Hearing Aids Market Size & Forecast

The Hearing Aids Market is expected 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.

Hearing Aids Market Growth Drivers

Rising Prevalence of Hearing Loss

Disabling hearing loss is defined as hearing impairment exceeding 35 decibels (dB). According to the World Health Organization (WHO), approximately 5% of the global population, equating to 430 million individuals, require rehabilitation for disabling hearing loss, which encompasses 34 million children. Furthermore, as per WHO estimates, the number of people with disabling hearing loss will exceed 700 million by 2050. The rising prevalence of hearing loss is expected to drive the use of hearing aids to improve auditory perception.

The majority of hearing aids manufactured undergo regulatory oversight and are readily available in pharmacies, hospitals, and online stores. Numerous initiatives are underway to raise awareness about the significance of hearing health. For instance, in 2023, the Department of Health and Aged Care of the Australian Government launched a national hearing awareness campaign aimed at promoting the importance of hearing health, preventing avoidable hearing loss, and encouraging regular hearing screenings. Such initatives are expected to contribute to the market’s growth.

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Rising Accessibility and Affordability of Hearing Aids

Enhancing the hearing health of individuals across all age groups has driven the need for hearing disorders screenings. According to the National Institute on Deafness and Other Communication Disorders, approximately 15% of American adults, totaling 37.5 million people, have reported some degree of hearing loss. In response, manufacturers and retailers are focusing on offering more affordable hearing aids. Currently, hearing aids typically range from $4,000 to $5,000 and are often not covered by Medicare or most private insurance plans.

Certain regions have implemented initiatives to ensure hearing aids are accessible to all individuals, including those in developing countries. For instance, in June 2022, the United Nations Children’s Fund (UNICEF), in collaboration with the Government of Rwanda and with support from the Norwegian Agency for Development Cooperation (Norad), distributed hearing aids to children in four districts in Rwanda, Africa. The prices of these devices were significantly reduced through strategic supplier engagement and comprehensive, transparent industry consultations.

Hearing Aids Market Trends

Proliferation of OTC Hearing Aids

Self-fitting hearing aids, also known as over-the-counter (OTC) hearing aids, are sound-amplifying devices that do not require adjustment or fitting by a doctor or healthcare professional. Individuals experiencing hearing loss can independently fit these devices according to their specific needs. These devices offer several advantages, including affordability, the capability to fine-tune settings to adapt to real-world listening environments, and utilization without assistance from healthcare professionals. These OTC hearing aids facilitate access to lower-cost hearing solutions.

Increasing Use of Remote Hearing Care and Tele-audiology

The integration of smartphones and computers into daily life is extending into various aspects of healthcare, including hearing care. Many audiologists are adopting telemedicine or tele-audiology to treat hearing loss, enabling individuals to access audiology services remotely through devices such as tablets or computers equipped with cameras. The advent of tele-audiology enhances accessibility and convenience and facilitates timely intervention, particularly for severe hearing loss cases, thereby improving overall outcomes.

Leading manufacturers of premium hearing aids are developing web-based remote hearing care services to enable remote consultations. Since audiologists prescribe hearing aids, tele-audiology solutions are tailored to optimize the personal interaction between audiologists and patients. For instance, in May 2021, Inventis s.r.l. (Italy) launched Satellite Tele-audiology Solutions, a platform facilitating real-time diagnostic tests using an audiometer and embedded audio-video capabilities. This platform enables patients to undergo hearing tests from their homes or other non-clinical settings.

Hearing Aids Market Opportunity

Advancements in Hearing Aid Technology

Technologically advanced hearing aids are gaining popularity, particularly due to the enhanced connectivity features offered by these hearing aids. Key technological advancements driving growth in the hearing aids segment include rechargeable batteries, Bluetooth connectivity, personalized listening experiences, and integration of artificial intelligence. Another notable innovation integrated into hearing aid devices is biometric sensors.

The incorporation of biosensors in these devices enhances user safety by offering features such as fall detection, physical activity levels monitoring, and heart rate monitoring, thereby providing a comprehensive understanding of the patient’s health status. For instance, in August 2023, Phonak (a Sonova AG brand) launched the Audéo Fit Lumity Hearing Aid equipped with a heart rate sensor, with data recorded on the myPhonak app. This hearing aid synchronizes health metrics such as calories burned, heart rate, and activity levels.

Hearing Aids Market Analysis: Key Findings

By Product: In 2024, the Hearing Aid Devices Segment to Dominate the Hearing Aids Market

Based on product, the hearing aids market is segmented into hearing aid devices and accessories. In 2024, the hearing aid devices segment is expected to account for the larger share of 92% of the hearing aids market. This segment’s large market share can be attributed to the increasing prevalence of hearing disorders, the rise in the geriatric population, and the greater affordability and accessibility of hearing aids compared to implants. Moreover, the hearing aid devices segment is projected to register the highest growth rate of 5.8% during the forecast period.

By Technology: In 2024, the Digital Hearing Aids Segment to Dominate the Hearing Aids Market

Based on technology, the hearing aids market is segmented into digital hearing aids and analog hearing aids. In 2024, the digital hearing aids segment is expected to account for the larger share of 53.5% of the hearing aids market. Digital hearing aids are devices that convert sound waves into digital signals and produce an exact duplication of the sound produced. 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. In response to the growing demand, market players are launching new digital hearing aids. For instance, in March 2024, Ear Solutions Private Limited (India) partnered with Audientes A/S (Denmark) to launch a self-fitting digital hearing aid, Ven.

Moreover, the digital hearing aids segment is projected to register a higher growth rate of 5.9% during the forecast period.

By Hearing Loss Category: In 2024, the Sensorineural Hearing Loss Segment to Dominate the Hearing Aids Market

Based on hearing loss category, the market is segmented into sensorineural hearing loss, conductive hearing loss, and mixed hearing loss. In 2024, the sensorineural hearing loss segment is expected to account for the largest share of the hearing aids market. Sensorineural hearing loss (SNHL) is the most common type of hearing loss. It occurs when there is damage to the inner ear and can stem from various factors, including illnesses, genetics, medications, and aging. According to data released by Healthy Hearing, a consumer website and clinic directory focused on hearing, approximately 9 out of 10 individuals with hearing loss experienced sensorineural hearing loss in 2023. This segment’s large market share can be attributed to the rise in the aging population and increased awareness of the availability of hearing aids for SNHL.

By Age Group: in 2024, the Adults Segment to Dominate the Hearing Aids Market

Based on age group, the market is segmented into adults and children. In 2024, the adults segment is expected to account for the larger share of the hearing aids market. This segment’s large market share can be attributed to the increasing prevalence of chronic hearing conditions, a rise in the geriatric population, and the introduction of advanced hearing aids tailored for adults with hearing impairments. According to the World Health Organization (WHO), approximately 25% of people over the age of 60 years are affected by disabling hearing loss.  

However, the children segment is projected to register a higher CAGR during the forecast period. The growth of this segment can be attributed to the increasing prevalence of congenital hearing disorders and the growing awareness of newborn screening initiatives. For instance, in the U.S., the California Newborn Hearing Screening Program, overseen by the Children’s Medical Services of the California Department of Health Care Services (DHCS), offers comprehensive screening and support statewide to identify hearing loss in infants.

By Type: in 2024, the Prescription Hearing Aids Segment to Dominate the Hearing Aids Market

Based on type, the market is segmented into prescription hearing aids and over-the-counter (OTC) hearing aids. In 2024, the prescription hearing aids segment is expected to account for the larger share of the hearing aids 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.

However, the over-the-counter (OTC) hearing aids segment is projected to register a higher CAGR during the forecast period. OTC hearing aids offer convenience and do not necessitate examination by healthcare professionals. These aids are the most accessible and cost-effective option for individuals with mild to moderate hearing loss. Designed to reduce healthcare expenses while still delivering effective hearing assistance, OTC hearing aids are significantly more affordable compared to prescription alternatives. According to the American Academy of Audiology, the cost of an OTC hearing aid typically ranges between USD 300 to USD 600, considerably lower than that of a prescription hearing aid.

By Sales Channel: in 2024, the ENT Clinics Segment to Dominate the Hearing Aids Market

Based on sales channel, the market is segmented into ENT clinics, retail channels, and online channels. In 2024, the ENT clinics segment is expected to account for the largest share of 65% of the market. ENT clinics specialize in treating conditions related to the ear, nose, and throat. These clinics often serve as primary sources for hearing aids since most devices are fitted to individuals by audiologists or healthcare professionals within these facilities. Additionally, some clinics offer hearing screening tests that enable parents to detect hearing disorders in newborns. These clinics often serve as primary sources for hearing aids since most devices are fitted to individuals by audiologists or healthcare professionals within these facilities. These factors contribute to the large market share of this segment.

Geographical Analysis

In 2024, North America is expected to account for the largest share of 38.4% of the hearing aids market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America’s significant market share can be attributed to the presence of prominent manufacturers, significant investments in research and development, a robust reimbursement framework for prescription aids, and supportive government initiatives aimed at raising awareness about hearing disorders and aids. For instance, the New Mexico Department of Health (U.S.), in collaboration with Children’s Medical Services, manages the Newborn Hearing Screening Program. This initiative focuses on conducting statewide newborn hearing screenings and delivering follow-up services as required.

However, the market in Asia-Pacific is projected to register the highest CAGR of 6.7% during the forecast period. The growth of this regional market is driven by factors such as improving healthcare infrastructure, rising disposable incomes, and increasing investments by major market players. Furthermore, according to data released by Huizhou Jinghao Medical Technology CO., LTD. (China), the number of individuals affected with hearing impairment in China exceeds 27.8 million, representing approximately 1.67% of the total population, making it the most prevalent among the five major reported disabilities. Additionally, there are approximately 2-3 million new cases of hearing loss reported annually among children. Consequently, the increasing incidence of hearing loss contributes to the growth of the hearing aids market in Asia-Pacific.

Hearing Aids Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios and geographic presence and the key growth strategies adopted by them over the past 3 to 4 years. Some of the key players operating in the hearing aids market 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)

Hearing Aids Industry Overview: Latest Developments from Key Industry Players

• In August 2023, Lucid Hearing Holding Company, LLC. (U.S) launched the Tala hearing aid that can be used by patients with mild to moderate hearing loss.

• In April 2023, Unitron (A subsidiary of Sonova AG) launched Vivante, a platform that enhances listener experience through personalized hearing control. This platform offers improved sound performance and new designs.

• In October 2022, hearX USA, Inc. (U.S.) launched the Lexie B2 Hearing Aids, which are OTC hearing aids that are equipped with a rechargeable battery at affordable prices.
• In October 2022, Oticon, Inc. (U.S.) launched the Oticon Own hearing aid family, which are custom hearing aids and feature the BrainHearing Technology for personalized comfort.

Hearing Aids Market Research Summary

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