Hearing Aids Market Size, Share, And Trend Analysis Report By Product Type, By Technology Type, By Type of Hearing Loss, By Patient Type, By Sales Channel, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global hearing aids market size was valued at USD 10.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. The market growth can be attributed to key factors such as the increasing adoption of hearing aids devices, growing awareness regarding technologically advanced devices for the treatment of deafness and hearing impairment, and the increasing prevalence of hearing loss due to the growing geriatric population. The market is a highly technological driven market that has seen the emergence of novel products including smart linked hearing aids, invisible hearing aids, and AI- and Bluetooth-enabled hearing aids that can be connected to Android or iOS. 

For example, in August 2021, Phonak introduced the world's first waterproof rechargeable, Audéo Life hearing aid. Hence, hearing aid companies are improving patients' experiences with new features and technology, which is expected to fuel market growth in the coming years. Moreover, in the U.S., approximately 15% of patients aged between 18 and over suffer from hearing loss. For instance, the FDA announced a proposal in October 2021 that it wants to establish a new category of low-cost over-the-counter hearing aids. This opens up a new revenue stream for businesses looking to acquire a foothold in the OTC hearing aid market.Such substantial government and regulatory support are projected to have a long-term positive impact on the hearing aids sector in the U.S.

Moreover, hearing service offices and general healthcare service associations of local governments in both developed and developing economies are emphasizing early screening of deafness and the provision of hearing aids to people. As the healthcare sector in emerging economies is moving towards privatization, healthcare infrastructure in these countries is undergoing rapid development. Education and increased awareness regarding health among people are also playing an important role in increasing the demand for these devices and their diagnostic services.

The COVID-19 outbreak has had a significant impact on the healthcare industry. Among COVID-19 positive patients, most hospitals are running out of beds. In addition, a number of elective procedures are being canceled or postponed in order to reallocate resources. According to the Hearing Industries Association (HIA), hearing aid sales in the U.S. has declined by 29.7% in the first half of 2020. Due to the postponement of procedures like the cochlear implantation technique, which is one of the most significant treatments to address hearing impairments, the pandemic had a detrimental influence on the total sales of hearing aid support goods. As a result, sales of hearing aids from major manufacturers have decreased.Despite all of these obstacles, the hearing aids business and other medical industries are progressively regaining ground as the COVID-19 situation throughout the world normalizes.

Furthermore, countries all over the world are now focused on reducing deafness and this, in turn, has led to the introduction of various initiatives that aim to promote awareness and provide free care to patients. Subsidies, grants, and funding are offered by governments all across the world to prevent and manage hearing disorders. For instance, the New South Wales (NSW) Statewide Infant Screening-Hearing (SWISH) program in Australia aims at identifying babies born with permanent bilateral deafness in NSW. Such initiatives are expected to further boost the demand for these devices globally.

Furthermore, in February 2022, Paradise technology from Phonak is included in the Virto range of customized hearing aids. The Virto P Black is an integrated in-the-ear hearing device that looks similar to a modern earbud and the ultra-discreet Virto P-Titanium customized titanium hearing aid is also included in this package.Virto Paradise hearing aids, which are enabled by the PRISM sound processing processor, provide unrivaled sound quality and are specifically designed for each person's ears, providing a fully unique hearing experience.

Product Type Insights

The behind-the-ear (BTE) hearing aids segment accounted for the largest revenue share of over 40.0% in 2021. BTE hearing aids consist of a small curved case that comfortably fits behind the ear. Modification of these products is possible by connecting them to external sound sources, such as infrared listening systems and auditory training equipment. Various BTE models are Bluetooth compatible and they enable better wireless connectivity, thus driving the market.

These devices also provide a higher sound amplification owing to a strong amplifier and a large battery. Furthermore, behind-the-ear (BTE) devices are easy to handle and clean and are more preferred by the younger population as they can fit into various ear molds. Moreover, they don’t need device replacement as the child grows. With technological advances, new products such as the Mini BTE are developed, which are smaller in size and provide more comfort. These factors are responsible for the growth of these BTE products in the market.

The canal hearing aids segment is anticipated to emerge as the fastest-growing segment in terms of revenue over the forecast period. Canal devices are discreet devices, which is one of the critical success factors for their rapid growth. Wearing hearing aids comes with a stigma, therefore, young adults prefer canal devices over other devices. Additionally, these devices are technologically advanced and significantly cancel external voices and reduce tinnitus. The above-mentioned factors are responsible for the growth of canal devices in the coming years.    

Technology Type Insights

Digital devices dominated the market with a revenue share of over 90.0% in 2021 and are anticipated to expand at the fastest CAGR over the forecast period. The analog devices are on the verge of getting obsolete with a slower growth rate as compared to their digital counterparts. Despite this, manufacturers continue to produce analog hearing aids owing to the low cost and reluctance of a handful of users to switch to digital ones. Analog devices work on the principle of increasing the intensity of continuous sound waves. A uniform amplification of all sounds such as speech and noise takes place in these products. A few analog devices are programmable owing to the presence of an embedded microchip that allows the programming of different settings for different listening environments.

A digital device converts acoustic sound waves into digital form and facilitates the exact duplication of sound. The digital signal is then reconverted to a processed analog acoustic signal tailored as per the listener’s requirement. Computer chips in digital hearing aids help analyze speech and other surrounding noises. In addition, these products provide multiple program memories. These added features of these auditory aids are expected to drive their demand over the forecast period.

Sales Channel Insights

The retail sales segment dominated the market with a revenue share of over 70.0% in 2021 and is also expected to grow at the fastest rate over the forecast period. The implementation of OTC hearing aids acts as one of the pivotal factors for a large share of retail sales. E-commerce and government purchases of these devices are expected to grow at a lucrative rate over the forecast period. The growth of the retail sales segment can be attributed to a large number of retail stores, a rising number of manufacturing companies entering retail sales, and a high sales margin. Retail sales of these products are further segmented into company-owned retail sales and independent retail stores. Independent retail stores dominated the market owing to the low entry barriers for new retail outlets, high-profit margin, and high level of interaction with customers. Key players operating in independent retail sales include Walmart, Costco, and CVS.

E-commerce sales are considered a lucrative sales channel for hearing aids. The Internet plays a significant role in making a purchase decision and acquiring information about hearing aids, especially for young adults and millennials. These players help the wearer to get screened for auditory loss and acquire more information on technology. Their website also helps the wearer to make product and price comparisons, thus helping in making a purchase decision. These e-commerce sales channels also help to increase the affordability and availability of hearing aids in the global market, by providing premium payment plans to wearers. They help increase the sales volume by avoiding retail and wholesale markup costs and providing the lowest possible cost to their customers.

Regional Insights

Europe dominated the market in 2021 with a revenue share of over 35.0% and is expected to grow at a lucrative rate over the forecast period. This is attributed to an increase in the prevalence of deafness and rising awareness regarding technological advancements. North America held the second-largest revenue share in 2021. An increase in the prevalence of auditory loss and a rise in awareness regarding technological advancements are the major factors driving the demand for these devices in Europe. In addition, the growth of the audiology devices market in this region depends on the reimbursement policies of each European nation.

According to the WHO's 2021 report about Hearing, 196 million people in the WHO area of Europe had some hearing impairment, with 57.3 million (6.2%) having a severe or higher degree of hearing impairment. Until 2050, 236 million individuals in Europe will suffer from hearing impairment in some form. Due to the increase in the aging population in Europe, hearing impairment is expected to rise, which, in turn, is expected to drive the market in Europe. For example, the German government has implemented a number of initiatives to enhance hearing care in the country, such as the State Care Benefits Act pertaining to hearing care devices, which is expected to boost the market growth.

North America is projected to witness rapid growth over the forecast period. Due to the high incidence rate of hearing loss in the U.S. and the increased adoption of hearing aids, the U.S. is likely to gain a significant share in the North American market during the forecast period.As per the National Institute on Deafness and Other Communication Disorders' March 2021 update, around 2 to 3 children out of 1,000 children in the U.S. are born with a discernible level of hearing impairment in one or even both ears, and roughly 15% of American adults that is 37.5 million individuals and aged between 18 and up report some hearing problems.Furthermore, according to a source, 1 out of every 8 persons in the U.S. (13%) has a hearing impairment in both ears, and there are approximately 28.8 million adults in the U.S. who can benefit from hearing aids. As a result of the high incidence of hearing impairment in the region, demand for hearing aids would rise, thereby propelling the market growth in the forecast period.

Key Companies & Market Share Insights

The market is dominated by leading six companies: Phonak; Benson Hearing; GN Store Nord A/S; Starkey; MED-EL; William Demant Holding A/S; Medtronic; Widex USA, Inc.; Sivantos Pte LTD.; Audina Hearing Instruments Inc.; Eargo Inc.; Elkon Pvt Ltd.; Horentek; SeboTek Hearing Systems LLC.; Sonova Holding AG, accounting for over 90% share in the market. For instance, in March 2022, Sonova Holding AG completed the acquisition of Sennheiser electronic GmbH & Co. KG's Consumer Division. This will enhance Sonova's engaging product portfolio while also expanding its network footprint and client base. In February 2021, GN Store Nord A/S launched a new ReSound Key, a comprehensive hearing aid portfolio that provides more access to better hearing technologies throughout the world. This launch will enable the firm to expand its product offering and serve a larger consumer base.

Furthermore, manufacturing outsourcing has emerged as a key trend among market participants to further gain or sustain their position in the market. China and South Korea are among the key destinations where most of the manufacturing outsourcing is happening due to superior manufacturing expertise, low manufacturing cost, and a strong presence of trained professionals. Some prominent players in the global hearing aids market include:

• Phonak

• Benson Hearing

• GN Store Nord A/S

• Starkey

• MED-EL

• William Demant Holding A/S

• Medtronic

• Widex USA, Inc.

• Sivantos Pte LTD

Hearing Aids Market Report Scope

Global Hearing Aids Market Segmentation

This report forecasts revenue and volume growth at the global, country, and regional levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global hearing aids market report based on product type, technology type, type of hearing loss, patient type, sales channel, region :

• Product Type Outlook (Revenue, USD Million, 2017 - 2030)

  • In-the-Ear Hearing Aids

  • Receiver in-the-Ear Hearing Aids

  • Behind-the-Ear Hearing Aids

  • Canal Hearing Aids

• Technology Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Analog

  • Digital

• By Type of Hearing Loss Outlook (Revenue, USD Million, 2017 - 2030)

  • Sensorineural Hearing Loss

  • Conductive Hearing Loss

• Patient Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Adults

  • Pediatrics

• Sales Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Retail Sales

  • Government Purchases

  • E-commerce

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • Spain

    • France

    • Italy

    • Russia

  • Asia Pacific

    • China 

    • Japan

    • India

    • South Korea

    • Singapore

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE