The Hearing Aids Market is estimated to be valued at US$ 10805.24 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hearing aids are acoustic devices or small electronic instruments designed to improve hearing ability for the hearing impaired individuals. They amplify the sound for better audibility and speech understanding. Contemporary hearing aids are highly customizable and designed to be almost invisible. They are suitable for mild to severe hearing losses. With rapid technological advancements, hearing aids now have rechargeable batteries, digital processors, wireless connectivity options, noise cancellation, and custom sound profiling to provide a natural sound experience.
Market Dynamics:
Technological advancements in hearing aids and growing geriatric population are the major drivers of the global hearing aids market growth. Advanced digital hearing aids come equipped with rechargeable batteries, artificial intelligence, Bluetooth connectivity, and remote controlling capabilities. This has made them more comfortable to use while improving the quality of sound. Also, the world’s geriatric population aged 65 years and above is growing at an exponential rate. As age-related hearing loss is highly prevalent, rising senior citizen population base is expected to drive the demand for hearing aids over the forecast period. Growing awareness regarding hearing aid treatment options and increasing investment by manufacturers in R&D are also contributing to the market growth.
Segment Analysis
The Global Hearing Aids Market Size can be segmented based on product type as in-the-ear hearing aids, receiver-in-the-ear hearing aids, behind-the-ear hearing aids, canal hearing aids, and others. Behind-the-ear hearing aids dominates the segment and accounted for the largest market share in 2023. This is because behind-the-ear hearing aids are comfortable, versatile, and effective for most hearing losses and degrees of deafness. They are easy-to-use and requires less maintenance.
PEST Analysis
Political: Government initiatives to increase awareness about hearing impairment and offer insurance plans covering hearing aids are expected to drive market growth. Various regulations related to hearing aid manufacturing will also impact the market.
Economic: Growing GDP, rising income levels, expansion of health insurance coverage will support market growth in developing regions. While high device costs impact the adoption rate.
Social: Increasing prevalence of hearing loss in aging population, growing health consciousness, reducing social stigma impact the market positively.
Technological: Innovation in product design, connectivity features, miniaturization, rechargeability, and artificial intelligence capabilities will support market growth.
Key Takeaways
The global hearing aids market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing prevalence of hearing loss, growing geriatric population, and rising healthcare expenditure.
The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to large population base, increasing healthcare spending, and growing awareness. China, India, and Japan are major markets in the region.
Key players operating in the hearing aids market are Sonova, Starkey Laboratories, Inc., GN Hearing, Oticon, Demant A/S, Cochlear Ltd., Eargo Inc., WS Audiology A/S, RION Co., Ltd., MED-EL (Medical Electronics), Amplifon S.p.A, Audina Hearing Instruments, Inc., Sonic Innovations, Inc., and Zounds Hearing. Major players are focusing on product launches, geographic expansion, and mergers and acquisitions to increase their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
