USD 9.71 Billion
Global Hearing Aid Market Size, Share, Growth Analysis, By Product(Hearing Aid Devices (Receiver-in-the-ear Hearing Aids, Behind-the-ear Hearing Aids), By Type of Hearing Loss(Sensorineural Hearing Loss, Conductive Hearing Loss), By Patient Type(Adults, Pediatrics) - Industry Forecast 2022-2028
Report ID: SQSG35A2005 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 93 | Figures: 66
Global Hearing Aid Market Insights
Hearing Aid Market Size was valued at USD 9.71 Billion in 2021, and it is expected to reach a value of USD 16.53 Billion by 2028, at a CAGR of 7.90% over the forecast period (2022 - 2028).
A hearing aid is an electrical device that amplifies sound in order to provide the user with clear sound. These are mostly used by those who have hearing loss or disability. Hearing aids are becoming more popular as a result of technology advancements and increased desire for attractive designs. While factors such as technical developments and pricing pressures are expected to influence the market, significant growth is expected throughout the analysis period. Wireless gadgets, Bluetooth, and the constant introduction of new attractive designs are the primary drivers of the market. The industry is also being driven by a growing ageing population, improved diagnosis, and increased awareness.
US Hearing Aid Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot
Global Market Size
Largest Segment
Adults
Fastest Growth
Adults
Growth Rate
7.90% CAGR
Global Hearing Aid Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Hearing Aid Market Size By Patient Type, 2021-2028 ($ Bn)
Global Hearing Aid Market Size By Patient Type, 2021-2028 (%)
To get more reports on the above market click here to Buy The Report
Global Hearing Aid Market Segmental Analysis
The Global Hearing Aid Market is segmented on the basis of product type, type of hearing loss, patient type, and region. Based on the product type, the Hearing Aid Market is segmented into hearing aid devices and hearing implants. The hearing aid devices segment is further classified into receiver-in-the-ear hearing aids, behind-the-ear hearing aids, canal hearing aids, in-the-ear hearing aids, and other hearing aid devices; and the hearing implants segment is further classified into cochlear implants and bone-anchored systems. Based on the type of hearing loss, the Hearing Aid Market is segmented into sensorineural hearing loss and conductive hearing loss. Based on the patient type, the Hearing Aid Market is segmented into adults and pediatrics. Based on region, the region Hearing Aid Market categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Hearing Aid Market Analysis by Product Type
In 2021, the hearing aid devices segment held the most lucrative share of more than 50% of the global hearing aid market. The hearing aid devices segment is further classified into receiver-in-the-ear hearing aids, behind-the-ear hearing aids, canal hearing aids, in-the-ear hearing aids, and other hearing aid devices. The segmental growth of the market is attributed to the availability of a wide range of advanced products offered by the companies in the market. The increasing geriatric population across the globe is another major factor that contributes to the segmental growth of the market during the forecast period.
Hearing Aid Market Analysis by Type of Hearing Loss
In 2021, the sensorineural hearing loss segment held the most lucrative share of more than 40% of the global hearing aid market. The segmental growth is attributed to the growing geriatric population across the globe.
Hearing Aid Market Analysis by Patient Type
In 2021, the adult segment held the most lucrative share of more than 60% of the global hearing aid market. Adults make up a significant portion of the entire patient pool due to their increased sensitivity to hearing loss. As a result, the sustained and increased need for hearing aids will be ensured by the rise of this population sector.
Global Hearing Aid Market By Patient Type, 2021 (%)
To get detailed analysis on other segments, Request For Sample Report
Global Hearing Aid Market Regional Insights
The Global Hearing Aid Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, the North American region is projected to hold the most substantial share of the market. The regional market is likely to be driven by the high prevalence of hearing loss, greater awareness and adoption of hearing aid devices, and the presence of robust healthcare infrastructure in the region. According to the National Institute on Deafness and Other Communication Disorders' March 2021 update, approximately 2 to 3 out of every 1,000 children in the United States are born with a detectable level of hearing loss in one or both ears, and approximately 15% of American adults (37.5 million) aged 18 and up report some difficulty hearing. Furthermore, according to the same source, one out of every eight persons in the United States (13%, or 30 million) has hearing loss in both ears, and there are approximately 28.8 million adults in the United States who can benefit from hearing aids. According to the research, the country has a significant rate of hearing loss, which creates a significant growth scope for the market during the forecast period.
Global Hearing Aid Market By Geography, 2021-2028
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Hearing Aid Market Dynamics
Hearing Aid Market Driver
- The key factor that drives the industry growth includes the growing prevalence of hearing loss among the population. Hearing loss is becoming more common around the world, making it critical to monitor and assess hearing functions. Untreated hearing loss has a significant influence on language development, learning, and social involvement in children. Similarly, older persons with hearing loss have a hard time keeping up with daily conversations. Untreated hearing loss has been related to a variety of physical and psychological concerns among retirees, ranging from cognitive decline and depression to an increased risk of trips and falls. This thus creates a wide scope for the growth of the market during the forecast period.
Hearing Aid Market Restraint
- The high cost of hearing aids such as cochlear implants and bone-anchored devices is a major factor limiting market growth, especially in price-sensitive regions like Asia Pacific, Latin America, and Africa. Healthcare providers, particularly in developing nations like Brazil and Mexico, have limited financial means to invest in advanced technology. Furthermore, employees must get intensive training in the proper handling and maintenance of cochlear implants and bone-anchored systems. To build technologically advanced hearing aids, extensive research and development are required. As a result, the cost of manufacturing and the final price for clients both rise significantly. As a result, patients must pay a higher price for associated surgical interventional treatments and diagnostic tests.
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
Global Hearing Aid Market Competitive Landscape
The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Hearing Aid Market Top Player’s Company Profiles
- Sonova Group (Switzerland)
- Demant A/S (Denmark)
- GN Store Nord A/S (Denmark)
- Cochlear Ltd. (Australia)
- Starkey (US)
- Nurotron Biotechnology Co., Ltd. (China)
- MED-EL (Austria)
- Audina Hearing Instruments, Inc. (US)
- Horentek (Italy)
- ZOUNDS Hearing Inc. (US)
Hearing Aid Market Recent Developments
- In April 2022, Demant reached an agreement with Cochlear Limited to sell its Hearing Implants business, Oticon Me-dical, for a total consideration of DKK 850 million. The acquisition comes after a study of strategic options for the firm, including how to provide the greatest lifetime support to existing patients.
- In January 2022, Soundwave Hearing, LLC announced the launch of its new hearing aid and mobile app, which are revolutionizing self-fitting hearing aid technology.
- In January 2022, Starkey launched the Evolv AI hearing aid series with a full spectrum of hearing aid types and expanding on their holistic approach to enhanced hearing.
- In May 2021, Sonova Holding AG acquired Sennheiser, a firm that specializes in the creation of medical audio and hearing aids. This strategic decision will help the company boost its market position and increase revenue.
Global Hearing Aid Key Market Trends
- One of the key trends in the global hearing aid market is the increased adoption of tele-audiology across the globe. The outbreak of COVID-19 has accelerated the adoption of telehealth among audiologists. Many healthcare practitioners are turning to tele-audiology to avoid patient traffic. Hearing Review polled healthcare workers in the United States and Canada about the impact of the COVID-19 outbreak on their work. Tele-audiology is used by 51% of healthcare providers for follow-ups and counseling, and 45% for device changes and fine-tuning, according to the poll. As a result, manufacturers are creating a variety of platforms to assist patients and healthcare providers. For example, in May 2021, Inventis announced the launch of Satellite Tele-audiology Solutions, the first technology that allows for real-time diagnostic testing.
Global Hearing Aid Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by product, the hearing aid devices segment is projected to hold a dominating share during the forecast period. By type of hearing loss, the sensorineural hearing loss segment is projected to hold a dominating share during the forecast period. By patient, the adult segment is projected to hold a dominating share during the forecast period. In 2022, the North American region is projected to hold the most substantial share of the market and its anticipated to maintain its dominance throughout the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 9.71 Billion |
| Market size value in 2028 | USD 16.53 Billion |
| Growth Rate | 7.90% |
| Base year | 2021 |
| Forecast period | 2022 - 2028 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Hearing Aid Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Hearing Aid Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Hearing Aid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Hearing Aid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Hearing Aid Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Hearing Aid Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
SPEAK TO AN ANALYSTSubscribe & Save
Get lifetime access to our reports
Basic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOW
USA (+1) 617-230-0741
