Hearing Aids Market

Hearing Aids Market

Hearing Aids Market to Reach USD 15.6 Billion by 2032, driven by the growth in investment in healthcare infrastructure across the globe: Global Insight Services

New York, July 2023: According to a new research study by Global Insight Services (GIS), the global hearing aids market is expected to grow rapidly over the next 10 years to reach a value of more than USD 15.6 billion by 2032.

A hearing aid is an electronic device made to improve hearing in people who have hearing loss or damaged auditory nerves. Hearing device use is anticipated to increase with the rising prevalence of hearing loss. For instance, 1.1 billion young people (aged 12-35) are at risk of hearing loss as a result of exposure to noise in recreational contexts, according to 2020 WHO publications on deafness and hearing loss.

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Hearing Aids Market: Key Trends and Drivers

It is vital to monitor and analyze hearing functions due to the increased prevalence of hearing loss in the world. Untreated hearing loss in children has a detrimental influence on social interaction, learning, and language development. Similar to younger folks, older adults with hearing loss frequently struggle to follow daily conversations. Untreated hearing loss has been associated with a number of medical and mental problems in older adults, including depression and cognitive decline as well as a higher risk of trips and falls. Likewise, Major market participants have significant growth prospects in emerging economies like South Korea, Malaysia, Vietnam, South Korea, Africa, Israel, Saudi Arabia, and the United Arab Emirates. This is due to factors such as their lax regulatory requirements, improved healthcare facilities, expanding patient populations, and rising healthcare costs. Additionally, compared to industrialized nations, the regulatory regulations in the Asia-Pacific area are more flexible and business-friendly. This has led major companies in the hearing aids industry to concentrate on growing nations, along with the escalating competition in mature areas.

Hearing Aids Market: Restraints and Challenges

A significant factor limiting market growth is the high cost of hearing aids, including cochlear implants and bone-anchored systems, particularly in price-sensitive regions like the Asia Pacific, Latin America, and Africa. Healthcare providers generally lack the financial resources to invest in sophisticated technologies, particularly in developing nations like Brazil and Mexico. Additionally, the staff must receive comprehensive training in the proper handling and upkeep of bone-anchored devices and cochlear implants. Technology-advanced hearing aids must be developed through extensive R&D efforts. As a result, both the manufacturing cost and the final price for clients increase significantly. As a result, patients must pay a proportionally high price for the related surgical interventional treatments and diagnostic testing.

Hearing Aids Market Report Findings


The behind-the-ear segment accounted for the largest revenue share of the market during the forecast period

Based on product type, it is segmented into in-the-ear, receiver-in-the-ear, behind-the-ear, and canal. The behind-the-ear segment accounted for the largest revenue share of the market during the forecast period. BTE hearing aids are made up of a compact, curved housing that fits behind the ear with ease. By attaching them to external sound sources like infrared listening devices and auditory training apparatus, these goods can be modified. Different BTE versions support Bluetooth, which improves wireless connectivity and drives the market. Because they have a powerful amplifier and a large battery, these gadgets also have a stronger sound amplification. Additionally, behind-the-ear (BTE) devices can fit into a variety of ear molds, are simple to use and clean, and are more popular among younger people. Additionally, they don’t need to be replaced as the youngster gets older. With the development of new technologies, smaller, more comfortable devices like the Mini BTE are created. Various elements have contributed to the market expansion of these BTE products.

Digital devices segment dominated the market during the forecast period

Based on technology, it is segmented into analog, and digital. Digital devices segment dominated the market during the forecast period. With a slower growth rate than their digital counterparts, analog gadgets are close to being outdated. Despite this, producers still make analog hearing aids due to their low cost and a small number of consumers’ resistance to switching to digital ones. On the principle of amplifying continuous sound waves, analog devices operate. In these goods, all sounds, including speech and noise, are amplified uniformly. Due to the presence of an inbuilt microchip that enables the programming of various settings for various listening conditions, a few analog devices are programmable.

The retail segment dominated the market during the forecast period

Based on sales channel, it is segmented into retail sales, government purchases, and E-commerce. The retail segment dominated the market during the forecast period. One of the key drivers of a significant portion of retail sales is the availability of over-the-counter hearing aids. Over the projected period, e-commerce and government purchases of these gadgets are anticipated to expand at a profitable rate. A huge number of retail establishments, an increase in manufacturing companies entering the retail sales market, and a high sales margin are all factors that have contributed to the retail sales segment’s rise. These products retail sales are further divided into company-owned and independent retail outlets. Due to the market’s low barriers to entry for new retailers, strong profit margins, and extensive consumer interaction, independent retail stores predominated.

The Europe region dominated the market during the forecast period

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Europe dominated the market with a significant revenue share 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.

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Competitive Landscape

The key players studied in the market are Sonova Group, Demant A/S, GN Store Nord A/S, Cochlear Ltd., RION Co., Ltd., Starkey, Nurotron Biotechnology Co., Ltd., MED-EL, Audina Hearing Instruments, Inc., Elkon Pvt. Ltd., WS Audiology A/S, Eargo, Inc. and Horentek among others.

Recent Developments

  • September 2021, Audientes, a company offering lower cost hearing aids to low-income countries, entered into a partnership with Hearing Wellness Clinic, a chain of hearing centers in South India, to introduce its self-adjusting hearing aids to the Indian market.
  • August 2021, Phonak launched Audeo Life, the world’s first waterproof rechargeable hearing aid.
  • May 2021, Bose entered into the over-the-counter hearing aids category by selling sound-controlled hearing aids directly to patients who suffer from mild to moderate hearing loss.
  • February 2021, GN Hearing launched Re Sound Key, a hearing aid line-up that provides greater access to its proven and award-winning hearing technology across the globe.
  • October 2020, Starkey partnered with Or Cam Technologies to provide assistive technologies to hearing and visually impaired people. This partnership enhanced or Cam’s ability to apply the advanced computer vision and machine learning methods that they had developed to transmit the visual world through audio, in collaboration with Starkey’s Livio Edge AI hearing aids.
  • July 2020, Cochlear Ltd. Received US FDA approval for its Cochlear Nucleus Kanso 2 Sound Processor, Nucleus 7 Sound Processor for Nucleus 22 Implant recipients, and custom Sound Pro fitting software.

Hearing Aids Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current Hearing Aids Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
  • The report also covers qualitative as well as quantitative analysis of Hearing Aids Market in terms of revenue ($Million).
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Hearing Aids Industry.
  • A thorough analysis of market trends and restraints is provided.
  • By region as well as country market analysis is also presented in this report.
  • Analytical depiction of the Hearing Aids Market along with the current trends and future estimations to depict imminent investment pockets. The overall Hearing Aids industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
  • Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Hearing Aids Market are also analyzed.

Global Hearing Aids Market Segmentation

By Product Type

  • In-the-Ear
  • Receiver in-the-Ear
  • Behind-the-Ear
  • Canal

By Technology Type

  • Analog
  • Digital

By Sales Channel

  • Retail Sales
  • Government Purchases
  • E-commerce

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The U.K.
    • Germany
    • France
    • Spain
    • Italy
    • Netherlands
    • Sweden
    • Switzerland
    • Denmark
    • Finland
    • Russia
    • Rest of Europe
  • The Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore
    • Indonesia
    • Taiwan
    • Malaysia
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
    • The Middle East
    • Africa

Key Players