THE GLOBAL HEARING AIDS MARKET IS EXPECTED TO REACH USD 8.55 BILLION BY 2029 FROM USD 6.66 BILLION IN 2023, GROWING AT A CAGR OF 4.25% DURING THE FORECAST PERIOD.

The Hearing Aids Market Size, Share, & Trends Analysis Report by

  • Product: Behind-the-ear Hearing Aids and In-the-Ear Hearing Aids
  • Hearing Loss: Sensorineural Hearing Loss, Conductive Hearing Loss, and Mixed Hearing Loss
  • Patient Group: Adults and Pediatrics
  • Technology: Digital Hearing Aids and Analog Hearing Aids
  • Gender: Men and Women
  • Distribution Channel: Retailers, Independent Practices, Buying Groups, and Government Purchases
  • Geography: North America, Europe, APAC, Latin America, and Middle East & Africa

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2024–2029.

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7 Market Segment

HEARING AIDS MARKET REPORT SCOPE

Report Attribute Details
Market Size (2029) USD 8.55 Billion
Market Size (2023) USD 6.66 Billion
CAGR (2023-2029) 4.25%
HISTORIC YEAR 2020-2022
BASE YEAR 2023
Forecast Year 2024-2029
Market Segments Product, Hearing Loss, Patient Group, Technology, Gender, Distribution Channel, and Geography
Geographic Analysis North America, Europe, APAC, Latin America, and Middle East & Africa
KEY VENDORS Sonova, WS Audiology, Demant A/S, GN Store A/S, Starkey, and Century Hearing Aids

MARKET OVERVIEW

The global hearing aids market was valued at USD 6.66 billion in 2023 and is expected to reach USD 8.55 billion by 2029, growing at a CAGR of 4.25%. The market is growing owing to the increasing awareness of advanced treatment modalities for hearing loss among the patient population and the increasing availability of several technologically advanced hearing aids. Moreover, constant development and launch of innovative designs & devices are important for vendors operating in this highly competitive market like the U.S. to achieve healthy sales growth and increase hearing aids market share.

The market growth is mainly attributed to the rising prevalence of hearing loss conditions such as DHL worldwide. The projections of various epidemiological studies on hearing loss reflect favorable demographic trends for hearing aids. As the global population is growing and aging, there is likely to be a corresponding rise in the number of people who can experience hearing loss worldwide. Furthermore, vendors, especially global players, must pursue inorganic growth strategies, such as acquisitions, to expand their presence, enhance their product portfolio, and improve their expertise in the market.

MARKET TRENDS & DRIVERS

Growing Demand for Wireless and Smart Hearing Aids
With the rising hearing-impaired patient population worldwide and the increasing demand for technologically advanced hearing aids, companies in the hearing aid market focus on introducing wireless hearing aids. For instance, Sonova introduced a Made for All 2.4 GHz wireless chip,  Sonova Wireless One Radio Digital (SWORD). This hearing aid enables direct connectivity to any cell phone, including Android, iPhone, and even classic cell phones, with its classic Bluetooth protocol and ear-to-ear communication using single radio technology.

Emergence of Artificial Intelligence for the Hearing Aids
Artificial intelligence (AI) has revolutionized the global hearing aid market and has brought a wide array of capabilities to the technology that assists hearing-impaired patients. The use of AI in designing hearing aids is a relatively new technology programmed to solve complex problems with intelligent solutions. According to the Hearing Industries Association, hearing aids built with AI can easily detect the user's environment and learn the user’s preferences for listening. The AI technology in hearing aids is quicker, more efficient, and quickly picks up on wearer preferences.

Growing Prevalence of Hearing Loss
The rising prevalence of hearing loss worldwide is a key factor in increasing the demand for hearing aid devices among the patient population. According to the WHO, an astonishing 466 billion people across the world are living with disabling hearing loss, equating to about 6.1% of the world’s population. Moreover, there is a prediction that this number will reach about 1.5 billion by 2050, primarily due to an increase in the aged population. Noise exposure, genetic susceptibility, and physiological aging of the ear may lead to an increasing number of patients with hearing impairment globally, thereby propelling the global hearing aids market growth.

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT
The behind-the-ear (BTE) hearing aids segment accounted for the most prominent share of the global hearing aids market in 2023. These are the most commonly used hearing aids compared to other available hearing aids in the market since they are robust, easy-to-use, and appropriate for all types of hearing loss. This segment includes Behind-the-Ear (BTE), Mini Behind-the-Ear (MINI BTE), Receive-in-the-Ear (RITE), and Micro Receiver-in-the-Ear (M&RITE). The global rise in the prevalence of hearing loss is a major factor contributing to the growth of this segment. Moreover, vendors are also focusing on offering innovative, technologically advanced BTE hearing aids owing to the growing incidence of hearing loss and rising adoption of hearing aids worldwide. Key market players such as WS Audiology, Sonova, Demant, GN Store Nord, and Starkey Hearing Technologies are focusing on introducing innovative BTE hearing aids for end-users.

INSIGHTS BY HEARING LOSS
The global hearing aids market by hearing loss is segmented into sensorineural hearing loss, conductive hearing loss, and mixed hearing loss. In 2023, the sensorineural hearing loss segment accounted for the most significant global hearing aids market share. The segment accounted for the largest share mainly due to the rising incidence of hearing loss, specifically sensorineural hearing loss, in the pediatric and adult population. For instance, the incidence of sudden sensorineural hearing loss is 5−20 cases for every 100,000 people. Further, as the demand for ITE and BTE hearing aids is increasing with the rising cases of sensorineural hearing loss, major market players are continuously developing and commercializing innovative and advanced ITE and BTE hearing aids. For instance, Sonova introduced Bolero B-PR, which offers breakthrough BTE hearing aids with its lithium-ion rechargeable technology.

INSIGHTS BY PATIENT GROUP
The adult patients segment dominated the global hearing aids market in 2023. The segment is dominating the market due to the higher incidence and prevalence of hearing loss among the elderly population worldwide. Moreover, the growing burden of the elderly hearing-impaired population has led to the increasing usage of hearing aids, which is likely to promote the growth of the global hearing aids market during the forecast period.

INSIGHTS BY TECHNOLOGY
The global hearing aids market by technology is segmented into digital hearing aids and analog hearing aids. The digital technology segment accounted for the largest global market share in 2023. This segment is growing at a steady pace and is expected to grow at a similar pace during the forecast period. The rising aging population and presence of a significant number of patients with hearing loss have led to the development and commercialization of new technologically advanced hearing aids with Bluetooth, wireless connectivity, iOS & Android compatibility, AI, and remote-controlled functions. This, in turn, has increased the diagnosis rates and created awareness about the availability of new treatment options for hearing loss, which is anticipated to fuel the market growth during the forecast period.

INSIGHTS BY GENDER
The men's segment dominated the global hearing aids market in 2023. This segment growth can be attributed to the rise in the geriatric population and the rising incidence of hearing loss in men worldwide. Moreover, men tend to have higher rates of hearing loss than women of a similar age. However, this has more to do with lifestyle factors than biological reasoning. According to estimates, it is clear that men are at a greater risk of hearing loss than women; the primary reason is that men’s exposure to excessive noise is greater than women's.

INSIGHTS BY DISTRIBUTION CHANNEL
The global hearing aids market by distribution channel is segmented into retailers, independent practices, buying groups, and government purchases. The retailer's segment accounted for the largest market share and is projected to be the fastest-growing distribution channel segment during the forecast period. This segment includes conventional retail chains, specialty stores, multi-line retailers, and direct online sales channels. Specialty retail stores are independent or chains of drug/pharmacy stores selling hearing aids and other medicines. The rising prevalence of hearing loss, mainly in the adult population, is a major factor driving this segment's market growth. Also, the increasing demand for technologically advanced hearing aids from the elderly population is encouraging large retailers to procure such innovative products from manufacturers, directly contributing to this segment's growth in recent years.

GEOGRAPHICAL ANALYSIS

North America held the most prominent share of the global hearing aids market, with a share of over 37% in 2023. The market is driven by the increasing incidence of hearing loss and the availability of advanced healthcare infrastructure. Further, the U.S. is the major revenue contributor to the North American hearing aids market, as hearing loss is the third most widespread chronic condition in the U.S., next to arthritis and hypertension. The growing focus of both the emerging as well as the significant market players in R&D to develop advanced hearing aids is likely to have a significant impact on the market growth. For instance, the market is expected to witness high adoption of technologically advanced Canal Hearing Aids (CHA).

The European global hearing aids market is growing at a healthy rate and is expected to grow at a similar pace during the forecast period. Several factors, such as the rising awareness of hearing aids for treating hearing disorders coupled with improved healthcare infrastructure, various favorable guidelines, and the availability of technologically advanced hearing aids are driving the growth of the hearing aids market in this region. Furthermore, countries such as the UK, Germany, France, Italy, and Spain are the major revenue generators in the region. These five countries collectively accounted for around 65% of the European hearing aids market in 2023.

VENDOR LANDSCAPE

The global hearing aids market is highly competitive. With growing technological innovations, various small and mid-sized companies are entering the market to expand their presence in this growing market. Combined with this, the emphasis on developing and discovering new products has helped garner a high customer base for key players. The key players in the global hearing aids market are Sonova, WS Audiology, Demant A/S, GN Store A/S, Starkey, and Century Hearing Aids. Furthermore, major players are focusing on strategic acquisitions, licensing, and collaboration agreements with emerging players to enter the global hearing aids market and gain access to commercially launched products. For instance, in 2022, Sonova acquired the HYSOUND group, one of the leading national chains of audiology care clinics in China, to expand its brand presence and brand value in China.

Frequently Asked Questions

How big is the hearing aids market?

The hearing aids market size was valued at USD 6.66 billion in 2023 and is expected to reach USD 8.55 billion by 2029.

What is the projected growth rate of the global hearing aids market?

The global hearing aids market is projected to grow at a CAGR of 4.25% during the forecast period.

What are the rising trends in the hearing aids market?

The rising trends in the hearing aids market are strategic mergers & acquisitions, growing demand for wireless & smart hearing aids, and the emergence of artificial intelligence for hearing aids.

Which region holds the most significant global hearing aids market share?

North America dominated the global hearing aids market share, accounting for over 37% in 2023.

Who are the key players in the global hearing aids market?

Sonova, WS Audiology, Demant A/S, GN Store A/S, Starkey, and Century Hearing Aids are the key players in the global hearing aids market.

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The global hearing aids market size is expected to grow at a CAGR of approximately 4.25% from 2023 to 2029.

The following factors are likely to contribute to the growth of the hearing aids market during the forecast period:

  • Raising Investments by Market Players
  • Growing Prevalence of Hearing Loss
  • New Product Approvals/Launches

Base Year: 2023

Forecast Year: 2024-2029

The report considers the present scenario of the global hearing aids market and its market dynamics for 2024−2029. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the industry. It also profiles and analyzes leading companies and several other prominent companies operating in the industry.

Key Company Profiles

  • Sonova
    • Business Overview
    • Product Offerings
  • WS Audiology
  • Demant A/S
  • GN Store A/S
  • Starkey
  • Century Hearing Aids

Other Prominent Vendors

  • Arphi Electronics
    • Business Overview
    • Product Offerings
  • Audina Hearing Instruments
  • EarTechnic
  • Eargo Hearing Aids
  • ExSilent
  • Horentek
  • IN4 Technology
  • InnerScope Hearing Technologies
  • Intricon
  • Loreca Hearing Aids
  • NewSound Hearing Aids
  • RION Co., Ltd.
  • SeboTek Hearing Aids
  • ZOUNDS Hearing
  • Cochlear Ltd
  • Nurotron Biotech
  • MED-EL
  • Rexton Hearing Aids
  • BHM-Tech
  • Earlens

Segmentation by Product

  • Behind-the-ear Hearing Aids
  • In-the-Ear Hearing Aids

Segmentation by Hearing Loss

  • Sensorineural Hearing Loss
  • Conductive Hearing Loss
  • Mixed Hearing Loss

Segmentation by Patient Group

  • Adults
  • Pediatrics

Segmentation by Technology

  • Digital Hearing Aids
  • Analog Hearing Aids

Segmentation by Gender Insights

  • Men
  • Women

Segmentation by Distribution Channel

  • Retailers
  • Independent Practices
  • Buying Groups
  • Government Purchases

Segmentation by Geography

  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Italy
    • Spain
  • APAC
    • Japan
    • China
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • Turkey
    • South Africa

CHAPTER – 1: Hearing Aids Market Overview

  • Executive Summary
  • Key Findings

CHAPTER – 2: Hearing Aids Market

  • GLOBAL: Projected Revenue of Hearing Aids Market (2023-2029; $Billions)

 CHAPTER – 3: Hearing Aids Market Segmentation Data

  • GLOBAL: Projected Revenue by Product type (2023-2029; $Billions)
  • Behind-the-Ear
  • In-the-Ear
  • GLOBAL: Projected Revenue by Hearing Loss (2023-2029; $Billions)
  • Sensorineural Hearing loss
  • Conductive Hearing Loss
  • Mixed Hearing Loss
  • GLOBAL: Projected Revenue by Patient Group (2023-2029; $Billions)
  • Adults
  • Pediatrics
  • GLOBAL: Projected Revenue by Technology (2023-2029; $Billions)
  • Digital Hearing Aids
  • Analog Hearing Aids
  • GLOBAL: Projected Revenue by End-users (2023-2029; $Billions)
  • Retailers
  • Independent Practices
  • Buying Groups
  • Government Purchases

CHAPTER – 4: Key Regions Overview

  • North America: Projected Revenue of Hearing Aids Market (2023-2029; $Billions)
  • Projected Revenue of Hearing Aids Market in US
  • Projected Revenue of Hearing Aids Market in Canada
  • Europe: Projected Revenue of Hearing Aids Market (2023-2029; $Billions)
  • Projected Revenue of Hearing Aids Market in UK
  • Projected Revenue of Hearing Aids Market in Germany
  • Projected Revenue of Hearing Aids Market in France
  • Projected Revenue of Hearing Aids Market in Italy
  • Projected Revenue of Hearing Aids Market in Spain
  • APAC: Projected Revenue of Hearing Aids Market (2023-2029; $Billions)
  • Projected Revenue of Hearing Aids Market in Japan
  • Projected Revenue of Hearing Aids Market in China
  • Projected Revenue of Hearing Aids Market in Australia
  • Latin America: Projected Revenue of Hearing Aids Market (2023-2029; $Billions)
  • Projected Revenue of Hearing Aids Market in Brazil
  • Projected Revenue of Hearing Aids Market in Mexico
  • Projected Revenue of Hearing Aids Market in Argentina
  • Middle East & Africa: Projected Revenue of Hearing Aids Market (2023-2029; $Billions)
  • Projected Revenue of Hearing Aids Market in Turkey
  • Projected Revenue of Hearing Aids Market in South Africa
  • Projected Revenue of Hearing Aids Market in Saudi Arabia

CHAPTER – 5: Hearing Aids Market Prospects & Opportunities

  • Hearing Aids Market Opportunities & Trends
  • Hearing Aids Market Drivers
  • Hearing Aids Market Constraints

CHAPTER – 6:  Hearing Aids Industry Overview

  • Hearing Aids Market - Competitive Landscape
  • Hearing Aids Market – Key Vendor Profiles
  • Hearing Aids Market – Other Prominent Vendors
  • Hearing Aids Market - Key Strategic Recommendations

CHAPTER – 7: Appendix

  • Research Methodology
  • Abbreviations
  • About Arizton

 

 

List of Exhibits

  • Exhibit 1: Projected Revenues of Hearing Aids in Global ($ Bn)
  • Exhibit 2: Market Size & Forecast – Behind-the-Ear Hearing Aids ($ Bn)
  • Exhibit 3: Market Size & Forecast – In-the-Ear Hearing Aids ($ Bn)
  • Exhibit 4: Market Size & Forecast – Sensorineural Hearing Loss ($ Bn)
  • Exhibit 5: Market Size & Forecast – Conductive Hearing Loss ($ Bn)
  • Exhibit 6: Market Size & Forecast – Mixed Hearing Loss ($ Bn)
  • Exhibit 7: Market Size & Forecast - Adults ($ Bn)
  • Exhibit 8: Market Size & Forecast – Pediatrics ($ Bn)
  • Exhibit 9: Market Size & Forecast – Digital Hearing Aids ($ Bn)
  • Exhibit 10: Market Size & Forecast – Analog Hearing Aids ($ Bn)
  • Exhibit 11: Market Size & Forecast - Retailers ($ Bn)
  • Exhibit 12: Market Size & Forecast – Independent Practices ($ Bn)
  • Exhibit 13: Market Size & Forecast – Buying Group ($ Bn)
  • Exhibit 14: Market Size & Forecast – Government Purchases ($ Bn)
  • Exhibit 15: Market Size & Forecast - Men ($ Bn)
  • Exhibit 16: Market Size & Forecast - Women ($ Bn)
  • Exhibit 17: Projected Revenues of Hearing Aids in North America ($ Bn)
  • Exhibit 18: Projected Revenues of Hearing Aids in US ($ Bn)
  • Exhibit 19: Projected Revenues of Hearing Aids in Canada ($ Bn)
  • Exhibit 20: Projected Revenues of Hearing Aids in Europe ($ Bn)
  • Exhibit 21: Projected Revenues of Hearing Aids in UK ($ Bn)
  • Exhibit 22: Projected Revenues of Hearing Aids in Germany ($ Bn)
  • Exhibit 23: Projected Revenues of Hearing Aids in France ($ Bn)
  • Exhibit 24: Projected Revenues of Hearing Aids in Italy ($ Bn)
  • Exhibit 25: Projected Revenues of Hearing Aids in Spain ($ Bn)
  • Exhibit 26: Projected Revenues of Hearing Aids in APAC ($ Bn)
  • Exhibit 27: Projected Revenues of Hearing Aids in Japan ($ Bn)
  • Exhibit 28: Projected Revenues of Hearing Aids in China ($ Bn)
  • Exhibit 29: Projected Revenues of Hearing Aids in Australia ($ Bn)
  • Exhibit 30: Projected Revenues of Hearing Aids in Latin America ($ Bn)
  • Exhibit 31: Projected Revenues of Hearing Aids in Brazil ($ Bn)
  • Exhibit 32: Projected Revenues of Hearing Aids in Mexico ($ Bn)
  • Exhibit 33: Projected Revenues of Hearing Aids in Argentina ($ Bn)
  • Exhibit 34: Projected Revenues of Hearing Aids in Middle East & Africa ($ Bn)
  • Exhibit 35: Projected Revenues of Hearing Aids in Saudi Arabia ($ Bn)
  • Exhibit 36: Projected Revenues of Hearing Aids in Turkey ($ Bn)
  • Exhibit 37: Projected Revenues of Hearing Aids in South Africa ($ Bn)

 

List of Tables

  • Table 1: Key Market Trends in Hearing Aids Market
  • Table 2: Key Market Enablers in Hearing Aids Market
  • Table 3: Key Market Constraints in Hearing Aids Market
  • Table 4: Strategic Recommendations in Hearing Aids Market

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