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 (Adult and Pediatric), By Distribution Channel (OTC {Over-the-Counter}, Medical Channel, and Private Practices), and Regional Forecast, 2023-2030

The global hearing aids market size was valued at USD 11.29 billion in 2022. The market is projected to grow from USD 11.98 billion in 2023 to USD 21.09 billion by 2030, exhibiting a CAGR of 8.4% during the forecast period.

Hearing aids are small electronic medical devices that help people with mild to moderate hearing loss and impairment hear clearly. The increasing prevalence of hearing loss and impairment among the population, especially the elderly, is one of the major factors expected to boost the demand for hearing devices and implants in the market.

• According to a 2022 article published by the National Institute on Deafness and Other Communication Disorders (NIDCD), approximately one in three people aged between 65 and 74 years in the U.S. was affected by hearing loss, and around half of the population aged 75 years and above had difficulty in hearing.

The patient population suffering from hearing loss due to aging and other factors is rising across the world. However, increasing initiatives to raise awareness regarding hearing devices and implants among the global population are expected to fuel the hearing aids market growth during the forecast period.

Along with this, market players are increasing their research and development activities to develop technologically advanced devices. They are also including various new and beneficial features to these devices, which may drive the market during the forecast period.

However, lower diagnosis rate among the patient population and higher costs associated with the implants and treatments are anticipated to limit the adoption of these devices in developing countries.

COVID-19 IMPACT 

Decreased Patient Visits During COVID-19 Declined Market Growth

The COVID-19 pandemic negatively impacted the market growth. The closure of ENT clinics and growing focus of healthcare experts on patients infected by the virus were responsible for slowing the market’s expansion during this period.

Lockdowns and other restrictions imposed by governments across the world prompted audiologists to either cancel or postpone their services. This consequently decreased the number of patient that visited clinics and hospitals. The number of surgeries for hearing impairment also witnessed a drastic decline during the pandemic, which reduced the demand for these devices in the market.

The major players operating in the market witnessed a decline in their revenues owing to the reduced demand for these implants.

• For instance, Demant A/S generated a revenue of USD 1,084.7 million in 2020 from its hearing aids segment, witnessing a decline of around 12.3% as compared to the previous year.

However, since lockdown restrictions were lifted, the number of patients visiting ENT clinics increased drastically in 2021. Along with this, the surgery rates also recovered in developed and developing countries during 2021, which increased the demand for hearing implants tremendously.

Also, some leading companies witnessed a strong rise in their profit margins in 2021 as the market began to recover from the outbreak, which boosted the demand for hearing devices in the market globally.

• For example, in 2021, Demant A/S recorded a revenue of around USD 1,427.7 million and saw an increase of around 31.6% as compared to that of 2020.

LATEST TRENDS 

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Utilization of Artificial Intelligence and Growing Technological Innovations to Enhance Market Growth

Market players are increasing their focus on research & development activities to create futuristic hearing devices to address the rising demand for these devices among the patient population.

The integration of artificial intelligence and machine learning in hearing devices is becoming a popular trend among companies operating in the global market. Technological advancements are equipping these devices with features, such as geotagging, seamless hearing, and health measures tagging, among others, which is a major trend among the market players.

Similarly, the use of regenerative fuel to generate electrical charge to power these devices is another recent trend the market players are focused on. The use of methanol reacted with these devices in a controlled fuel cell provides negligible loss of power and reduces wastage. The sustainable power source can be used as a sustainable alternative to the batteries in these devices especially in the emerging countries to reduce the economic burden.  

The key players such as Widex have incorporated fuel cells in EVOKE EC among other brands, which is an ongoing trend witnessed in the market. This trend is aimed to replace the current zinc-air batteries and reduce the discomfort of changing batteries when using these devices.

Thus, the shifting focus and effort of the market players in advancements of the products is a major trend in the global market.

DRIVING FACTORS

Growing Incidence of Hearing Loss to Boost Sales of Hearing Aids and Implants

The rising prevalence of hearing loss (partial/complete) across the world is a key factor increasing the demand for these devices among the patient population.

The growing geriatric population is also another factor contributing to the rising prevalence of the condition as the risk of hearing loss higher in this age group.

• According to the World Health Organization (WHO) statistics, hearing loss has become the most common disorder in patients in developed countries. Globally, around 466 million people are suffering from hearing impairment and the number is anticipated to rise over 900 million by 2050.

The rising demand for hearing aids among the population is shifting the focus of key players to develop and introduce technological advancements in these devices. Improving hearing aid technology, incorporation of digital & smart technologies, artificial intelligence, and others are offering more benefits to the users, which is boosting the adoption of these devices among the population.

Features, such as compatibility with smartphones, bluetooth connectivity, high sound processing, artificial intelligence, rechargeable batteries, and the latest tinnitus masking, have enhanced the potential of these devices .

The key players operating in the market are increasing their focus to incorporate various digital and smart features in these devices. This is increasing the adoption and penetration of these implants among the population suffering from hearing loss.

• In January 2021, Demant A/S launched Oticon More, which is the world’s first hearing aid with on-board Deep Neural Network (DNN). The device provides 30% more sound to the brain and improves speech understanding by 15% as per the company.

The rising patient population suffering from hearing loss and increasing initiatives to raise awareness regarding hearing aids among the population globally are expected to fuel the adoption of these devices in the market during the forecast period.

Rising Investments by Market Players to Spur Technological Advancements

The major players in the market are increasing their R&D expenditures as a result of growing awareness of hearing devices and their features and benefits among the patient population.

With rising investment, major players are concentrating on the creation and launch of cutting-edge products that incorporate advanced technologies. The adoption of these devices among the general population is expected to rise significantly as a result of this.

The manufacturers' production capacity has also grown due to investments in factory expansion, resulting in enhanced revenue margins. This, in addition to the rising number of mergers and acquisitions among key players, has helped them expand their product portfolios and distribution networks. These are just a few of the important factors that are contributing to the growing adoption of these devices globally.

• In February 2023, Tuned, a New York-based digital health company focused on providing hearing care, raised USD 3.5 million in a funding round led by Distributed Ventures and Elements Health Ventures. The funding will support the company’s robust efforts to provide comprehensive hearing care services.

In addition, active government support has contributed to increasing the market’s value over the years. For instance, the National Program for Prevention and Control of Deafness (NPPCD) was launched by the Indian government in July 2022 to help an estimated 63 million people who have a significant auditory impairment. At various levels of India's healthcare system, the program includes the use of these devices as part of rehabilitation.

• In November 2022, European Investment Bank (EIB) lent Demant A/S, one of the leading players in hearing aid technology, around USD 136.9 million to support the company’s R&D investments and activities for the development and introduction of novel products.

RESTRAINING FACTORS

High Cost of Treatment and Devices to Restrict Product Adoption

Many clinical advantages are associated with hearing devices for patients suffering from hearing loss and impairment. However, disadvantages, such as higher costs of these devices and lack of reimbursement policies in emerging countries are anticipated to decrease their sales.

• According to a 2022 article published by Hearing Choices, the average selling price of a hearing aid in Australia ranges from USD 600-700 per device.

The increasing introduction of advanced technologies in these devices is increasing their manufacturing cost for the market players. This is another major factor responsible for the higher cost of hearing aids and implants.

• The average cost of a conventional hearing aid for one ear is around USD 600 – USD 1500, while that of an analog one is USD 949 – USD 2,000. A digital hearing aid costs roughly around USD 1,399 – USD 2,999. This huge sum, therefore, will decrease the sales and demand for the product, hindering the market growth.

Higher cost, along with lack of awareness campaigns, workshops, and initiatives to bring awareness about the importance of these devices among the population, especially in emerging countries, is projected to restrict the adoption of these products.

SEGMENTATION

By Product Analysis

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Hearing Devices Held Dominant Market Position Due to Increasing Awareness Among Population 

Based on product, the market is segmented into hearing devices and hearing implants. The hearing devices segment is again divided into BTE (behind the ear), ITE (in the ear), RIC (receiver in the canal), CIC (completely in the canal), and others.

The hearing devices segment dominated the hearing aids market share.

The  increasing awareness among the patient population and rising diagnosis rate are boosting the demand for and adoption of these devices.

The increasing focus of key players to expand their global presence and strengthen their product portfolio by growing number of product approvals and launches will help the market grow.

• In August 2021, Sonova launched active vent hearing aid technology to increase its product portfolio in this market.

The hearing implants segment is expected to record a higher CAGR during the forecast period. The rising prevalence of hearing loss and impairment among the general population is driving the demand for these devices.

• According to a 2023 news published by the World Health Organization, it was reported that over 1.5 billion individuals are living with hearing loss. The report further estimated that this number will rise to 2.5 billion by 2050.

This, along with increasing awareness among the patient population regarding the benefits of surgeries and other available options, are increasing the rate of surgeries conducted globally.

By Patient Type Analysis

Rising Prevalence of Hearing Loss Among Geriatric Population to Boost Product Adoption among Adults

Based on patient type, the market is segmented into adult and pediatric. The adult segment is expected to record a higher CAGR as the prevalence of hearing loss and diagnosis rate of this condition is increasing among the adult population. 

Additionally, manufacturers are intensifying their efforts to eliminate the social stigma associated with hearing loss and encourage the use of hearing aids among adults who have not yet been diagnosed with the condition. This is favoring the demand for these devices among adults.

On the other hand, the pediatric segment is expected to register a moderate CAGR during the forecast period. The effectiveness of cochlear implantation in restoring children’s hearing and the rising number of babies born with hearing defects will account for the segment’s growth.

• According to 2019 statistics published by Centers for Disease and Prevention (CDC), there are around 1-2 infants per 1,000 infants screened with hearing loss in the U.S.

By Distribution Channel Analysis

Increasing Patient Visits to Hospitals & ENT Clinics for Treatment to Fuel the Medical Channel Growth 

As far as the distribution channel is concerned, the market covers OTC, medical channel, and private practices.

The medical channel segment held a dominant position in the market in 2022 and might record a strong CAGR over the analysis timeframe. The rising number of patient visits to hospitals and specialty clinics to avail ENT and audiology services and consultations is one of the major factors contributing to the segment’s growth.

Key players, such as GN Store Nord A/S, Sonova, Demant A/S, Lucid Hearing, and others, are increasing their efforts to strengthen their retail channels across the world. This is anticipated to contribute to the expansion of the private practices segment.

• In February 2023, Lucid Hearing expanded its partnerships with several retail partners to increase access to hearing devices by making it available over-the-counter to the patient population.

The private practices segment may record a significant CAGR during the forecast period. This is due to the rising number of private practices for ENT services and growing number of patient visits to these healthcare centers.

• In 2022, Cochlear Ltd. sold approximately 700,000 hearing implants. The increasing prevalence of hearing disorders along with rising adoption of these hearing devices sold through hospital pharmacies are anticipated to expand the medical channel segment.

The OTC segment is also expected to grow during the forecast period.  The rising focus of governments and key market players on making hearing devices available as over-the-counter products is one of the major factors expected to fuel the segment’s growth in the coming years.

• In 2022, the U.S. Food and Drug Administration (FDA) issued a final rule to encourage the sales of over-the-counter hearing aids, to improve access to safe, effective, and affordable hearing devices among adults aged above 18 years.

REGIONAL INSIGHTS

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Based on region, North America accounted for the largest market share and generated a revenue of USD 4.29 billion in 2022. The region is anticipated to dominate the market owing to the rising prevalence of hearing loss and impairment along with higher diagnosis and treatment rates.

The increasing diagnosis rate of the condition and awareness among the population is expected to fuel the adoption of these devices in the region.

Europe also accounted for a substantial share in the market. The growing prevalence of hearing ailments in the region is one of the major factors contributing to the product demand in the region.

The growing favorable reimbursement scenario in countries, such as the U.K., Germany, among others, and increasing number of product approvals and launches in various countries are contributing to the growth of the regional market.

• According to an article published by Hear-it in 2021, more than 58.5 million Europeans were suffering from hearing loss, with Germany and Spain accounting for 15.3% and 11.3%, respectively in terms of total hearing loss cases. Additionally, a research study funded by Cochlear Europe in 2021, reported that 77% of participants suffering from hearing loss were able to hear speech after implantation.

This, coupled with key product launches of hearing implants by market players, are anticipated to foster the segment’s growth.

The Asia Pacific market is expected to register the highest CAGR during the forecast period. The geriatric population is highly prone to hearing loss and impairment, which is one of the major factors anticipated to fuel the demand for these devices in the Asia Pacific region. The increasing focus of major players to expand their footprint in Asian countries to cater to the rising demand for these devices among the patient population is another factor expected to contribute to the market’s growth in the region.

Similarly, improving healthcare infrastructure, growing collaborations & partnerships among key companies to increase awareness regarding the benefits of these devices, and increasing the access of hearing devices in emerging countries, such as Brazil, Mexico, and African nations, are a few factors augmenting the market growth in the rest of the world.

• According to a 2022 study published in the South African Medical Journal, early pediatric cochlear implantation increases a child’s potential to develop age-related speech and language skills as these devices offer appropriate and early access to sound.

KEY INDUSTRY PLAYERS

Demant A/S, Sonova, WS Audiology, and Cochlear Ltd. to Lead the Market with Strong Product Portfolio

This market comprises few major players that offer a wide range of products. These key companies held a vast majority of the market share.

The rising number of initiatives and focus of key players, such as Demant A/S, Sonova, and WS Audiology, on increasing their product portfolios is boosting their presence in the global market.

• In January 2023, Sonova launched Conversation Clear Plus earbuds to establish a new product category in early entry hearing solutions.

Similarly, Cochlear Ltd., GN Store Nord A/S, and Starkey Laboratories Inc. have a wide product range in hearing devices, which is increasing the share of these players in the global market.

• In June 2021, GN Store Nord launched high-quality Jabra Enhance Pro hearing aids to help more people with hearing loss.

Several other market players, such as MED-EL and RION Co. Ltd., among others are increasing their focus on strategic partnerships and collaborations with other companies to expand their market share.

• In October 2021, MED-EL (Medical Electronics) partnered with Tabassum International, a distributor of audiological equipment in emerging countries, to expand its distribution network.

LIST OF KEY COMPANIES PROFILED:

• Sonova (Switzerland)


• Demant A/S (Denmark)


• WS Audiology (Denmark)


• Cochlear Ltd. (Australia)


• GN Store Nord A/S (Denmark)


• Starkey Laboratories Inc. (U.S.)


• RION Co., Ltd. (Japan)


• MED-EL (Medical Electronics) (Austria)

KEY INDUSTRY DEVELOPMENTS

• December 2022 – Sonova acquired HYSOUND Group, one of the leading national chains of audiology care clinics in China, to expand its brand presence and brand value in the country.


• September 2022 – Demant A/S launched Bernafon Alpha hearing aids with Hybrid Technology and additional features, including flexibility, style, more fine-tuning assistance, portable charger, among others.


• August 2022 – Starkey Laboratories Inc. launched Evolv AI with improved features. The launch is aimed to strengthen the company’s product portfolio.


• October 2021 - MED-EL (Medical Electronics) partnered with Tabassum International and received approvals for 4 out of 5 tenders from the Government of Bangladesh for cochlear implants.


• July 2021 - WS Audiology acquired Auralcare, a U.S. retail chain, to increase its brand presence across the world.

REPORT COVERAGE

An Infographic Representation of Hearing Aids Market

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The report offers a detailed market analysis and overview. It focuses on key aspects such as competitive landscape, product, patient type, distribution channel, and region. Besides this, it offers insights into the market drivers, market trends, market dynamics, COVID-19 impact on the market, and other key insights. In addition to the factors mentioned above, the report covers several factors that have contributed to the market’s growth in recent years.

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