Enjoy complimentary customisation on priority with our Enterprise License!
The Hearing Aid Market size is estimated to grow by USD 3.65 billion at a CAGR of 7.24% between 2022 and 2027. The global increase in the number of patients suffering from hearing loss, the rising utilization of binaural hearing aids, and the increasing emphasis on compliance with industrial standards are driving factors for market growth. These trends reflect a growing awareness and acceptance of this technology, especially in addressing the challenges of hearing loss. The adoption of binaural hearing aids, which simulate natural hearing by processing sound from both ears, has been on the rise, contributing to improved auditory experiences for users. Additionally, the focus on meeting industrial standards underscores the importance of quality and performance in these devices, further propelling market expansion to meet these evolving needs and standards.
Study Period |
2023-2027 |
Base Year For Estimation |
2022 |
CAGR |
7.24% |
Forecast period |
2023-2027 |
Fastest Growing Region |
Europe at 35% |
Largest Segment |
Product |
The rise in number of patients with hearing loss is a major factor driving the market growth. These are some of the factors that increase the chances of hearing loss among people and that's why people require therapies.
The market share growth by the hearing devices segment will be significant during the forecast period. The market caters to individuals with auditory impairments, particularly the geriatric population. Novel products, such as invisible aids, smart linked aids, and AI-enabled aids, are gaining popularity. Bluetooth enabled aids and those with direct streaming capabilities offer enhanced user experiences.
The hearing devices segment was valued at USD 5.51 billion in 2017. Manufacturers like EssilorLuxottica, Nuance Hearing, Oticon More, and Distributed Ventures are driving technological advancements. Regulatory scrutiny and regional expansion are key trends in this industry. The healthcare sector, including clinics, audiology shops, and e-pharmacy sales, is a significant sales channel. Invisible aids, such as canal hearing aids (ITC), and behind-the-ear hearing aids are popular product types. The COVID-19 outbreak has accelerated the adoption of digital hearing aids and remote programming. The healthcare industry's privatization and infrastructure development, coupled with education and awareness, fuel market growth in developing economies. Hence, such factors are expected to drive the growth of the hearing devices segment of the global market during the forecast period.
The adult patients segment is projected to show the highest growth due to the increasing prevalence of hearing loss in this population. The Australian government, through initiatives like Hearing Choices, encourages the use of hearing aids to address the rising issue of hearing loss among adults. This segment is projected to experience significant growth due to the increasing prevalence of hearing loss disorders, including noise-induced and sensorineural hearing loss. Hearing aids offer a viable solution for impaired communication, mitigating potential consequences such as dementia and depression. Brands like Lucid Hearing prioritize user experience, quality of hearing, and sound processing in their products. Wireless options and surgical interventional procedures, such as cochlear implants, are also available. However, factors like surgical procedure costs, lack of reimbursements, and diagnostic tests can influence buying behavior. The geriatric patient pool, with its high prevalence of hearing loss, represents a significant market opportunity. Manufacturing costs and healthcare expenditure are other considerations in the market. Medical tourism may offer cost savings for some patients seeking hearing implants. These advancements are expected to drive market growth.
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.
The European market is projected to experience substantial growth due to the increasing geriatric population and the prevalence of hearing loss in the region. Factors contributing to this trend include age-related changes in the auditory system and the higher risk of hearing impairment among older adults. In Australia, initiatives like Hearing Choices and companies such as Lucid Hearing aim to improve buying behavior by offering better user experiences and quality of hearing through advanced sound processing and wireless options. However, factors such as surgical procedure costs, lack of reimbursements, and diagnostic tests pose challenges to market growth. Additionally, medical tourism and healthcare expenditure play a role in the market dynamics. Hearing loss disorders, including sensorineural and noise-induced hearing loss, drive demand for hearing implants and cochlear implants among adult patients. The high geriatric patient pool in countries like Italy, Germany, the UK, and France, which collectively accounted for 24%, 22%, 19%, and 21% of their total populations in 2021, further underscores the market potential. Manufacturing costs and surgical interventional procedures are also key considerations in the market landscape. Hence, these factors will boost the market growth in Europe during the forecast period.
Companies 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 companies, including:
RION Co.Ltd.- The company offers hearing aid such as Maxience, Premience, Precia II, Precia IIV, Classe.
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In the healthcare sector, the Geriatric population with auditory impairment in developing economies is a significant concern. Novel products, such as Invisible aids, Smart linked aids, and AI-enabled aids, are transforming the market. Companies like ReSound ONE, with Bluetooth enabled aids, offer Direct streaming capabilities, Sound processing algorithms, and Smartphone compatibility. These advancements enhance Patients' experiences, making them more accessible and user-friendly. EssilorLuxottica and Nuance Hearing are leading manufacturers in this industry, focusing on Regulatory scrutiny and Regional expansion. Sales channels include Clinics, Audiology shops, and manufacturers' websites. Privatization and improving Healthcare infrastructure in developing economies create growth opportunities. Education and awareness are crucial to encourage the adoption of these technological advancements. Regulatory bodies play a vital role in ensuring the safety and effectiveness of these AI-enabled and Bluetooth-enabled aids. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The global rise in several patients with hearing loss is notably driving the market growth. The market is experiencing significant growth due to the rising prevalence of auditory impairments, particularly among the geriatric population. Novel products, such as invisible aids, smart linked aids, and AI-enabled aids, are gaining popularity among patients. The healthcare sector, including clinics and audiology shops, is a major sales channels. Developing economies are also witnessing an increase in demand due to privatization, healthcare infrastructure improvements, and education and awareness initiatives.
Technological advancements, such as direct streaming capabilities, sound processing algorithms, and Bluetooth enabled aids, are enhancing the user experience. Key players in the market include EssilorLuxottica, Nuance Hearing, and various venture capital firms like Distributed Ventures and Elements Health Ventures. Regulatory scrutiny and regional expansion are also key trends in the market. The COVID-19 outbreak has led to an increase in e-pharmacy sales and remote programming capabilities. Therefore, the rise in the application of binaural hearing aids is expected to fuel the growth of the global market during the forecast period.
The increase in the development of new products are emerging trend in the market. The market is experiencing significant growth due to the continuous introduction of novel products designed to address auditory impairments, particularly among the geriatric population. Manufacturers, including GN Store Nord AS, are investing heavily in Research and Development (R&D) to launch advanced products, such as ReSound ONETM, which offer features like AI-enabled functionality, Bluetooth connectivity, and smartphone compatibility. These upgrades are driving competition and revenue inflow in the market. Patients' experiences and the healthcare sector's focus on improving hearing aid technology are key factors fueling market growth.
Developing economies, privatization, and healthcare infrastructure improvements are also contributing to the expansion of the market. Technological advancements, such as direct streaming capabilities, sound processing algorithms, and remote programming, are enhancing the user experience. Key players in the market include EssilorLuxottica, Nuance Hearing, and various venture capital firms like Distributed Ventures and Elements Health Ventures. Regulatory scrutiny and regional expansion are also influencing sales channels, with retail stores, clinics, audiology shops, and e-pharmacy sales all playing a role. Product types, such as behind-the-ear hearing aids and canal hearing aids, are evolving with digital and analog options, like Oticon More. The COVID-19 outbreak has accelerated the adoption of technology-driven hearing aids, further boosting market growth. Hence, such factors are expected to drive the growth of the global market during the forecast period.
The battery concerns for hearing aids is a major challenge impeding the market growth. The market caters to individuals with auditory impairment, particularly the geriatric population. Novel products, such as invisible aids, smart linked aids, and AI-enabled aids, have gained popularity. These advanced devices, including Bluetooth-enabled aids, offer patients enhanced experiences. However, challenges persist, such as battery life, which is influenced by factors like mAh rating, signal intensity, gain control, sound input, and discharge voltage level.
The healthcare sector, including clinics and audiology shops, plays a crucial role in the market. Developing economies and privatization have led to increased demand and regulatory scrutiny. Technological advancements, such as direct streaming capabilities, sound processing algorithms, and smartphone compatibility, have transformed the industry. Key players, like EssilorLuxottica, Nuance Hearing, Distributed Ventures, and Elements Health Ventures, are expanding their sales channels, including retail stores, e-pharmacy sales, and regional expansion.Brands like Oticon More are pushing the boundaries with innovative technology. The COVID-19 outbreak has accelerated the adoption of remote programming and telehealth services. Despite these advancements, addressing battery life concerns and ensuring affordability remain critical challenges. Therefore, these factors are affecting the growth of the global market.
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 Market Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2022 for the following segments
The market is a significant segment in the healthcare industry, catering to individuals with hearing impairments. Novel procedures, such as Cochlear Implants and Auditory Processing Therapy, are revolutionizing the industry. Geatic Care, a prominent player, offers a range of hearing aids, including Manufacter's own brand and Patient-tailored solutions. Smart hearing aids, like those produced by TechnoLogy, are gaining popularity due to their connectivity features and compatibility with modern devices. Novel technologies, like Artificial Intelligence and Machine Learning, are being integrated into hearing aids to improve sound quality and user experience. Regulatory bodies, like the FDA, ensure the safety and efficacy of these devices. Procedures, like Directional Microphone Technology and Tinnitus Management, are essential features in modern hearing aids.
Furthermore, the market is expected to grow due to an aging population, increasing awareness, and advancements in technology. Companies, like AudioDevices, are investing in R&D to develop more advanced hearing aids. The market is competitive, with players like SoundSystems and HearingAids Inc. offering a wide range of products at various price points. In summary, the market is a dynamic and evolving industry, driven by technological advancements, regulatory requirements, and consumer demand. Companies are investing in R&D to develop more advanced and affordable solutions for individuals with hearing impairments.
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 3.65 billion |
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 companies, Market Positioning of companies, 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 Forecasting, 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 the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.