, primarily due to an increase in the aged population. Besides, chronic inflammation, vascular disorder, noise exposure, genetic susceptibility, and physiological aging of the ear may also cause hearing loss. This factor may lead to an increasing number of hearing impairment patient populations globally, thereby increasing sales of these devices.
According to the EHIMA’s annual global sales number, over 17.05 million hearing devices were dispensed across the globe in 2019, an increase of 6.4% compared to the previous year. Due to the increasing number of hearing device users, the market is anticipated to witness significant growth.
Incorporation of Digital or Smart Technologies to Drive Growth
In the past decade, there has been a tremendous advancement in hearing aids. The incorporation of smart technologies and the emergence of digital platforms in the mini device have helped overcome multiple patients' difficulties and have improved their hearing experience. Digital devices are being introduced to the market. Features such as smartphone compatibility, Bluetooth connectivity, high sound processing, artificial intelligence (AI), rechargeable batteries, and the latest tinnitus masking have leveraged the hearing device's potential to no bounds.
- For instance, in October 2021, Audible launched the “Arc AI”, a full-line of AI-driven hearing aids that supports the most advanced sound quality available.
- In October 2021, hearing aid innovator, Signia announced the launch of Insio Charge&Go AX, the custom hearing aids with contactless charging, Bluetooth, and streaming to android and apple IOS devices.
Moreover, enhanced aesthetic appeal with the use of a miniaturized device is projected to favor the market's growth.
Ignorance by Patients to Undergo Hearing Test May Impede Growth
Many people find it difficult to accept that they have a hearing impairment and never undergo a test. Also, due to the social stigma associated with these products, many people hesitate to use them. According to the State of Hearing Report 2019, a global survey conducted by Cochlear Ltd. showed that around 92% of respondents recognize hearing as an important factor for maintaining the overall quality of life. But, only 37% have had a hearing test in the last two years.
According to the FDA, approximately 37.5 million adults aged between 18 years and above report having some trouble hearing without a device, ranging from “a little trouble” to “deaf.” Furthermore, Starkey Research estimated that around 42% of people who reported no hearing trouble turned out to have mild hearing loss. Such considerations would reduce the number of hospital tests, thereby narrowing the device's adoption.
By Product Analysis
Hearing Devices Segment to Dominate Market in Upcoming Years
Based on the product type, the market is segmented into hearing devices and hearing implants. The hearing devices segment can be further bifurcated into behind-the-ear (BTE), in the ear (ITE), receiver in the canal (RIC), completely in the canal (CIC), others (invisible in the canal). The hearing devices segment is expected to dominate the market throughout the forecast period. Many BTE devices resemble Bluetooth earphone devices, and thus, patients are more willing to use them. Similarly, the emergence of CIC and invisible-in-the-canal devices such as Oticon Opn possessing improved sound quality would provide more confidence to patients. These factors are expected to propel the growth of the hearing devices segment.
The hearing implants segment can be categorized into cochlear implants and bone-anchored implants. The incorporation of newborn hearing screening tests in routine healthcare and the introduction of new products in the market are the major factors responsible for the considerable growth of the segment.
By Patient Type Analysis
Adults Segment to Grow Rapidly Fueled by Rising Geriatric Population
Based on patient type, the market can be categorized into adults and pediatrics. The adult segment dominated the market in 2021 and is projected to show remarkable growth during the forecast period. This factor can be attributed to the rising geriatric population and the increasing awareness about various hearing devices & implants available in the market. According to the National Institute of Deafness and Other Communication Disorders (NIDCD), approximately 28.8 million adults in the U.S. could benefit from hearing aids. This factor is likely to contribute to the expanding adult segment.
The increasing number of infants born with sensorineural hearing loss and the efficacy of cochlear implants in restoring these hearing defects among pediatrics are anticipated to accelerate the growth of the pediatrics segment. Furthermore, according to the National Institute on Deafness and Other Communication Disorders, about 2 to 3 out of every 1,000 children are born with a detectable level of hearing loss. The highest prevalence of disabling hearing loss is in South Asia. This is expected to augment the growth of the segment.
By Distribution Channel Analysis
Increasing Availability of Hearing Aids in Hospital Pharmacies has led to the Dominance of the Segment
The market can be segmented into Over-The-Counter (OTC), hospital pharmacies/ medical channels, and retail pharmacies/private practice in terms of distribution channels. The hospital pharmacies segment accounted for the largest hearing aids market share in 2021. The hospital pharmacies segment accounted for the maximum share of the market in 2021. Favorable health reimbursement for hearing implantation surgeries and the increasing penetration of hearing implants may boost this segment's growth. According to Cochlear Ltd's estimates, around 15 million people can benefit from cochlear or bone conduction implants. This factor is also expected to expand the medical channel/hospital pharmacies segment.
Key players such as GN Store Nord A/S, Senovo, Demant A/S, and others are increasing their efforts to strengthen their retail channels worldwide. This factor is anticipated to contribute to expanding private practice/retail pharmacies segment.
Regulatory reforms for increasing the adoption of these devices among adults and providing the care they need are expected to propel the OTC segment's growth. For instance, in August 2017, a law was passed as part of the FDA Reauthorization Act of 2017. It directed the FDA to create a category of OTC hearing devices for adults who might have mild-to-moderate hearing loss. This factor will reduce the barrier to purchasing these devices and bode well with the OTC segment's expansion. The FDA is anticipated to frame new regulations for the new category of OTC hearing aids in the coming days. These devices are expected to be offered at a lower cost than other devices. This factor is expected to increase the adoption of these products, as the high price of current products is one of the main hindrances in adoption.
The market size in North America stood at USD 3.66 billion in 2021. The increasing sales volume of hearing devices, coupled with the strong adoption of less noticeable devices for more aesthetic appeal and new product launches, are some of the primary factors attributable to this region's prominent position in the global market.
Europe is anticipated to be the second-largest region in terms of share, attributed to strong government support and increased research for developing advanced hearing devices. Furthermore, several companies' strategic presence, such as GN Store Nord A/S, Senovo, Demant A/S, and WS Audiology in the region, is expected to boost growth. According to the National Institute for Health and Care Excellence (NICE), currently, around 1,260 people in England receive cochlear implants every year. It would also propel market growth.
Asia Pacific is projected to register the highest CAGR during the forecast period due to hearing implants' increasing penetration and the rising aging population. According to Hear-it.org, nearly 3.6 million Australians suffer from hearing loss, and the number of people is expected to touch 7.8 million by 2060, surging the country's growth market.
The rest of the world, including GCC countries, Africa, Brazil, and others, holds substantial growth potentials and is anticipated to emerge lucratively. The rising prevalence of hearing impairment and growing awareness are a few factors that are likely to contribute to expanding the global market.
KEY INDUSTRY PLAYERS
Key Participants Focus on New Product Launches and Innovations to Intensify Competition
Demant A/S was in the dominant position in terms of market revenue. The presence of this company in the fields of hearing devices and cochlear implants and its expanded geographical presence are some of the key factors responsible for its dominance. In November 2020, the company announced the launch of new groundbreaking hearing aid technology in four hearing aid brands, Oticon, Philips Hearing Solutions, Bernafon, and Sonic.
On the other hand, continuous innovations and new product launches are the primary reasons for the prominent position of Sonova in the market. Increasing research investments to penetrate the market is expected to strengthen the position of other market players such as WS Audiology, Starkey, RION Co. Ltd., and others.
Bose entered the market with its direct-to-customer hearing aid device in May 2021. This factor is the first direct-to-customer product in the market.
LIST OF KEY COMPANIES PROFILED:
- Sonova (Switzerland)
- Demant A/S (Denmark)
- GN Store Nord A/S (Denmark)
- WS Audiology (Denmark)
- Starkey (U.S.)
- MED-EL (Medical Electronics) (, Austria)
- Cochlear Ltd (Australia)
- RION Co., Ltd. (Japan)
KEY INDUSTRY DEVELOPMENTS:
- January 2022 – Soundwave Hearing, LLC announced the launch of its new hearing aid and mobile app, which are revolutionizing self-fitting hearing aid technology.
- November 2021 – Widex USA Inc. announced the launch of its first-ever rechargeable behind-the-ear hearing aid offering PureSound, along with direct streaming to iPhone and Android devices.
- August 2021- Starkey announced the launch of Evolv AI, the company’s second generation of the smartest hearing aids, offering effortless hearing and connection.
The global hearing aids market research report elaborates on numerous factors affecting the global market. Information on trends, drivers, growth opportunities, threats, and market restraints can further help stakeholders gain valuable insights into the industry. The report also provides a detailed competitive landscape by presenting information on key players and their strategies in the market.
Report Scope & Segmentation
Value (USD billion)
Product, Patient Type, Distribution Channel, and Region
By Patient Type
By Distribution Channel
Frequently Asked Questions
What was the value of the global hearing aids market in 2021?
The value of the global market was USD 9.68 billion in 2020.
How much is the global market worth?
Fortune Business Insights says that the market is projected to reach USD 17.68 billion by 2029.
What was the value of the market in North America in 2021?
The market value in North America was USD 3.66 billion in 2021.
At what CAGR is the market projected to grow during the forecast period (2022-2029)?
The market is projected to rise at a CAGR of 8.1% during the forecast period (2022-2029).
Which is the leading segment in the global market?
Hearing devices are the leading segment in this market.
What are the key factors driving the global market?
The increasing prevalence of hearing loss and the emergence of digital/smart technologies are the key factors driving the global market.
Who are the top players in the global market?
Demant A/S, Sonova, and WS Audiology are the top players in the global market.
Which region is expected to hold the highest share in the market?
North America is expected to hold the highest market share.
What is the global market trend?
The adoption of tele-audiology is the key trend of the market.