Hearing Aids Market to Reach USD 21.09 Billion by 2030; Rising Investments by Market Players to Spur Technological Advancements to Boost Market Growth

The global hearing aids market size touched USD 11.29 billion in 2022 and is predicted to reach USD 11.98 billion in 2023. The market is anticipated to touch USD 21.09 billion by 2030, recording a CAGR of 8.4% over 2023-2030.

Fortune Business Insights™ displays this information in its latest report titled “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”.

Hearing aids are compact electronic medical machines that can people living with mild to moderate hearing loss and impairment overcome their hearing difficulties. The growing incidence of hearing loss and impairment among the population, particularly the elderly, is one of the key factors that will boost the demand for hearing devices and implants.

As per a 2022 article published by the National Institute on Deafness and Other Communication Disorders (NIDCD), around one in three people aged between 65 and 74 years in the U.S. was suffering from hearing loss, with nearly half of the population aged 75 years and above having hearing difficulties.

Patient Visits Reduced During COVID-19 Pandemic, Decelerating Market Growth

The COVID-19 pandemic negatively affected the hearing aids market growth. ENT clinics were forced to shut down their operations temporarily as healthcare providers increased their focus on treating COVID-19 patients. These were some of the key factors that were responsible for the slower growth of the market during the outbreak period.

Lockdown restrictions enforced by governing bodies across various regions resulted in the postponement or cancellation of a wide range of audiology services. This consequently decreased the number of patients that visited hospitals and clinics. The number of surgeries to treat hearing impairment also noticed a dramatic decline during this period, further reducing the demand for these devices.

Some of the major players operating in the market witnessed a reduction in their revenue margins owing to low demand for these implants.

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

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

Growing Investments by Key Players to Spur Technological Advancements to Accelerate Market Growth

The major players in the market are raising their R&D expenditures due to the growing awareness about hearing devices and their benefits and features among the patient population.

With rising investment, these leading companies are focusing on developing and launching cutting-edge products that incorporate innovative technologies. The adoption of these machines among the general population is projected to rise significantly as a result of this.

Competitive Landscape

Demant A/S, Sonova, WS Audiology, and Cochlear Ltd. to Hold Leading Market Positions with Strong Product Portfolios

The market comprises some of the top companies that offer a wide range of products and solutions. These organizations held a vast majority of the market share.

The rising number of initiatives by these companies to expand their product portfolios is helping them boost their presence in the global market. For example, in January 2023, Sonova launched Conversation Clear Plus earbuds to establish a new product category in early entry hearing solutions.

Notable Industry Development:

• August 2022 – Demant A/S introduced Oticon Jet to upgrade its audiology technology.

List of the Companies Profiled in the Report:

• 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)

Further Report Findings

• The hearing devices segment dominated the hearing aids market share in 2022. The growing awareness among the patient population regarding these instruments and increasing diagnosis rate are boosting the sales of these devices. Also, the growing focus of key market participants on expanding their global presence and strengthening their product ranges with the help of approvals and product launches will help the market grow.


• The adult segment is anticipated to register a higher CAGR during the forecast period due to the growing incidence of hearing loss among the adult population and rising rates of treatment and diagnosis for this condition. Additionally, many hearing aid manufacturing companies are intensifying their efforts to remove the social stigma linked with hearing loss and encourage the use of these devices among adults who have not yet been diagnosed with the ailment. These initiatives are favoring the demand for hearing aids among adults.


• North America captured the largest market share and generated a revenue of around USD 4.29 billion in 2022. The region is expected to dominate the global market due to the increasing prevalence of hearing loss & impairment conditions and higher diagnosis & treatment rates among the regional population. The increasing diagnosis rate of this ailment and awareness of the availability of various treatment options among the population is set to augment the adoption of these devices in the region.

Table of Segmentation