Asia Pacific Hearing Aids Market Size, Share & COVID-19 Impact Analysis, By Product (Hearing Devices (BTE {Behind the Ear}, ITE {In the Ear}, RIC {Receiver in the Canal}, CIC {Completely in the Canal}, and Others), and Hearing Implants (Cochlear Implants, and Bone-anchored Implants), By Patient Type (Adults and Pediatrics), By Distribution Channel (OTC {Over-the-Counter}, Medical Channel, and Private Practices), and Regional Forecast, 2023-2030

Asia Pacific is the third largest region in the global hearing aids market. It is projected to grow at a CAGR of 10.3% during the forecast period. The global hearing aids market share is projected to grow from USD 11.29 billion in 2022 to USD 21.09 billion by 2030.

Rising penetration of hearing devices among the patient population suffering from hearing loss or hearing impairment coupled with rising efforts of the key players operating in the market to introduce advanced products for the hearing aids users are some of the prominent factors contributing to the growth of the market in the region.

According to a 2021 China Trak survey, more than 90% of hearing aid users in China were satisfied with their hearing instruments.

Our report on the Asia Pacific hearing aids market covers the following countries/regions – China, Japan, India, Australia, Southeast Asia, and the Rest of Asia Pacific.

LATEST TRENDS

Rising Focus of Key Players to Lower Manufacturing Costs of Hearing Devices

Increasing awareness regarding the benefits of hearing aids among the patient population owing to rising initiatives by key players operating in the market is prompting these companies to develop and introduce economical products. They are also focusing on lowering the manufacturing costs of these devices in emerging countries such as China, India, and others.

In July 2022, NUHEARA LIMITED partnered with Realtek Semiconductor Corporation, a Taiwan-based semiconductor company, to develop technologically advanced solutions for the market.

DRIVING FACTORS

Rising Focus of Market Players to Expand their Footprint will Increase Adoption of Hearing Devices

The patient population and diagnosis rate of hearing loss and impairment among infants, adults, and elderly in countries, such as China, Japan, India, and others is rising at a notable rate. These are a few major factors encouraging the key players to increase their focus on R&D.

Also, there is an increase in the number of mergers and acquisitions among key hearing aid manufacturers and focus on expanding their business to strengthen their footprint and brand presence. These factors are anticipated to propel the Asia Pacific hearing aids market growth during the forecast period.

• In September 2021, MED-EL (Medical Electronics) partnered with Tencent Ethereal Audio Lab, a China-based audio lab, to develop a multi-function hearing aid app. The application combines hearing testing, artificial intelligence (AI)-assisted hearing enhancement, and remote hearing with rehabilitation services in China.

RESTRAINING FACTORS

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Reluctance among Patient Population to Use Hearing Devices to Limit Market Growth

The adoption of hearing devices among emerging countries, such as China, India, and Southeast Asian nations, is comparatively lower than the developed countries. The social stigma associated with hearing implants in these countries is making patients hesitant to use these devices.

• According to a 2021 report published by the Beijing Hearing Association, there were around 72 million people in China suffering from some sort of hearing impairment, with less than 5% of them wearing hearing devices.

These factors are anticipated to expand the Asia Pacific’s market size over the coming years.

KEY INDUSTRY PLAYERS

Cochlear Ltd., Demant A/S, Sonova, and WS Audiology are some of the prominent players operating in the Asia Pacific market. The rising demand for hearing devices coupled with increasing focus of these firms to develop customized and technologically advanced products are some of the major factors contributing to the growing Asia Pacific hearing aids market share of these players.

Other players in the Asia Pacific market are GN Store, Nord A/S, and Starkey Laboratories Inc., among others. These companies are focused on strengthening their product portfolio and distribution network through strategic collaborations and partnerships to increase their market share in the Asia Pacific market.

LIST OF KEY COMPANIES PROFILED:

• Cochlear Ltd. (Australia)
• Sonova (Switzerland)
• Demant A/S (Denmark)
• WS Audiology (Denmark)
• Starkey Laboratories Inc. (U.S.)
• GN Store Nord A/S (Denmark)
• MED-EL (Medical Electronics) (Austria)

KEY INDUSTRY DEVELOPMENTS:

• August 2022 - Sonova acquired HYSOUND Group, one of the leading audiological care clinics in China, to improve access to hearing devices in the country.
• April 2022 - Cochlear Ltd. entered a strategic agreement to acquire Oticon Medical to broaden its hearing implants portfolio.
• March 2022 - Demant A/S acquired Sheng Wang, one of the leading hearing care retail chains in China, to expand its footprint in the country.

REPORT COVERAGE

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The Asia Pacific hearing aids market research report provides a detailed analysis of the regional market size and growth rate for all possible segments in the market. The report also provides the market dynamics, major trends in the region, and detailed competitive landscape. The report covers key areas, such as prevalence of hearing loss in the region, key industry developments including mergers & acquisitions, new product launches, technological advancements, and COVID-19 impact on the market.

Report Scope & Segmentation