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The global hearing aids market size valued at USD 8.39 Billion in 2018 and is projected to reach USD 14.45 Billion by 2026, exhibiting a CAGR of 7.2% during the forecast period.
A hearing aid is an electronic device designed to amplify the sound to assist patients suffering from hearing loss or weak hearing sense. Hearing devices are prominently used to improve the hearing as well as speech comprehension. Certain factors such as damaged sensory cells in the ear, injury, and aging are primarily responsible for the hearing loss. According to a study conducted by the WHO (World Health Organization) in 2019, an estimated 466 million people across the globe are suffering from hearing loss, out of which an estimated 7.3% of the population is pediatric.
Since the past decade, many of the market players are investing in research and development for the advancement of hearing aids. For instance, in 2019, Widex, a significant player in the hearing aids market, started working on Fuel Cell Technology for the betterment of hearing aids. Moreover, initiatives taken by government authorities to deal with the high prevalence of hearing loss is creating a lucrative opportunity for the growth of the market.
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Rising awareness about hearing disorders and increased geriatric population are also anticipated to contribute to the hearing aids market growth. Increased safety associated with hearing implants surgical procedures and increased efficiencies associated with these devices are also estimated to contribute to the growth of the global market.
“Increasing Prevalence of Hearing Loss Likely to Drive the Global Market”
According to a study conducted by the WHO (World Health Organization) in 2019, an estimated 900 million people across the globe are expected to suffer from hearing loss by 2050. Additionally, according to the study conducted by the WHO in 2019, an unaddressed issue of hearing loss possesses a global cost of approximately USD 750.0 Billion. Aging population in emerging as well as developed countries is prominently projected to boost the global market during the forecast period.
“Favorable Government Initiatives to Drive the Market Worldwide”
Combined with this, the increasing prevalence of hearing loss across the globe is equally expected to accelerate the hearing aids market growth by 2026. Health benefit programs initiated by governments are also projected to serve favorable opportunities for the growth of the global market. For instance, in 2008, the Government of India launched the National Program for Prevention and Control of Deafness (NPPCD) for the diagnosis and treatment of hearing loss in the country.
“The Hearing Implants Segment Would Ensure to Generate the Highest Growth Rate During the Forecast Period.”
On the basis of the product, the global market can be segmented into hearing devices and hearing implants. The hearing devices can be further sub-segmented into BTE (Behind the Ear), ITE (In the Ear), RIC (Receiver in the Canal), CIC (Completely in the Canal), and others (Invisible in the Canal, etc.). The hearing implants can be further sub-segmented into cochlear implants and bone anchored implants.
The hearing devices segment is estimated to hold a dominant hearing aids market share due to several advantages associated. It is best suited for patients with mild to moderate hearing loss, can be removable if complications occur, is comparatively cost-effective, removable for most medical procedures, and can also be used during most of the sports. These factors have contributed to the dominance of this market segment.
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Hearing implants is the other segment of the product type and is estimated to generate a higher CAGR in the forecast period due to several advantages. Hearing implants are best suited for children and individuals with severe hearing loss. Some of the factors that are anticipated to contribute to the faster growth of this segment are the technological advancements of hearing implants resulting in the wearer better understand speech. But, one of the limiting factors of the hearing implants is the surgical procedures required to install the hearing implant and the high costs associated with it.
“Adult Segment is Anticipated to Exhibit a Significant CAGR during the Forecast Period.”
On the basis of patient type, the global market can be segmented into an adult and pediatric. In terms of patient type, the adult segment is anticipated to grow at a significantly high CAGR. This is primarily due to the significant number of adults across the world using hearing aids. Other factors contributing to the growth of the adult segment are the popular trend of hearing aids adoption because adults often have straightforward treatment options. The dominant and most adopted treatment option is hearing devices or hearing implants such as cochlear implants, where the level of hearing loss is the most severe and profound.
The other segment in the patient type is the pediatric segment, but it is anticipated to have a lesser market share and lower growth rate as compared to adult patient type segment. This is primarily because pediatric patients often have other treatment options for the loss of hearing, and often, this hearing loss can also be temporary. These factors are anticipated to limit the growth of the pediatric segment.
“Medical Channel/ Hospital Pharmacies Segment Would Hold the Highest Share Among Distribution Channel.”
On the basis of the distribution channel, the global market can be segmented into OTC (Over the Counter), medical channel/ hospital pharmacies, and private practice/ retail pharmacies. The medical channel/ hospital pharmacies segment is anticipated to have the dominant share because a significant number of hearing aids, especially the hearing implants (which require surgical procedure), are installed by medical professionals.
On the other hand, private practice/ retail pharmacies segment is anticipated to be the second most dominant share because several specialty clinics have developed over the number of years, which often provides specialist care. The OTC (Over the Counter) segment may offer solutions in terms of hearing aids for temporary periods.
North America generated a revenue of USD 3.19 Billion in 2018 and is anticipated to emerge as one of the most dominant market in terms of global scenario during the forecast period. According to a study conducted by the Population Reference Bureau in 2018, the number of people above the age of 65 is expected to grow from 52 million in 2018 to 95 million in 2060, which will account for an estimated 23.0% of the population at that time. An aging population, combined with higher per capita expenditure, and increasing awareness about the benefits offered by hearing aids are anticipated to boost the market in North America.
Asia Pacific is expected to witness the highest growth in the market value. Due to the increasing disposable incomes across the region, there is a greater awareness concerning hearing disorders. Asia Pacific is expected to register a higher CAGR during the forecast period owing to the increasing adoption of hearing aids, developing healthcare infrastructure, and increasing product awareness amongst the population.
North America Hearing Aids Market Size, 2018
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On the other hand, Europe is projected to witness significant growth in the market due to the adoption of these advanced medical devices. In Europe, the aging population in countries such as the UK, Germany, and France are also expected to serve attractive opportunities for the growth of the market in the region. The rest of the world segment includes Latin America and the Middle East & Africa. The Latin American market is anticipated to undergo a positive growth due to the increasing awareness and adoption of hearing devices. Moreover, the Middle East and Africa will witness restricted growth compared to the other key regions.
“Market Players Such as Demant, Sonova, and GN Hearing are Expected to Dominate the Global Market”
The global market is dominated by some key companies due to their strong product portfolio, key strategic decisions, and the dominance of market share. These include a group of 4-5 key companies with wider geographic presence and continued R&D resulting in strong product launches. Established market players such as Demant, Sonova, GN Hearing, and Sivantos are projected to lead the global market during the forecast period. Strong geographical presence coupled with robust distribution channels and focus on better customer service are expected to serve a better chance for the market players to lead the global market during the forecast period. Moreover, the global market is expected to witness intense competition, owing to the entry of local market players as well as medical technology-based start-ups.
The increased adoption of these devices owing to increased awareness and new product launches based on advanced technologies is expected to increase the global market growth.
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Along with this, the report provides an elaborative analysis of the global market dynamics and competitive landscape. Various key insights provided in the report are epidemics of hearing loss, recent advancements in hearing aids, key mergers & acquisitions, launch of new products by major key players and others, key strategies adopted by market leaders, competitive landscape, and company profiles.
Value (USD Billion)
By Patient Type
By Distribution Channel
Fortune Business Insights says that the global market was valued at USD 8.39 Billion in 2018 and is projected to reach USD 14.45 Billion by 2026.
In 2018, the market was valued at USD 8.39 Billion.
Growing at a CAGR of 7.2%, the market will exhibit steady growth in the forecast period (2019-2026)
Hearing devices segment is expected to be the leading segment in this market during the forecast period.
Increased adoption of hearing technologies and new product launches will drive the growth of the global market.
Demant, Sonova, and GN Hearing are the top players in the market.
Europe is expected to hold the highest market share in the market.
Increased awareness of hearing disorders, increasing adoption of these devices, increasing geriatric population resulting in increased demand and new product launches will drive the adoption of these medical devices.
Adoption of advanced devices, increased awareness of hearing disorders, government initiatives, and increasing geriatric population amongst owners are the hyper-market trends of hearing aids.
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