Redding, California - May 30, 2024
Hearing Aids Market to be Worth $13.04 Billion by 2031
Hearing Aids Market Size, Share, Forecast, & Trends Analysis by Product (Behind Ear, In Ear, In Canal), Technology (Digital, Analog), Age Group (Adults, Children), Type (Prescription, OTC), Hearing Loss Category, Sales Channel - Global Forecast to 2031
Meticulous Research®—a leading market research company, published a research report titled, ‘Hearing Aids Market Size, Share, Forecast, & Trends Analysis by Product (Behind Ear, In Ear, In Canal), Technology (Digital, Analog), Age Group (Adults, Children), Type (Prescription, OTC), Hearing Loss Category, Sales Channel - Global Forecast to 2031.’
According to this latest publication from Meticulous Research®, the hearing aids market is projected to reach $13.04 billion by 2031, at a CAGR of 5.7% from 2024 to 2031. The growth of this market is driven by factors such as the rising prevalence of hearing loss, the increasing popularity of self-fitting hearing aids across all age groups, the rising accessibility and affordability of hearing aids, and the growing demand for discreet and compact hearing devices. Additionally, advancements in hearing aid technology and the integration of AI with hearing aids are expected to create market growth opportunities.
Key Players
The key players profiled in the hearing aids market report are Koninklijke Philips N.V. (Netherlands), Amplifon SpA (Italy), Oticon, Inc. (U.S.), Starkey Laboratories, Inc. (U.S.), WS Audiology A/S (Denmark), Bernafon AG (Germany), Sonic Innovations, Inc. (U.S.), Audina Hearing Instruments, Inc. (U.S.), Demant A/S (Denmark), Sonova AG (Switzerland), and RION Co., Ltd. (Japan), Cochlear Ltd. (Australia), and GN Store Nord A/S (Denmark).
The hearing aids market is segmented by Product (Hearing Aid Devices [Behind-the-Ear (BTE) Devices, In-the-Ear (ITE) Devices, Receiver-in-the-Ear (RITE) Devices, In-the-Canal (ITC) Devices, CROS/BiCROS Aids], Accessories), Technology (Digital Hearing Aids, Analog Hearing Aids), Hearing Loss Category (Conductive Hearing Loss, Sensorineural Hearing Loss, Mixed Hearing Loss), Age Group (Adults, Children), Type (Prescription Hearing Aids, Over-the-Counter (OTC) Hearing Aids), Sales Channel (ENT Clinics, Retail Channels, Online Channels), and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Among the products covered in this report, in 2024, the hearing aid devices segment is expected to account for the larger share of the market. This segment’s large market share can be attributed to the increasing incidences of hearing loss and the benefits offered by hearing aid devices, such as improved listening, reduced interference from background noises, and enhanced communication among patients. Furthermore, the increasing availability of technologically advanced hearing aid devices contributes to the growth of this segment. For instance, in September 2023, Beltone Care Corporation (U.S.) launched its Beltone Serene hearing aid. The device comprises two non-rechargeable receiver-in-ear (RIE) styles and a microRIE, a compact rechargeable hearing aid. This device is beneficial for individuals experiencing mild to severe hearing loss.
Among the technologies covered in this report, in 2024, the digital hearing aids segment is expected to account for the larger share of the market. Digital hearing aids convert sound waves into digital signals, replicating the environmental sounds precisely. Various features and benefits drive their adoption over analog alternatives. Digital hearing aids offer customizable settings, connectivity to other devices, and noise-reduction capabilities. These benefits contribute to the large market share of this segment.
Among the age groups covered in this report, the children segment is projected to register a higher CAGR during the forecast period. This segment’s large market share can be attributed to the rising prevalence of hearing loss in newborns, the availability of hearing aids tailored for children, growing awareness about newborn hearing screening, and government initiatives for newborn screening. For instance, the Minnesota Department of Health (U.S.) has implemented state laws mandating newborn hearing screening in the NICU and offering options for out-of-hospital screening.
Among the types covered in this report, in 2024, the prescription hearing aids segment is expected to account for the larger share of the market. Prescription hearing aids are recommended for patients with mild to severe hearing loss, typically following a hearing examination conducted by audiologists or ENT specialists. The prescription is tailored to the individual's degree of hearing impairment. This segment’s large market share can be attributed to factors such as insurance coverage for prescription hearing aids and advances in hearing aid technologies.
Among the sales channels covered in this report, in 2024, the ENT clinics segment is expected to account for the largest share of the market. ENT clinics serve as the primary point of contact for patients experiencing hearing difficulties. Equipped with trained audiologists, these clinics conduct thorough hearing assessments to diagnose the type and extent of hearing loss. ENT specialists then prescribe and fit hearing aids tailored to each patient's individual needs. ENT clinics play a crucial role in the prescription, fitting, and distribution of hearing aids, making them the largest prescribers and distributors of hearing aids. These factors contribute to the large market share of this segment.
Among the regions covered in this report, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is driven by factors such as improving healthcare infrastructure, rising disposable incomes, increasing investments by major market players, and increasing initiatives for hearing screening across the region. For instance, The Western Australia (WA) Newborn Hearing Program, introduced by the Government of Western Australia and Perth Children’s Hospital (Australia), provides free hearing screening for all babies born at public, private, metropolitan, and regional maternity services across Western Australia.
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Key questions answered in the report-
- What are the high-growth market segments in terms of product, technology, hearing loss category, age group, type, sales channel, and geography?
- What was the historical market for hearing aids across the globe?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, opportunities, and challenges in the hearing aids market?
- Who are the major players operating in the hearing aids market?
- What is the competitive landscape like?
- What are the recent developments in the hearing aids market?
- What are the different strategies adopted by the major players in the hearing aids market?
- What are the geographical trends and high-growth regions/countries?
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