What is the global market size of Hearing Aid Market?

Global Hearing Aid Market size was valued at USD 7.5 billion in 2021 and is poised to grow from USD 7.98 billion in 2022 to USD 13.95 billion by 2030, growing at a CAGR of 6.4% in the forecast period (2023-2030).

Hearing Aid Market Size, Share, Growth Analysis, By Product(Hearing Aid Devices (Receiver-in-the-ear Hearing Aids, Behind-the-ear Hearing Aids, Canal Hearing Aids, In-the-ear Hearing Aids), By Type of Hearing Loss(Sensorineural Hearing Loss, Conductive Hearing Loss), By Patient Type(Adults, Pediatrics), By Region - Industry Forecast 2024-2031

Q: What is the key market trend for Global Hearing Aid Market?

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.

Report ID: SQSG35A2005 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 92 | Figures: 76

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.

Hearing Aid Market Report Snapshots

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Hearing Aid Market size was valued at USD 7.5 billion in 2019 and is poised to grow from USD 7.98 billion in 2023 to USD 13.95 billion by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).

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. 'Sonova Group', 'Starkey', 'William Demant Holding A/S', 'GN Store Nord A/S', 'Sivantos Pte. Ltd.', 'Cochlear Limited', 'Widex A/S', 'MED-EL Medical Electronics', 'Rion Co. Ltd.', 'Audina Hearing Instruments Inc.', 'Zounds Hearing Inc.', 'SeboTek Hearing Systems LLC', 'GN ReSound Group', 'Miracle-Ear Inc.', 'Persona Medical', 'Beltone Electronics Corporation', 'ReSound', 'Unitron Hearing Ltd.', 'Amplifon SpA', 'EarLens Corporation'

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.

One of the key trends in the 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.

The 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.

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Hearing Aid Market Regional Insights

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