Report ID: 10070588 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
Global Hearing Aids Market Highlights Over 2022 - 2031
The global hearing aids market is estimated to garner around USD 12 billion in revenue by 2031 by growing at a CAGR of nearly 7% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to increasing cases of hearing loss, and higher noise exposure. The World Health Organization (WHO) estimated that nearly 2.5 billion people will have some degree of hearing loss by 2050, and at least 700 million will require hearing rehabilitation. Furthermore, growing geriatric population, and increasing prevalence of vascular disorder and chronic inflammation are also driving the need for hearing aids. For instance, according to a report by Population Reference Bureau, the number of geriatric population is projected to increase by 69 percent, from 56.0 million to 94.7 million in the United States between 2020 and 2060. Additionally, technological advancements in hearing aids, and rising awareness and initiatives related to hearing loss are further expected to boost the market growth.
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The COVID-19 pandemic had a negative impact on the hearing aids market on the back of the postponement of ear treatment and surgeries, as hospitals were falling short of beds for COVID-19 positive patients. This resulted in decline of sales in the industry.
Moreover, factors like high cost of hearing aids, shortage of trained professionals, and the social stigma associated with hearing loss and hearing aid devices are restraining the growth of the market.
The market is segmented by product into hearing devices and hearing implants. The hearing devices segment is further sub-segmented into behind the ear (BTE), receiver in canal (RIC), in the ear (ITE), completely in the canal (CIC), and others, out of which, the behind the ear (BTE) sub-segment is anticipated to hold the major share over the forecast period. The growth can be attributed to the rising usage of behind-the-ear devices on the back of economic factors as these devices are available at low costs.
Global Hearing Aids Market Regional Synopsis
Regionally, the global hearing aids market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is estimated to witness significant growth over the forecast period on the back of the increasing adoption of hearing aids by the growing geriatric population with high hearing loss cases. For instance, according to a 2021 report by the National Institute on Deafness and Other Communication Disorders (NIDCD), around 25 percent of Americans aged 65 to 74, and 50 percent of those who are 75 years and older, have disabling hearing loss.
Further, Europe is projected to witness lucrative growth over the forecast period owing to the rising research and development activities to create advanced hearing aids.
Asia-Pacific region is expected to experience the fastest market growth throughout the forecast period on the back of increasing old age population, and high noise pollution levels in countries such as India, and China.
Market Segmentation
Our in-depth analysis of the global hearing aids market includes the following segments:
By Product
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Hearing Devices
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Behind the Ear (BTE)
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Receiver in Canal (RIC)
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In the Ear (ITE)
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Completely in the Canal (CIC)
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Others
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Hearing Implants
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Cochlear Implants
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Bone Anchored Implants
By Patient Type
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Adults
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Pediatrics
Growth Drivers and Challenges Impacting the Growth of the Global Hearing Aids Market
Growth Drivers
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Increasing cases of hearing loss and higher noise exposure
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Growing geriatric population
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Increasing prevalence of vascular disorder and chronic inflammation
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Technological advancements in hearing aids
Challenges
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High cost of hearing aids
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Shortage of trained professionals
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Social stigma associated with hearing loss and hearing aid devices
Key Companies Dominating the Global Hearing Aids Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global hearing aids market that are included in our report are Sonova, Demant A/S, GN Store Nord A/S, WS Audiology A/S, Starkey Laboratories, Inc., MED-EL Medical Electronics, Cochlear Ltd., RION CO., LTD., Audina Hearing Instruments, Inc., and others.
Latest Developments in the Global Hearing Aids Market:
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February 2022: Phonak, a Sonova brand, announced the availability of its best-selling Paradise technology in its popular Virto line of custom-made hearing aids which includes the highly-anticipated Virto P Black, a fully-connected in-the-ear (ITE) hearing device that looks like a modern earbud.
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March 2022: Demant A/S announced the acquisition of 20% of the shares in ShengWang, a leading network of hearing aid clinics in China, which permits Demant to tap into the fast-growing Chinese hearing aid market.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
Frequently Asked Question
The market is segmented by product, patient type, and by region.
The behind the ear (BTE) sub-segment is anticipated to hold largest market size in value and display significant growth opportunities.
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Report ID: 10070588 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
