Hearing Aids Market Size Worth USD 17.68 Billion by 2029 | Research by Fortune Business Insights
According to Fortune Business Insights, Hearing Aids Market to Reach USD 17.68 Billion by 2029; Increasing Per Capita Expenditure on Health to Aid in Expansion
Pune, India, Jan. 18, 2023 (GLOBE NEWSWIRE) — The world’s first Healthable™ hearing aid namely Livio AI was reinvented by Starkey Hearing Technologies in August 2018. This updated hearing aid will run on AI and integrated sensors and is the first device to trace cognitive health and physical activity as measured by hearing aid for utilizing in social situations. According to the report, the global hearing aids market size was valued at USD 9.68 billion in 2021. The market is projected to grow from USD 10.23 billion in 2022 to USD 17.68 billion by 2029, exhibiting a CAGR of 8.1% during the forecast period.
Key Industry Development
- Soundwave Hearing, LLC announced the launch of its new hearing aid and mobile app, which are revolutionizing self-fitting hearing aid technology.
- Widex USA Inc. announced the launch of its first-ever rechargeable behind-the-ear hearing aid offering PureSound, along with direct streaming to iPhone and Android devices.
- Starkey announced the launch of Evolv AI, the company’s second generation of the smartest hearing aids, offering effortless hearing and connection.
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Report Scope
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 8.1% |
| 2029 Value Projection | USD 17.68 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 10.23 Billion |
| Historical Data | 2018 to 2020 |
| No. of Pages | 134 |
Key Takeaways
- The British Irish Hearing Instrument Manufacturers Association reported that sales of hearing aids decreased by 35.7% in 2020.
- According to the survey, 51% of healthcare professionals use teleaudiology for monitoring and advice, and 45% use it for device adjustments.
- According to the WHO, 466 million people worldwide live with a hearing impairment, which is equivalent to about 6.1% of the world’s population.
- The size of the North American hearing aid market was US$3.66 billion by 2021.
Increasing number of ENT Clinics to Boost Market
The major factor promoting the growth of the market is the rising prevalence of hearing disorders among people. A study conducted by the World Health Organization in 2019 stated an estimate of about 900 million people worldwide who are likely to suffer from hearing loss by the end of 2050. The study also states about 1.1 billion people within the age group of 12 to 35 years are prone to hearing impairment because of exposure to noise in recreational settings. Such statistics clearly indicate the benefit of the global market in the near future.
Another factor promoting the market growth is the rise in the geriatric population. Besides this, governments are taking initiatives such as health benefit programs, awareness programs, setting up more ENT clinics, and others and this is also anticipated to boost the global market in the coming years.
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However, certain factors may pose a challenge to the hearing aids market. Long term use of hearing aids may cause moisture in the ears or ear wax, and feedback problems. Moreover, the wrong size hearing aid may also result in handling problems. This may cause hindrance to the market in the long run. Therefore, manufacturers are focusing on production of a cleaning kit in order to maintain the cleanliness of these hearing devices. This may create lucrative growth opportunities for the market in the forecast period.
Rising Geriatric Population and Rise in Hearing Problems to Help North America Dominate Market
In 2018, North America earned a revenue of USD 3.19 billion. Thus, the report states North America to emerge as one of the dominant regions in the global hearing aids market. A study conducted in 2018 by the Population Reference Bureau, the number of people aged 65 and above is expected to rise from 52 million in 2018 to 95 million by the end of 2060. This is accounted for an estimate of 23.0% of the population of North America at that time. The rise in the geriatric population, coupled with increase in per capita expenditure on health, and rise in awareness about hearing aids will help this region generate attractive revenue in the coming years.
Additionally, the number of aging population in nations such as Germany, France, and UK are expected to promote the market in Europe and help this region grow significantly in the forecast period. On the other side, the surge in disposable incomes of people across Asia Pacific is estimated to boost the hearing aids market in China and India. The rise in awareness about hearing disorders and the availability of cures and devices for improving hearing ability will help the market in the region grow rapidly.
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Hearing Devices Segment to Lead Market due to Cost-Efficient Feature
The report is based on primary and secondary research methods and provides an in-depth global hearing aids market analysis. The report covers all important aspects of the market such as growth drivers, restraints, trends, and opportunities. It also lists the profile of the companies operating in the hearing aid market with key insights that will help these vendors strategize for better revenue generation in the forecast duration.
As per the report, the hearing devices segment is currently dominating the market because of its numerous advantages. These include flexibility for patients with both mild and moderate hearing loss, easily removable, cost-effective, and can be used during sports activities as well. Such flexibility of the device and at reasonable prices are two important factors anticipated to promote the growth of this segment in the coming years.
Fortune Business Insights puts light on some of the players operating in the global hearing aid market. These include:
- Sivantos Pte. Ltd.
- Cochlear Ltd.
- Sonova
- Starkey
- MED-EL
- GN Store Nord A/S
- Widex A/S
- Others
Some major points from Table of Content:
- Global Hearing Aids Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Hearing Aids
- BTE (Behind the Ear)
- ITE (In the Ear)
- RIC (Receiver in the Canal)
- CIC (Completely in the Canal)
- Others (Invisible in the Cancel, etc.)
- Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
- North America Hearing Aids Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Product
- Hearing Aids
- Market Analysis, Insights and Forecast – By Patient Type
- Adult
- Pediatrics
- Market Analysis, Insights and Forecast – By Distribution Channel
- OTC (Over the Counter)
- Medical Channel/ Hospital Pharmacies
- Private Practice/ Retail Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
- Market Analysis, Insights and Forecast – By Patient Type
- BTE (Behind the Ear)
- ITE (In the Ear)
- RIC (Receiver in the Canal)
- CIC (Completely in the Canal)
- Others (Invisible in the Cancel, etc.)
- Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
- Europe Hearing Aids Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Product
- Hearing Aids
- Market Analysis – By Patient Type
- Adult
- Pediatrics
- Market Analysis – By Distribution Channel
- OTC (Over the Counter)
- Medical Channel/ Hospital Pharmacies
- Private Practice/ Retail Pharmacies
- Market Analysis – By Country
- U.S.
- Canada
- Market Analysis – By Patient Type
- BTE (Behind the Ear)
- ITE (In the Ear)
- RIC (Receiver in the Canal)
- CIC (Completely in the Canal)
- Others (Invisible in the Cancel, etc.)
- Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
- Market Analysis – By Patient Type
- Adult
- Pediatrics
- Market Analysis – By Distribution Channel
- OTC (Over the Counter)
- Medical Channel/ Hospital Pharmacies
- Private Practice/ Retail Pharmacies
- Market Analysis – By Country/ Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Market Analysis – By Patient Type
Continued…
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Related Links:
Medical Devices Market Size, Share | Global Industry Trendsand Industry Analysis
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