Hearing Aids Market - Global Outlook & Forecast 2024-2029

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.