Hearing Aids Market Size, Share & Trends Report

Hearing Aids Market Size, Share & Trends Analysis Report By Product Type (BTE, Canal Hearing Aids), By Technology (Digital, Analog), By Sales Channel, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: 978-1-68038-166-5
  • Number of Pages: 130
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the hearing aids market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for hearing aids market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of hearing aids market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Hearing Aids Market Categorization:

The hearing aids market was categorized into four segments, namely product type (In-the-Ear Hearing Aids, Receiver-in-the-Ear Hearing Aids, Behind-the-Ear Hearing Aids, Canal Hearing Aids), technotogy (Digital, Analog), sales channel (Retail Sales, E-Pharmacy), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The hearing aids market was segmented into product type, technotogy, sales channel, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The hearing aids market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Germany; UK; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; South Korea; Australia; Thailand; Brazil; Mexico; Argentina; Saudi Arabia; UAE; Kuwait; South Africa

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Hearing aids Market market companies & financials:

The hearing aids market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • PHONAK A brand of Sonova Group, Phonak deals in designing and production of solutions related to hearing aids. The company has an experience of more than 70 years and has a dedicated team of research and development of key technologies which entails rechargeable technology, B-Direct, and AutoSense OS. The company, through a network of distributors and subsidiaries, has a presence in 100 countries across the globe.

  • GN STORE NORD A/S A producer, designer, and distributor of innovative hearing aids, GN STORE NORD A/S is a U.S.-based corporation. In addition to the U.S., the manufacturing site of the company is located in China, Malaysia, and Denmark. Furthermore, the hearing aids of the company are sold in 100 countries out of which the company distributes products in 30 nations, and in another 70 nations, the products are distributed via the company’s partners. Due to its robust and innovative product ranges, the company has a stronghold within the hearing aid market

  • STARKEY is involved in the manufacturing, designing, and distribution of a wide range of hearing aids. The product portfolio of the company includes invisible, invisible, & digital hearing aids; aids compatible with iPhone; behind-the-ear; receiver-in-canal; in-the-canal; and completely-in-canal hearing aids and wireless. The primary customers of the company include ENT doctors, hearing aid specialists, and audiologists. The company supplies its products to about 100 different markets through its 21 manufacturing facilities across the globe.

  • MED-EL The development and production of hearing implant solutions and other medical devices are the focus of MED-EL. The company has a manufacturing unit, that makes SONNET, RONDO, and Amadé BB audio processors, used in other hearing devices. Furthermore, the company has a dedicated center for research and development. MED-EL has an extensive range of products for patients suffering from hearing loss, meeting the unique necessity of each consumer. There are 30 regional offices of the company across 115 countries.

  • DEMANT A/S A multinational hearing healthcare corporation DEMANT A/S has its distributor spread across 130 nations. In addition, the company is present in more than 130 countries. The corporation is indulged in developing, producing, designing as well as promoting the equipment and products that aid people with hearing loss. There are four segments through which William Demant Group operates- hearing instruments, diagnostic instruments, hearing implants, and personal communications. Hearing aids and other hearing devices are major reasons for the company’s maximum revenue generation.

  • Medtronic, a firm specializing in medical technology, provides hospitals and healthcare providers with a range of medical devices and services. In 2015, the company expanded its reach by acquiring Sophono, Inc., a Colorado-based firm known for manufacturing and developing magnetic hearing implants. This acquisition aimed to diversify Medtronic's product offerings in the Ear, Nose, and Throat (ENT) sector. It allowed the company to concentrate on pioneering technologies and unique therapies in the ENT field. Additionally, Sophono, Inc.'s minimally invasive low-profile hearing implants were added to Medtronic's otologic portfolio. Medtronic's surgical technology division creates surgical application products that include ENT, spinal surgery, neurosurgery, orthopedics, and surgical oncology. Medtronic has a global presence, with operations in over 155 nations.

  • WS Audiology came into existence following the 2019 merger of Widex USA, INC. and Sivantos. The company is dedicated to creating and producing solutions for those with hearing impairments. The primary source of the company's revenue comes from hearing aids, which encompass a variety of brands such as SIGNIA, WIDEX, AUDIBENE, BLOOM, COSLEGI, REXTON, SHOEBOX, TRUHEARING, and A&M. With a presence in over 125 markets and a global workforce of more than 11,000 employees, WS Audiology is a significant player in its field.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Hearing Aids Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Hearing Aids Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

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