Hearing Aids Market Size, Share & Trends Analysis Report By Product Type (BTE, Canal Hearing Aids), By Technology (Digital, Analog), By Sales Channel (E-commerce, Retail Sales), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global hearing aids market size was estimated at USD 5.9 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.74% from 2023 to 2030. The market growth can be attributed to 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. It is a technologically driven industry that has seen the emergence of novel products including invisible, smart-linked, AI- and Bluetooth-enabled hearing aids, that are compatible with both Android and 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 years and over suffer from hearing loss as per the National Institute on Deafness and Other Communicable Disorders. In October 2021, FDA announced a proposal to establish a new category of low-cost Over-The-Counter (OTC) hearing aids. This opened 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.

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 developing 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. Most hospitals were running out of beds.

In addition, a number of elective procedures were being canceled or postponed to reallocate resources. According to the Hearing Industries Association (HIA), hearing aid sales in the U.S. declined by 18% in 2020. This was due to a decrease in the number of audiology consultations. As a result, product sales from major manufacturers 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.

Product Type Insights

The Behind-The-Ear (BTE) hearing aids segment accounted for the largest revenue share of over 40.4% in 2022. 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, BTE devices are easy to handle and clean and are preferred by the younger population. 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 grow at the fastest CAGR 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. In addition, these devices are technologically advanced and significantly cancel external voices and reduce tinnitus. The above-mentioned factors are responsible for segment growth in the coming years.

Technology Insights

The digital segment dominated the market with a revenue share of over 92.9% in 2022 and is anticipated to grow at the fastest CAGR over the forecast period. Increased preference and technological advancements in digital devices compared to analog devices fuel the segment's growth. These devices offer enhanced flexibility in programming for matching the transmitted sound to the needs of a specific pattern of hearing loss.The analog segment is expected to have moderate market growth.

These devices work by increasing the intensity of continuous sound waves. All sounds, including speech & noise, are uniformly amplified by them. These devices are widely available and high in demand due to low cost and a small number of resistant customers. Analog hearing aids are on the verge of getting obsolete owing to the proliferation of their digital counterparts, which offer enhanced features. However, manufacturers continue to produce analog hearing aids owing to the low cost and reluctance of a handful of users to switch to digital ones.

Sales Channel Insights

The retail sales segment held the maximum revenue share of over 73.4% in 2022 and is also estimated 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 and independent retail stores. Independent retail stores dominated the market owing to the low entry barriers for new retail outlets, high-profit margins, 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 websites also allowthe wearers in making product and price comparisons, thus helping in making a purchase decision. These e-commerce sales channels also help increase the affordability and availability of hearing aids in the global market by providing premium payment plans. 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 with a revenue share of over 39.1% in 2022. 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.

By 2050, 236 million individuals in Europe will suffer from hearing impairment in some form. Due to an increase in the aging population in Europe, hearing impairment is expected to rise, which, in turn, is expected to drive the regional market. 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 market growth. Asia Pacific is anticipated to grow at the fastest CAGR from 2023 to 2030 due to the high incidence rate of hearing loss and the increased adoption of hearing aids.North America held the second-largest revenue share in 2022.

Key Companies & Market Share Insights

The market is consolidated. Key players undertake strategies, such as M&As and new product launches, to gain higher market share. For instance, in March 2022, Sonova acquired the consumer division of Sennheiser Electronic GmbH & Co. KG. This enhanced Sonova's product portfolio while also expanding its geographical footprints. In March 2023, JIUYEE announced the launch of JIUYEE Real Pro. This launch enabled the firm to expand its product offering. Some of the key players in the global hearing aids market include:

• Sonova

• GN Store Nord A/S

• Starkey Laboratories, Inc.

• WS Audiology

• Audina Hearing Instruments, Inc.

• Eargo, Inc.

• Horentek Hearing Diagnostics

• Jabra

• MDHearing

• Audicus

• SeboTek Hearing Systems, LLC

Hearing Aids Market Report Scope

Global Hearing Aids Market Report Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global hearing aids market report based on product type, technology, sales channel, and region:

• Product Type Outlook (Revenue, USD Million, 2018 - 2030)

  • In-the-Ear Hearing Aids

  • Receiver-in-the-Ear Hearing Aids

  • Behind-the-Ear Hearing Aids

  • Canal Hearing Aids

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Digital

  • Analog

• Sales Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Retail Sales

    • Company Owned

    • Independent Retail

  • Government Purchases

  • E-commerce

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait