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U.S. Hearing Aids Market Size, Share & COVID-19 Impact Analysis, By Product (Hearing Devices (BTE, ITE, RIC, CIC, Others), Hearing Implants (Cochlear Implants and Bone Anchored Implants), By Age (Adult and Pediatric), By Distribution Channel (Government Services, Manufacturer Owned Retail Networks, National Retailers, Independent Retailers/Small Chains, and Online Retailers), and Forecast, 2021-2028

Region : USA | Format: PDF | Report ID: FBI105653

 

KEY MARKET INSIGHTS

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The U.S. hearing aids market size was USD 2.53 billion in 2020. The global impact of COVID-19 was unprecedented and staggering, with hearing devices witnessing a negative demand across the U.S. amid the pandemic. Based on our analysis, the U.S. market exhibited a substandard growth of -16.0% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 2.65 billion in 2021 to USD 4.48 billion in 2028 at a CAGR of 7.8% in the 2021-2028 period. The sudden fall in CAGR is attributable to a decrease in demand and growth, returning to pre-pandemic levels once the pandemic is over.


Hearing aid devices are designed to wear behind or in the ear to enhance the hearing capacity of patients suffering from hearing loss. This market is witnessing significant growth rate due to a surge in the number of patients suffering from hearing loss.



  • According to the National Institute on Deafness and Other Communicable Disorders (NIDCD), approximately 15% of the total adult population in America, equating to an estimated 37.5 million people, have trouble hearing. Also, around 13% of people above 12 years of age in the U.S. suffer from some degree of hearing loss in both ears.


The growing focus on the restoration of hearing capacity, technological advancements in the hearing loss industry, and favorable regulatory policies are the key factors augmenting the growth of the market. Moreover, the increasing insurance coverage, coupled with new product launches by key players, would support market growth during the forecast period.


The Outbreak of COVID-19 Negatively Hampered Sales Volume Due to Declining Procedures


The emergence of COVID-19 has impeded the demand for hearing assistance products due to the 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, the declining number of patient visits to emergency care and outpatient settings, disruptions in the supply chain, and other major parameters impacted the sales of hearing devices in the U.S., especially during the first half of 2020.



  • For instance, Sonova registered a 23.58% decline in revenue from the Hearing Instruments segment in the first half of 2020. Its cochlear Implants segment registered 37.27% fewer revenues than the first half ended in 2019. Moreover, during Q3 of 2020, patient volumes were comparatively lower than during Q3 2019 but showed a significant increase compared to Q1 & Q2 2020.


During Q3 2020, patient volumes started increasing as the regulations imposed by the U.S. government were relaxed. However, the increase in patient volumes was still lower than that in 2019. This, therefore, resulted in the declining demand and adoption of hearing aids in the U.S., and thus the U.S. market witnessed negative growth in the financial year 2020.


LATEST TRENDS


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Increasing Adoption of Technologically Advanced Devices in the U.S. is a Prominent Trend


Major players operating in the market are launching technologically advanced products for patients suffering from hearing loss. The introduction of artificial intelligence is considered to be a significant revolution in this industry. With the advent of AI, patients are able to get more personalized services. Hearing devices built with AI can detect the environment and learn what noise the patient wishes to focus on. Nowadays, languages can also be incorporated as per patients’ choice.



  • For example, in February 2020, Starkey launched Livio Edge AI. Furthermore, in March 2019, the company launched Livio intuitively, a multipurpose hearing device that tracks brain and body health, with artificial intelligence and integrated sensors and with 29 language translations. It is capable of performing tasks that normally require human intelligence.


Similarly, a large number of players are involved in the development of hearing devices with Bluetooth connectivity and improved design, making it less noticeable. In addition, Bluetooth devices offer several features, such as music streaming, phone calls, and help users manage alerts from their phones to hearing devices. This is anticipated to create a huge demand for technologically advanced devices in the near future.


DRIVING FACTORS


Rising Prevalence of Hearing Loss in the U.S. to Aid Growth


One of the key drivers for the market in the forecast period is the growing demand for cost-effective devices to manage hearing loss. The growing cases of hearing loss in the U.S. is projected to lead to a rise in the demand for hearing aids.



  • According to the World Health Organization (WHO), hearing loss is a common disorder among the population, especially in industrialized countries. In the U.S., nearly 14-15% of the total population, or 48 million citizens, suffer from some degree of hearing loss.


These devices are commonly used for the management of hearing loss in adult and pediatric patients. Therefore, the increasing number of patients suffering from hearing loss is anticipated to support the market growth during the forecast period.


Also, the aged population is susceptible to hearing loss. Therefore, the increasing aging population in the U.S. is also likely to support market growth. According to the United Nations, the population aged 65 years and above in the U.S. is expected to reach 35 million in 2000 to 80 million in 2040, which is anticipated to create huge demand for these devices in the near future.


Favorable Regulatory Policies and Increasing Insurance Coverage in the U.S. to Drive Growth


Another major factor that is anticipated to influence the market growth is the favorable reimbursement and regulatory policies associated with hearing aids in the U.S. Several regulatory changes have been undertaken in the U.S. to provide access to hearing loss assistive products to patients suffering from this condition.


Based on a law signed by President Trump in 2017, the FDA has been given three years to develop safety standards and establish regulations, which will allow the over-the-counter sales of these devices for patients with mild to moderate hearing loss without consulting an audiologist. These factors are expected to lead to a surge in the adoption of these aids in the U.S.


RESTRAINING FACTORS


High Cost and Lack of Favorable Reimbursement Policies to Affect Demand for Hearing Aids


One of the major restraining factors of the U.S. hearing aids market is the high cost of these products. Despite being considered as prescription products, these devices are not covered by the majority of insurance providers. Only a limited number of states provide cover for the costs of hearing devices 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. The lack of favorable reimbursement policies is attributed to the low adoption of these devices among patient population.


Moreover, the stigma linked with hearing devices or the challenges faced by patients in adjusting to these hearing devices would also contribute to their lower usage. The high cost seems to be the biggest restraint to the adoption of hearing devices among hearing loss patients.


SEGMENTATION


By Product Analysis


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Hearing Devices Segment to Hold a Dominant Share of the U.S. Market During 2021-2028


Based on the product type, the U.S. market is segmented into hearing devices and hearing implants. The hearing devices market segment is further segmented into behind the ear (BTE), in the ear (ITE), receiver in the canal (RIC), and others (invisible in the canal, etc.).


The hearing devices segment accounted for the largest market share in 2020. The strong market share of this segment resulted from the rising adoption of hearing devices and the growing cases of hearing loss in the general population.



  • According to a report published by Johns Hopkins Cochlear Center for Hearing and Public Health, approximately 38.2 million Americans (14.3% of the total population) are impacted by some degree of hearing loss.

  • Similarly, the National Institute on Deafness and Other Communication Disorders reports that about 2 to 3 out of every 1,000 children in the United States are born with a detectable level of hearing loss in one or both ears.


Also, the free or low-cost hearing health care benefits offered by the U.S. Department of Veterans Affairs (VA) are responsible for driving the adoption of hearing aids 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 hearing loss among the elderly population in the U.S. It is responsible for increasing the demand for cochlear implants to treat complete hearing loss and drive the growth of the segment in the market.


By Age Analysis


Rising Geriatric Population to Help the Adult Segment Dominate


Based on age, the market is segmented into adult and pediatric.


The adult segment is anticipated to dominate the U.S. hearing aids market share during the forecast period. The growing geriatric population in the country and the increasing awareness about various devices for treatment of hearing disability available in the market are likely to contribute to the segment’s dominance.



  • According to the Administration for Community Living, the senior citizen population crossed 56 million in the U.S. in the year 2020. In addition, as per the study, more than 56.4 million American citizens were aged 65 and above during the period.


The increasing geriatric population is expected to support the adoption of hearing technology devices to manage hearing loss caused by aging, thus fueling the growth of the adult segment.


The pediatric segment is anticipated to hold a significant market share during the forecast period owing to the increasing emphasis on hearing screening tests of infants, which is responsible for the early detection and treatment of hearing impairment. In addition, various studies have shown that the early implantation of hearing implants restores hearing defects and is positively associated with earlier open-set ability and oral communications. Thus, the penetration of hearing implants among children is growing, which is likely to foster the growth of the paediatrics segment.


By Distribution Channel Analysis


Manufacturer-owned Retail Networks Segment Dominated in 2020 Stoked by Establishment of New Stores


Based on the distribution channel, the market is segmented into government services, manufacturer-owned retail networks, national retailers, independent retailers/small chains, and online retailers.


The manufacturer-owned retail networks segment dominated the market in 2020. 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 market growth during the forecast period.


The online retailers segment is expected to account for a substantial market share due to the increasing inclination of customers towards online channels. In addition, the entry of major players in the e-commerce segment is the main factor set to drive the market growth during the forecast period. 


KEY INDUSTRY PLAYERS


Diverse Portfolio of Sonova and Demant A/S to Help Them Dominate the U.S. Market


The competitive landscape of the U.S. hearing aids industry represents the existence of established and emerging players. In the current scenario of the U.S. market, Sonova and Demant A/S were leading the market in 2020. These two companies accounted for a dominant revenue share.


Sonova dominated the market due to its comprehensive portfolio of products, which comprises technologically advanced devices for number of people with hearing disability. On the other hand, Demant A/S is projected to be the second-largest company in terms of the market revenue share due to its strong presence in the U.S. and the robust portfolio of cochlear implants.


Other major companies, such as GN Store Nord A/S, Cochlear Ltd, WS Audiology, and Starkey, held significant market shares due to their product offerings in the hearing devices segment. Furthermore, ongoing R&D initiatives due to the strong investment activities are expected to lead to the emergence of new players in the market during the forecast period.


LIST OF KEY COMPANIES PROFILED:



  • Sonova (Stäfa, Switzerland)

  • Demant A/S (Copenhagen, Denmark)

  • GN Store Nord A/S (Ballerup, Denmark)

  • Cochlear Ltd (Sydney, Australia)

  • WS Audiology (Lynge, Denmark)

  • RION Co., Ltd.(Tokyo, Japan)

  • Starkey (Minnesota, U.S.)

  • MED-EL (Medical Electronics) (Innsbruck, Austria)

  • Other Prominent Players


KEY INDUSTRY DEVELOPMENTS:



  • November 2020 – Demant A/S announced the launch of Oticon More, the world’s first hearing aid device with onboard deep neural networks in all the major markets. This new product can be connected with iOS, Android, and Bluetooth LE audio.

  • August 2020 – GN Store Nord A/S launched a breakthrough product, ReSound One, including an additional microphone in the ear canal. The product is the first of its kind, having a microphone and a receiving-in-ear design (M& RIE) to collect sounds and enhance the user experience.


REPORT COVERAGE


An Infographic Representation of U.S. Hearing Aids Market

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The U.S. hearing aids market research report provides a detailed analysis of the industry. It focuses on key aspects, such as leading companies, product type, and application. 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 over recent years.


Report Scope & Segmentation








































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD billion)



Segmentation



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, etc.)



  • Hearing Implants

    • Cochlear Implants

    • Bone Anchored Implants





By Age



  • Adult

  • Pediatric



By Distribution Channel



  • Government Services

  • Manufacturer Owned Retail Networks

  • National Retailers

  • Independent Retailers/Small Chains

  • Online Retailers



Frequently Asked Questions

Fortune Business Insights says that the U.S. market stood at USD 2.53 billion in 2020 and is projected to reach USD 4.48 billion by 2028.

The market is expected to exhibit steady growth at a CAGR of 7.8% during the forecast period (2021-2028).

By product type, the hearing devices segment is set to lead the market.

The increasing prevalence of hearing loss, continuous technological developments and product enhancements, and the 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.

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U.S. Hearing Aids Market Size, Share and Global Industry Trend Forecast till 2026
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