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Hearing Aids Market to Reach USD 17.68 billion by 2029; Rising Prevalence of Hearing Loss to Generate Remunerative Growth Opportunities

May 30, 2022 | Healthcare

The global hearing aids market size is expected to exhibit strong growth by reaching USD 17.68 billion by 2029. Fortune Business Insights™ in its report titled “Hearing Aids Market Size, Share & COVID-19 Impact Analysis, By Product (Hearing Devices (Behind-the-Ear (BTE), In the Ear (ITE), Receiver in the Canal (RIC), Completely in the Canal (CIC), Others (Invisible in the Canal, and others)) and Hearing Implants (Cochlear Implants and Bone Anchored Implants)), By Patient Type (Adults and Pediatrics) By Distribution Channel (Over the Counter (OTC), Medical Channel/ Hospital Pharmacies, Private Practice/ Retail Pharmacies), and Regional Forecasts, 2022-2029” observes that the market size in 2021 was USD 9.68 billion and is expected to touch USD 10.23 billion in 2022, exhibiting a CAGR of 8.1% during 2022-2029. The rising prevalence of hearing loss and technological advancements in hearing aid devices may propel market development.


Phonak and Advanced Bionics Received a USFDA Approval to Boost Brand Awareness


Advanced Bionics and Phonak received USFDA approval for its Marvel hearing technology in December 2020. The technology offers the first-of-its-kind sound processors designed specifically for children. This development may enable Advanced Bionics to increase its brand awareness globally.


Raw Material Shortage and Reduced Implantation Procedures during COVID-19 to Impede Market Growth


This market is expected to be negatively affected during the COVID-19 pandemic because of the lack of raw materials. The halt on transport activities during the pandemic led to severe raw material shortages. Furthermore, the restrictions imposed on manufacturing may disrupt the supply chain. Moreover, declining implantation procedures are expected to hinder the adoption of the device. However, rising healthcare and medical expenditures and the adoption of reduced capacities, part-time shifts, and automated machinery may enable manufacturers to balance costs.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/hearing-aids-market-101573


Adoption of Artificial Intelligence to Propel Market Progress


Manufacturers utilize advanced technologies to boost hearing aids’ effectiveness and attract consumers. Incorporating rechargeable batteries, the Internet of Things (IoT), and artificial intelligence (AI) are expected to propel industry development. Also, smartphone support may boost convenience and enhance hearing aids’ demand. For example, Signia announced its custom hearing device named “Insio Charge&Go AX” in October 2021. The device is powered by Bluetooth, wireless charging, and android and IOS streaming. Moreover, the rising demand for the product from the healthcare sector is likely to foster market development.  These factors may drive the hearing aids market growth.


Companies Announce Novel Products to Bolster Brand Image


Prominent companies operating in the market announce novel products to boost their brand image. For example, Soundwave Hearing, LLC launched its novel mobile application and hearing aid in January 2022. This launch may revolutionize the self-fitting hearing technology. This development may boost its brand image globally. Furthermore, companies adopt research and development, mergers, acquisitions, and expansions to boost their annual revenues and global market position.


Industry Development



  • January 2022: Cochlear Limited received approval from the USFDA to treat unilateral hearing loss (UHL) and Cochlear Nucleus Implants.


List of Key Players Profiled in this Market Report



  • 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)


Further Report Findings    



  • The market in North America stood at USD 3.66 billion in 2021 and is expected to gain a large part of the global hearing aids market share during the upcoming years. Also, the rising hearing aids sales volume may propel industry growth.

  • Furthermore, the rising adoption of less noticeable hearing devices and rising demand for aesthetically appealing devices are expected to propel the market development during the upcoming years.

  • In Europe, strong governmental support and research for developing advanced devices may boost hearing aid adoption.


Table of Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion)



Segmentation



Product, Patient Type, Distribution Channel, and Region



By Product




  • Hearing Devices

    • BTE (Behind the Ear)

    • ITE (In the Ear)

    • RIC (Receiver in the Canal)

    • CIC (Completely in the Canal)

    • Others (Invisible in the Canal, and others.)



  • Hearing Implants

    • Cochlear Implants

    • Bone Anchored Implants





By Patient Type




  • Adults

  • Pediatrics



By Distribution Channel


 




  • OTC (Over the Counter)

  • Medical Channel/ Hospitals Pharmacies

  • Private Practice/ Retail Pharmacies



By Geography




  • North America (By Product, Patient Type, By Distribution Channel, and By Country)


    • U.S. (By Patient Type)

    • Canada (By Patient Type)


  • Europe (By Product, Patient Type, By Distribution Channel, and By Country/Sub-region)





    • U.K. (By Patient Type)

    • Germany (By Patient Type)

    • France (By Patient Type)

    • Italy (By Patient Type)

    • Spain (By Patient Type)

    • Scandinavia (By Patient Type)

    • Rest of Europe (By Patient Type)



  • Asia Pacific (By Product, Patient Type, By Distribution Channel, and By Country/Sub-region)

    • Japan (By Patient Type)

    • China (By Patient Type)

    • India (By Patient Type)

    • Australia (By Patient Type)

    • Southeast Asia (By Patient Type)

    • Rest of Asia Pacific (By Patient Type)



  • Rest of the World (By Product, Patient Type, and By Distribution Channel


Hearing Aids Market
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  • 2021
  • 2018-2020
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