Hearing Aid Market by Product, End-user, and Geography - Forecast and Analysis 2023-2027

Hearing Aid Market Analysis Report: 2023-2027

The Global Hearing Aid Market size is estimated to grow by USD 3,652.5 million at a CAGR of 7.24% between 2022 and 2027. 

The global rise in number of patients with hearing loss is a major factor driving the market growth. The incidences and prevalence of hearing loss are increasing significantly across geographies around the world. For instance, according to the latest data stated by the Centers for Disease Control and Prevention (CDC), in June 2020, around 6,500 infants in the US were born with permanent hearing loss in 2017. The practice of exposing the eardrum to loud music is another factor causing hearing problems among the younger generation. Loud noise during drilling and dismantling operations can lead to hearing problems for construction workers. People working in high-decibel environments such as airports or ordnance factories are also expected to suffer from hearing loss due to overexposure to loud noise. These are some of the factors that increase the chances of hearing loss among people and that's why people require hearing aid therapies.

Technavio has segmented the market into  Product, End-user, and Geography.

•  The product segment is classified into hearing devices and hearing implants
• The end-user segment is classified into adults and pediatricians
• The geography segment includes key regions such as Europe, North America, Asia, and Rest of World (ROW)

It also includes an in-depth analysis of drivers, trends, and challenges. 

What will be the Size of the Hearing Aid Market During the Forecast Period?

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Hearing Aid Market Segmentation by Product, End-User, Geography

Product Analysis 

The hearing aids market share growth by the hearing devices segment will be significant during the forecast period. Hearing devices are of various types, such as receiver-in-the-ear (RITE), behind-the-ear (BTE), in-the-ear (ITE), and canal hearing aids. 

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The hearing devices segment was valued at USD 5,509.18 million in 2017 and continued to grow until 2021. During the forecast period, BTE hearing aids are likely to gain higher popularity in the market than other hearing devices, as they are ideal for most people with hearing problems. These reduce the problem of feedback due to the greater distance between the receiver and the microphone. BTE is also widely used for children, as it fits easily into their ears. It can also accommodate various earmold types, which need to be replaced as the child grows. This is expected to increase the demand for BTE hearing aids during the forecast period. One of the major problems with the use of hearing devices is the need for the replacement of earmolds or earbuds every 2-4 years to preserve the acoustic seal on the earmolds. In certain types of hearing devices, earmolds need regular re-tubbing to maintain optimum sound quality. This is likely to incur additional costs for end-users of hearing devices. Hence, such factors are expected to drive the growth of the hearing devices segment of the global market during the forecast period.

End-User Analysis

The adult patients segment is projected to show the highest growth due to the increasing prevalence of hearing loss in this population. Hearing loss is a significant issue among older adults, often caused by age-related factors or earwax blockage in the middle ear. It impairs communication and can lead to dementia and depression if left untreated. Hearing aids offer an effective solution, but only a small portion of adults over 50 use them. CIC and ITC hearing aids are commonly used and can improve mild to moderate hearing loss. Vendors like Oticon are focusing on super-powered hearing aids for adults. These advancements are expected to drive market growth.

Regional Analysis

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Europe is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period.

In terms of revenue, Europe is expected to witness significant growth in the global market during the forecast period. Market growth is driven by factors such as the rise in the aging population and the prevalence of hearing loss in the region. Age-related changes in the peripheral and central auditory systems lead to hearing impairment.

The risk of developing problems related to hearing loss is more prevalent among the geriatric population in countries across Europe. Therefore, the rise in the geriatric population in Europe will increase the demand for all kinds of hearing aids, including hearing implants and hearing devices, which will consequently fuel market growth. The rise in the prevalence of hearing loss across the region is also attributed to higher levels of noise pollution. These factors have led to an increase in the use of hearing aids among people with self-reported hearing loss in Europe. 

Furthermore, several new products are being launched in the market, which includes SONNET 2 and fitting software named MAESTRO 8 by MED-EL. The increase in the availability of such devices is expected to fuel the market's growth in Europe. Additionally, a rise in collaborations by vendors of hearing aids with various technology providers to produce advanced hearing aids has been witnessed in the region. For instance, in January 2020, an Australia-based company named Attune Hearing Pty Ltd was acquired by a Spanish firm named Amplifon SpA. Europe also witnesses the high adoption of binaural hearing aids due to the increasing prevalence of people suffering from hearing loss in both ears. The rise in the adoption of binaural hearing aids is expected to fuel market growth. Hence, these factors will boost the market growth in Europe during the forecast period.

Covid Recovery Analysis

The hearing aids market in the region witnessed slow growth in 2020 due to the outbreak of the COVID-19 pandemic. However, in 2021, due to the introduction of various COVID-19 vaccines and large-scale vaccination drives, manufacturers globally resumed the production of hearing aids with stringent social distancing norms. The increasing availability of a wide variety of hearing aids, the increasing acceptance of cochlear implants and bone-anchored hearing aids among consumers, and the growing focus of vendors on manufacturing technologically advanced hearing aids are the major factors that are expected to lead to the recovery and stabilization of the market in Europe during the forecast period.

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Key Hearing Aid Market Players 

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:

Rion.co.jp- The company offers hearing aid such as Maxience, Premience, Precia II, Precia IIV, Classe.

• Advin Health Care
• Amplifon SpA
• Arphi Electronics Pvt. Ltd.
• Audicus Inc.
• Audina Hearing Instruments Inc.
• Beltone
• Bernafon AG
• Cochlear Ltd.
• Demant AS
• GN Store Nord AS
• Lisound Hearing Aid Fuzhou Co. Ltd.
• MED EL Elektromedizinische Gerate GmbH
• Oticon Inc.
• RION Co. Ltd.
• SeboTek Hearing Systems LLC
• Sonova AG
• Starkey Laboratories Inc.
• Widex AS
• WS Audiology AS
• Zounds Hearing Inc.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Hearing Aid Market: Key Drivers, Trends, Challenges, and Customer Landscape

There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. 

Key Hearing Aid Market Drivers

The growth in the use of binaural hearing aids is notably driving the hearing aids market growth. Binaural hearing aids are mainly used by people who have bilateral hearing loss, which refers to hearing loss in both ears. The use of binaural hearing aids helps an individual with a hearing disability to hear naturally. These hearing aids offer better hearing from all directions and are more efficient than single hearing aids. It aids to facilitate a clear understanding of sounds, even in noisy environments. This device provides a wider hearing range, improved sound identification, and a better understanding of speech by selective listening. It keeps both ears active, resulting in less hearing loss deterioration, besides offering balanced hearing and comfort in cases of loud noise.

Primarily, the aging population suffers from Tinnitus, a symptom of an underlying condition such as age-related hearing loss, a disorder of the circulatory system, or an ear injury. Tinnitus is a perception of a ringing noise in the ear. The use of binaural hearing aids helps in reducing Tinnitus among people. Additionally, in certain cases, users of cochlear implants experience residual hearing in their non-implant ears. Binaural hearing aids can be used as an effective solution to this. Therefore, the rise in the application of binaural hearing aids is expected to fuel the growth of the global market during the forecast period.

Significant Hearing Aid Market Trends

The growth of the internet of things (IoT)-integrated devices with additional features are emerging trends in the hearing aids market. The global market is witnessing a growing demand for IoT-integrated devices. Advanced features such as biometrics analysis, smartphone connectivity, RFID sensors, and voice search options have emerged as top trending features across the healthcare industry. The growing popularity of smartphones has enabled users from all industries to opt for devices that can be easily connected to their smartphones. Smartphone connectivity provides users with better monitoring capabilities and enhanced connectivity. For instance, an IoT-integrated hearing aid device could easily establish a connection with a smartphone via Bluetooth, which transmits the sound directly to the earpiece. Such features eliminate the need for extra earphones.

Furthermore, a few additional features like noise reduction capability, data capture, and automatic adjustment are preferred by users. Companies are, therefore, focusing on developing devices with such features. For instance, in March 2019, Sonova and Semtech Corporation developed an advanced radio system that features an IC as the main component, enabling support for multiple radio protocols in the 2.4-GHz band. This new chip operates efficiently even at low power. Hence, such factors are expected to drive the growth of the global market during the forecast period.

Major Hearing Aid Market Challenges

The prevalence of substitutes for hearing aids is a major challenge impeding the hearing aids market growth. Hearing aids can be substituted by devices such as smart earbuds. These are wireless in-ear smart devices that provide additional features beyond the transmission of sound. Smart earbuds are equipped with integrated microphones and a power source and include smart ambient noise control. These devices are operated based on digital signal processing (DSP) and offer a variety of benefits over traditional hearing aids.

These earbuds are widely used by consumers for noise cancellation, workout monitoring, ensuring audio quality during phone calls, and other applications. They also use Bluetooth for synchronizing with tablets, PCs, smartphones, and smart home systems. By synchronizing smart earbuds with these devices, users can listen to the news, stream music, listen to messages, and other applications. Some vendors are also offering smart earbuds with gesture recognition. Therefore, the availability of such devices with advanced technologies might reduce the demand for hearing aids during the forecast period, thereby affecting the growth of the global market.

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Key Hearing Aid Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Hearing Aid Market Customer Landscape

Segment Overview

The hearing aid market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook (USD Million, 2017 - 2027)
  • Hearing devices
  • Hearing implants
• End-user Outlook (USD Million, 2017 - 2027)
  • Adults
  • Pediatricians
• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
    • Vietnam
    • Others
  • Rest of World
    • Saudi Arabia
    • South Africa
    • Brazil
    • Others

Hearing Aid Market Scope
Report Coverage	Details
Page number	155
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 7.24%
Market growth 2023-2027	USD 3,652.5 million
Market structure	Fragmented
YoY growth 2022-2023(%)	5.46
Regional analysis	Europe, North America, Asia, and Rest of World (ROW)
Performing market contribution	Europe at 35%
Key countries	US, Germany, France, UK, and Japan
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Advin Health Care, Amplifon SpA, Arphi Electronics Pvt. Ltd., Audicus Inc., Audina Hearing Instruments Inc., Beltone, Bernafon AG, Cochlear Ltd., Demant AS, GN Store Nord AS, Lisound Hearing Aid Fuzhou Co. Ltd., MED EL Elektromedizinische Gerate GmbH, Oticon Inc., RION Co. Ltd., SeboTek Hearing Systems LLC, Sonova AG, Starkey Laboratories Inc., Widex AS, WS Audiology AS, and Zounds Hearing Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Hearing Aid Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Hearing Aid Market between 2023 and 2027
• Precise estimation of the size of the hearing aid market size and its contribution of the market in focus to the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Vendor landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on vendor position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across Europe, North America, Asia, and Rest of World (ROW)
• Thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of hearing aid market vendors

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