Hearing Aids Market Size to Surpass USD 21.09 billion by 2030, exhibiting a CAGR of 8.4%

As per the report by Fortune Business Insights, the global Hearing Aids Market size is projected to reach USD 21.09 billion by 2030, at a CAGR of 8.4% during the forecast period

Pune, India, Aug. 21, 2023 (GLOBE NEWSWIRE) — The Hearing Aids Market size was USD 11.29 billion in 2022 and is projected to grow from USD 11.98 billion in 2023 to USD 21.09 billion by 2030, exhibiting a CAGR of 8.4. Increasing hearing loss patients and global awareness initiatives for hearing aids will boost device adoption in the forecasted period.

Hearing aids are small electronic devices that help people suffering from mild to moderate hearing loss and impairment hear clearly. The growing incidence of hearing loss & impairment among people across the world, especially the senior population, is one of the major factors that will boost the hearing aids market growth.

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Key Industry Development:

February 2023 – GN Store Nord A/S expanded its ReSound OMNIA portfolio to cater to the rising demand from people suffering from hearing loss.

Key Takeaways

• The increasing prevalence of hearing loss is the major driver of the market growth.
• The rising demand for digital hearing aids is also expected to boost market growth.
• The technological advancements in hearing aids, such as the development of wireless hearing aids and artificial intelligence (AI)-powered hearing aids, are expected to create new opportunities for market growth.
• The high cost of hearing aids is a major challenge for the market growth.

Discover the Leading Players Featured in the Report:

“Companies leading the Global Hearing Aids Market are 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).”

Report Scope & Segmentation

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Drivers and Restraints:

Growing Cases of Hearing Loss to Boost Product Demand

The rising incidence of partial/complete hearing loss among the global population is one of the leading factors increasing the total patient population suffering from this disorder. The ever-expanding older population is another factor that has significantly contributed to the high prevalence of this condition as the risk of hearing loss is much higher among people belonging to this age group.

However, the high cost of hearing aids and treatments is expected to hinder the market growth.

Market Segments:

By Product

• Hearing Devices
• BTE (Behind the Ear)
• ITE (In the Ear)
• RIC (Receiver in the Canal)
• CIC (Completely in the Canal)
• Others
• Hearing Implants
• Cochlear Implants
• Bone Anchored Implants

By Patient Type

• Adult
• Pediatric

By Distribution Channel

• OTC
• Medical Channel
• Private Practices

By Region

• North America
• Europe
• Asia Pacific
• Rest of the World

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Rising Awareness among Population to Boost Sales of Hearing Devices

Based on the product, the market is divided into hearing devices and hearing implants. The hearing devices segment is further sub-segmented into BTE (behind the ear), ITE (in the ear), RIC (receiver in the canal), CIC (completely in the canal), and others.

The hearing devices segment held a dominant hearing aids market share in 2022. The growing awareness of these devices among the patient population and rising diagnosis rates are expected to boost their sales.

Hearing Aids Find Robust Demand among Adults Due to Growing Prevalence of Hearing Loss

Regarding patient type, the market is bifurcated into adult and pediatric. The adult segment is predicted to register a higher CAGR during the forecast period due to the rising prevalence of hearing loss among this section of the population and the growing diagnosis rate of this condition.

Growing Patient Visits Hospitals to Boost Product Demand across Medical Channels

In terms of distribution channels, the market is segmented into OTC, medical channels, and private practices. The medical channel segment dominated the market in 2022 and might depict a higher CAGR during the forecast timeline. The number of patients visiting speciality clinics and hospitals to avail of audiology and ENT services and consultations is increasing. This factor will contribute to the segment’s growth.

Geographically, the market covers North America, Europe, Asia Pacific, and the Rest of the World.

Report Coverage:

The report provides a detailed analysis of the market and highlights key aspects, such as competitive landscape, product, patient type, distribution channel, and region. The report also offers valuable insights into the market trends, market drivers, COVID-19 impact on the market, market dynamics, and other key areas. Besides the factors mentioned above, the report covers other factors that have contributed to the market’s growth in recent years.

Competitive Landscape:

Demant A/S, Sonova, WS Audiology, and Cochlear Ltd. to Lead the Market with Strong Product Portfolios

This market comprises a few major players that offer a wide range of products. These companies held a vast majority of the market share. The rising number of initiatives and focus of these firms on expanding their product portfolios is boosting their presence in the market.

Regional Insights:

North America to Dominate Due to Rising Incidence of Hearing Loss and Impairment

North America held the largest market share and generated a revenue of USD 4.29 billion in 2022. The region is projected to dominate the global market as the incidence of hearing loss and impairment is rising, thereby increasing the diagnosis and treatment rates. The growing diagnosis rate of this condition and awareness among the population is expected to fuel the sales of these devices.

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FAQs

How big is the Hearing Aids Market?

The Hearing Aids Market size was USD 11.98 billion in 2023. It is expected to reach USD 21.09 billion by 2030

How fast is the Hearing Aids Market growing?

The Hearing Aids Market will exhibit a CAGR of 8.4% during the forecast period 2023-2030.

Related Reports:

U.S. Hearing Aids Market Size, Share, Revenue Forecast and Opportunities

Europe Hearing Aids Market Overview, Industry Share and Forecast

Asia Pacific Hearing Aids Market Size, Share, Opportunities & Analysis

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