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The U.S. hearing aids market size was valued at USD 3.87 billion in 2022. The market is projected to grow from USD 4.10 billion in 2023 to USD 7.01 billion by 2030, exhibiting a CAGR of 8.0% during the forecast period.
These devices are designed to wear behind or in the ear to enhance the auditory capacity of patients suffering from hearing loss. The rising patient population suffering from hearing loss and hearing impairment in the U.S. is one of the major factors contributing to the growing demand for these devices in the country.
The growing focus of key players on technological advancements in the development of hearing devices and favorable regulatory policies are some of the prominent factors augmenting the market growth. Moreover, the increasing insurance coverage and new product launches by key players are anticipated to support the market growth during the forecast period.
Outbreak of COVID-19 Pandemic Hampered Product Sales Due to Declining Patient Visits
The emergence of COVID-19 impeded the demand for auditory assistance products due to decreased patient volume.
Key players operating in the market recorded a significant decline in their revenues due to the COVID-19 pandemic. The reallocation of healthcare resources, declining number of patient visits to emergency care & outpatient settings, disruptions in supply chain, and other major factors impacted the sales of auditory devices in the U.S., especially during the first half of 2020.
As restrictions were lifted, the patient footfall for audiology and ENT services started to rise and reached a level higher than that of the pre-pandemic period. The increased patient visits and product demand resulted in increased revenue for key players operating in the market.
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Increasing Adoption of Technologically Advanced Devices in the U.S.
The rising demand for hearing devices among the patient population is prompting major market players to develop and introduce technologically advanced products. The integration of artificial intelligence in hearing implants is considered a significant revolution in the market. The advent of AI is leading to the development of in-built smart services for patients, such as adaptive sound and active noise cancellation.
Similarly, these companies are developing hearing devices with Bluetooth connectivity, improved design, compactness, GPS tracking, and many other beneficial features to cater to the rising product demand among the patient population in the country. These factors are anticipated to boost the demand for these devices in the future.
Increasing Initiatives by U.S. Government and Market Players to Drive Market Growth
The prevalence of hearing loss among the U.S. population is growing at a robust pace every year. The rising demand for cost-effective devices to manage auditory loss among the patient population is expected to be one of the major factors driving the U.S. hearing aids market growth.
Along with this, the improving reimbursement scenario in the U.S. for hearing implants due to rising initiatives by the government and market players is another major factor contributing to the growth of the market.
Several regulatory changes have been undertaken in the U.S. to provide access to auditory loss assistance products to patients suffering from this condition.
These factors, along with rising efforts of the market players to launch technologically advanced products in the country, are anticipated to propel the demand for and adoption of these devices among the U.S. population.
High Cost and Lack of Favorable Reimbursement Policies to Affect Demand for Hearing Aids in the U.S.
One of the major restraining factors of the market growth is the high cost of these products. Despite being considered a prescription product; most insurance providers do not cover the cost of these devices. Only a few states provide cover for the costs of these implants for children. The majority of the population is dependent on out-of-pocket expenses for the examination, devices, and services to fit and maintain these devices. Lack of favorable reimbursement policies is attributed to the low adoption of these devices among the patient population.
Moreover, the stigma associated with these devices or the challenges patients face in adjusting to them would also contribute to their lower usage. High cost seems to be the biggest restraint to the adoption of these devices among hearing loss patients.
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Increasing Adoption of Hearing Aids for Hearing Loss Management to Drive Hearing Devices Segment
Based on product type, the market is segmented into hearing devices and hearing implants. The hearing devices segment is further segmented into behind the ear (BTE), in the ear (ITE), receiver in the canal (RIC), completely in the canal (CIC), and others (invisible in the canal).
The hearing devices segment accounted for the largest U.S. hearing aids market share in 2022. This is due to the rising adoption of these devices and growing cases of auditory loss in the general population. The rising focus of the government, to lower the price is also expected to fuel the adoption of these implants among the population in the country.
Also, the free or low-cost healthcare benefits offered by the U.S. Department of Veterans Affairs (VA) are responsible for driving the usage of these devices among veterans in the U.S.
The hearing implants segment is further separated into cochlear implants and bone-anchored implants. The strong growth of the segment is attributed to the rising cases of complete auditory loss among the elderly population in the U.S. It is responsible for increasing the demand for cochlear implants to treat complete auditory loss, which will drive the segment's growth in the market.
Rising Geriatric Population to Help Adult Segment Hold Dominant Market Position
Based on patient type, the U.S. market is segmented into adult and pediatric.
The adult segment is anticipated to hold a dominant share in the market during the forecast period. The growing geriatric population in the country and increasing awareness of various devices for the treatment of auditory disabilities are likely to contribute to the segment’s dominance.
The U.S. market growth is attributed to the increasing geriatric population and is expected to support the adoption of these devices to manage auditory loss caused by aging.
The pediatric segment is anticipated to hold a significant market share during the forecast period owing to the increasing emphasis on screening tests for infants, which can facilitate early detection and treatment of auditory impairment.
In addition, various studies have shown that early ear implantations can restore auditory defects and is positively associated with earlier open-set speech perception ability and oral communication. Thus, the penetration of these devices is growing among children, which is likely to foster the growth of the pediatrics segment.
Medical Channel Segment Dominated due to Establishment of New Stores
Based on distribution channel, the market is segmented into OTC, medical channel, and private practices.
The medical channel segment dominated the market in 2022. The dominance of this segment is attributed to the increasing focus of major market players on acquiring and establishing new retail stores. Along with this, the surging number of company-owned retail stores is expected to drive the market growth during the forecast period.
The private practices segment is expected to record a considerable CAGR during the forecast period. The rising number of hearing impairment procedures in the country owing to an increasing patient population suffering from hearing loss and impairment is one of the major factors contributing to the growth of the segment.
The OTC segment is expected to grow due to the rising focus of the U.S. government on increasing the adoption and accessibility of these devices among the population.
In addition, the entry of major players in the e-commerce space and their market intelligence are expected to drive the market growth.
Diverse Portfolios of Sonova and Demant A/S to Dominate U.S. Market
The U.S. is a semi-consolidated market with a few major players holding a dominant share in the overall market. Sonova, Demant A/S, and WS Audiology are some of the prominent companies in the U.S. market.
The comprehensive product portfolios of these players and rising efforts to increase their penetration in the U.S. are some of the crucial factors contributing to the growing share of these firms in the market.
Other players, such as GN Store Nord A/S, Cochlear Ltd., and Starkey Laboratories Inc., are capturing a major share in the U.S. market. These players are increasing their efforts to receive product approvals and are entering strategic collaborations and acquisitions to strengthen their product portfolios and brand presence. These are some of the contributing factors favoring the players.
For instance, Cochlear Ltd. received the U.S. FDA’s approval for its remote check solution for cochlear implants in the U.S. and Canada. The company partnered with healthcare professionals to sell these products in the market.
Furthermore, ongoing R&D initiatives due to strong investments will lead to the emergence of new participants in the market during the forecast period.
An Infographic Representation of U.S. Hearing Aids Market
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The research report provides a detailed analysis of the industry. It focuses on key aspects such as leading companies, products, and types of patients. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 8.0% from 2023-2030 |
Unit | Value (USD billion) |
Segmentation | By Product, Patient Type, Distribution Channel, and Region |
By Product |
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By Patient Type |
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By Distribution Channel
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Fortune Business Insights says that the U.S. market stood at USD 3.87 billion in 2022 and is projected to reach USD 7.01 billion by 2030.
The market is predicted to exhibit a CAGR of 8.0% during the forecast period (2023-2030).
By product, the hearing devices segment is set to lead the market.
The increasing prevalence of auditory loss, continuous technological developments & product enhancements, and forward integration of manufacturers into distribution & retail channels are the key drivers of the market.
Sonova, Demant A/S, GN Store Nord A/S, WS Audiology, and Starkey are the top players in the market.