USD 7.5 billion
Hearing Aid Market Size, Share, Growth Analysis, By Product(Hearing Aid Devices (Receiver-in-the-ear Hearing Aids, Behind-the-ear Hearing Aids, Canal Hearing Aids, In-the-ear Hearing Aids), By Type of Hearing Loss(Sensorineural Hearing Loss, Conductive Hearing Loss), By Patient Type(Adults, Pediatrics), By Region - Industry Forecast 2025-2032
Report ID:
SQSG35A2005 |
Region:
Global |
Published Date: September, 2024
Pages:
165
|Tables:
92
|Figures:
76
Hearing Aid Market Insights
Hearing Aid Market size was valued at USD 8.72 Billion in 2023 and is poised to grow from USD 9.27 Billion in 2024 to USD 15.11 Billion by 2032, growing at a CAGR of 6.30% during the forecast period (2025-2032).
Growing incidence of hearing loss among the general population and rapidly expanding geriatric population are primarily driving the sales of hearing aid. Increasing awareness regarding hearing care and technological advancements in hearing aid technologies are also expected to play a crucial role in driving market growth in the future. Rising spending on hearing care and the launch of new efforts to improve awareness and accessibility for hearing aids around the world are also creating new opportunities for hearing aid providers. Rising inclusion of hearing aid in health insurance and improvement of reimbursement for hearing devices and aids will also bolster sales of hearing aid going forward. On the contrary, lack of acceptance due to social stigma, limited awareness in developing regions, and maintenance issues are expected to impede hearing aid demand outlook on a global level going forward.
US Hearing Aid Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Adults
Fastest Growth
Adults
Growth Rate
6.4% CAGR
Global Hearing Aid Market ($ Bn)
Country Share for North America Region (%)
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Hearing Aid Market Segmental Analysis
Global Hearing Aid Market is segmented by Product, Type of Hearing Loss, Patient Type, and region. Based on Product, the market is segmented into Hearing Aid Devices, and Hearing Implants. Based on Type of Hearing Loss, the market is segmented into Sensorineural Hearing Loss, and Conductive Hearing Loss. Based on Patient Type, the market is segmented into Adults and Paediatrics. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Hearing Aid Market Analysis by Product
Hearing aid devices are projected to lead the global hearing aid demand outlook and hold a dominant market share. Growing availability of a wide variety of hearing aid devices to choose from and their increasing affordability are helping this segment maintain its dominance. Advancements in hearing aid device technologies coupled with increased accessibility to the same are also expected to help boost market growth in the future.
On the other hand, the demand for hearing implants is estimated to witness a robust hike in the long run. Increasing awareness regarding benefits of hearing implants over hearing devices and use of minimally invasive procedures are expected to help this segment become more opportune in the future. Use of advanced biomaterials will also create new opportunities for hearing implant providers through 2031 and beyond.
Hearing Aid Market Analysis by Sales Channel
Retail sales of hearing aid are projected to bring in the most revenue for the market over the coming years. Presence of a strong retail infrastructure in most parts of the world and availability of attractive discounts on products in the same are helping this segment hold a prominent market share. Increasing availability of company-owned retail stores for the sales of hearing aids will also help this segment maintain its dominance in the future as well.
Meanwhile, the sales of hearing aid via e-pharmacies are projected to rise at an impressive pace across the forecast period and beyond. Rising preference of patients to shop online from e-pharmacies and growing number of e-pharmacies around the world are helping make this segment more opportune than others. Millennial and young demographics are more inclined to shop for hearing aids from e-pharmacies owing to their ease and preference for online purchases.
Global Hearing Aid Market By Product
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Hearing Aid Market Regional Insights
North America is projected to account for a dominant share of the global hearing aid market. Growing incidence of hearing loss among general population, rising aging population, and high awareness regarding benefits of hearing aid usage are factors that help this region maintain its prominent market share. Presence of key hearing aid providers in North America will also help it emerge as the leader in global market. Canada and the United States will bring in most revenue for hearing aid companies looking to make a mark in the North American region going forward.
Rapidly increasing geriatric population is projected to primarily bolster the demand for hearing aids in the Asia Pacific region going forward. Increasing investments in healthcare infrastructure development, rising availability of affordable hearing aids, and rising patient spending potential are expected to help boost sales of hearing aid in this region. Japan is estimated to be the most opportune market in this region owing to the presence of a massive geriatric patient pool. China, India, and South Korea are other attractive markets that hearing aid providers can target in this region.
Global Hearing Aid Market By Region
- Largest
- Fastest
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Hearing Aid Market Dynamics
Hearing Aid Market Driver
Increasing Senescent Population
- The aging population around the world is expanding rapidly owing to increasing life expectancy. Aging people are more prone to hearing loss and disorders, therefore increase in their population automatically translates to higher demand for hearing aid on a global scale.
Growing Awareness Regarding Hearing Loss
- People are becoming more aware of hearing loss disorders and diseases around the world. Public health campaigns and awareness initiatives are playing a crucial role in promoting sales of hearing aid as people become more aware. This increased awareness is also indirectly promoting accessibility to hearing aids thereby driving market development as well.
Restraints
Social Stigma and Hindered Acceptance
- There is still social stigma around the use of hearing aids around the world and this is prohibiting patients from opting for hearing aids. Creating awareness to overcome this social stigma will be essential for hearing aid companies to maximize their business but, till then this remains a key restraint for market growth.
Issues with Maintenance
- Maintaining a hearing aid can prove to be quite a tedious task as cleaning and battery replacement emerge as key issues. Frequent replacement of batteries incurs additional costs and improper cleaning reduces the efficacy of hearing aids. All of these maintenance issues reduce the usability of hearing aid and impede market development potential.
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Hearing Aid Market Competitive Landscape
Developing affordable and advanced hearing aids will pay off big time for all hearing aid providers in the future. Creating awareness regarding hearing loss and taking advantage of supportive government initiatives will also create new opportunities for hearing aid companies in the future. Targeting the senescent population will also offer good returns for hearing aid market players in the long run.
Hearing Aid Market Top Player’s Company Profiles
- Becton, Dickinson and Company (US)
- Baxter International Inc. (US)
- B. Braun Melsungen AG (Germany)
- ICU Medical, Inc. (US)
- Fresenius Kabi (Germany)
- Medtronic PLC (Ireland)
- Terumo Corporation (Japan)
- Nipro Corporation (Japan)
- Avanos Medical, Inc. (US)
- Insulet Corporation (US)
- Tandem Diabetes Care, Inc. (US)
- JMS Co., Ltd. (Japan)
- Roche Diagnostics (Switzerland)
- Moog, Inc. (US)
- Teleflex, Inc. (US)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
- Ypsomed Holding AG (Switzerland)
- Micrel Medical Devices SA (Greece)
- Zyno Medical LLC (US)
- InfuTronix (US)
- Epic Medical (Singapore)
- SOOIL Development Co., Ltd. (South Korea)
- Shenzhen Medrena Biotech Co., Ltd. (China)
- CODAN Medizinische Geräte GmbH & Co. KG (Germany)
- Eitan Medical (Israel)
Hearing Aid Market Recent Developments
- A collaborative effort of Sony Electronics Inc. And WS Audiology (WSA) led to the launch of a new hearing aid in August 2024. CRE-C20 was designed for use by people over the age of 18 and helped Sony expand its over the counter hearing aid product portfolio as well.
- Two new hearing aid platforms were launched by Sonova Holding AG in August 2024. One of the new hearing aid platforms called Sphere™ Infinio uses artificial intelligence to help distinguish and clear background noise from actual speech to help people with hearing loss understand better.
- ReSound Nexia™, a new range of hearing aid was launched by GN in February 2024. The new hearing aid portfolio takes advantage of Bluetooth® Low Energy (LE) Audio to provide better connectivity and audio for patients with hearing loss.
Hearing Aid Key Market Trends
- Development of Smart: Hearing aid manufacturers can focus on integration of smart and advanced technologies such as artificial intelligence and speech recognition to improve the capabilities of their offerings. Rising popularity of smart devices will also provide new opportunities for hearing aid companies in the long run.
- Development of Discreet Hearing Aids: Hearing aid companies should focus on developing discrete hearing aids that are not visible yet highly effective. Development of new In-the-ear (ITE) and completely-in-canal (CIC) hearing devices will offer good returns on investment as demand for discreet hearing aids increases globally.
Hearing Aid Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing geriatric population and rising awareness regarding hearing loss are projected to boost sales of hearing aids over the coming years. However, social stigma regarding hearing aid use and issues in maintenance are estimated to slow down the global hearing aid demand outlook. Rapidly increasing senescent population is projected to help Asia Pacific become the fastest expanding regional market for hearing aid companies. Development of smart and discreet hearing aids will pay off big time for all market players in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.20 billion |
| Market size value in 2031 | USD 14.21 billion |
| Growth Rate | 6.30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hearing Aid Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hearing Aid Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hearing Aid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hearing Aid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hearing Aid Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hearing Aid Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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