With A 8.1% CAGR, Market Size For Hearing Aids Will Reach USD 17.68 billion By 2029

PRESS RELEASE
Published February 23, 2023

Hearing Aids Market Outlook 2023: Market Trends, Segmentation, consumption by Regional data, Market Growth and Competitive Landscape=

In 2021, thesize of the global hearing aids marketwas estimated atUSD 9.68 billion. The market is anticipated to expand at aCAGR of 8.1%from 2022 to 2029, rising fromUSD 10.23 billion in 2022toUSD 17.68 billion.Hearing aid demand has been lower than expected in all regions compared to pre-pandemic levels, which is a result of the unprecedented and staggering COVID-19 pandemic. Our analysis showed that the global market had declined by -12.2% in 2020 compared to 2019.

The global Hearing Aids Market is expected to witness significant growth in the coming years, driven by the increasing prevalence of hearing loss and technological advancements in hearing aids. According to the World Health Organization (WHO), over 5% of the world's population suffers from disabling hearing loss, and this number is expected to rise in the coming years.

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Hearing Devices Segment to Lead Market due to Cost-Efficient Feature

The report is based on primary and secondary research methods and provides an in-depth global hearing aids market analysis. The report covers all important aspects of the market such as growth drivers, restraints, trends, and opportunities. It also lists the profile of the companies operating in the hearing aid market with key insights that will help these vendors strategize for better revenue generation in the forecast duration.

As per the report, the hearing devices segment is currently dominating the market because of its numerous advantages. These include flexibility for patients with both mild and moderate hearing loss, are easily removable, cost-effective, and can be used during sports activities as well. Such flexibility of the device and at reasonable prices are two important factors anticipated to promote the growth of this segment in the coming years.

An increasingnumber of ENT Clinics to Boost Market

The major factor promoting the growth of the market is the rising prevalence of hearing disorders among people. A study conducted by the World Health Organization in 2019 stated an estimate of about 900 million people worldwide is likely to suffer from hearing loss by the end of 2050. The study also states about 1.1 billion people within the age group of 12 to 35 years are prone to hearing impairment because of exposure to noise in recreational settings. Such statistics clearly indicate the benefit of the global market in the near future.

Another factor promoting market growth is the rise in the geriatric population. Besides this, governments are taking initiatives such as health benefit programs, awareness programs, setting up more ENT clinics, and others and this is also anticipated to boost the global market in the coming years.

However, certain factors may pose a challenge to the hearing aids market. Long-term use of hearing aids may cause moisture in the ears or ear wax, and feedback problems. Moreover, the wrong size hearing aid may also result in handling problems. This may cause hindrances to the market in the long run. Therefore, manufacturers are focusing on the production of a cleaning kit in order to maintain the cleanliness of these hearing devices. This may create lucrative growth opportunities for the market in the forecast period.

Market Dynamics:

  1. Increasing Prevalence of Hearing Loss: The increasing prevalence of hearing loss is expected to drive the growth of the Hearing Aids Market. According to the WHO, over 1.5 billion people worldwide suffer from some degree of hearing loss, and this number is expected to rise to 2.5 billion by 2050.

  2. Technological Advancements in Hearing Aids: There have been significant advancements in hearing aid technology, including the development of digital hearing aids, Bluetooth-enabled hearing aids, and rechargeable hearing aids. These advancements have improved the performance and usability of hearing aids, making them more convenient and effective for users.

  3. Growing Aging Population: The growing aging population is another key driver of the Hearing Aids Market. As people age, they are more likely to experience hearing loss, and the demand for hearing aids is expected to increase.

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Rising Geriatric Population and Rise in Hearing Problems to Help North America Dominate Market

In 2018, North America earned a revenue of USD 3.19 billion. Thus, the report states North America to emerge as one of the dominant regions in the global hearing aids market. A study conducted in 2018 by the Population Reference Bureau, the number of people aged 65 and above is expected to rise from 52 million in 2018 to 95 million by the end of 2060. This is accounted for an estimated of 23.0% of the population of North America at that time. The rise in the geriatric population, coupled with an increase in per capita expenditure on health, and a rise in awareness about hearing aids will help this region generate attractive revenue in the coming years.

Additionally, the number of aging population in nations such as Germany, France, and UK are expected to promote the market in Europe and help this region grow significantly in the forecast period. On the other side, the surge in disposable incomes of people across Asia Pacific is estimated to boost the hearing aids market in China and India. The rise in awareness about hearing disorders and the availability of cures and devices for improving hearing ability will help the market in the region grow rapidly.

Regional Analysis:

North America dominates the Hearing Aids Market due to the high prevalence of hearing loss in the region and the availability of advanced hearing aid technology. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period due to the increasing prevalence of hearing loss in the region and growing awareness of the benefits of hearing aids

Competitive Landscape:

The Hearing Aids Market is highly competitive, with the presence of several major players, including Sonova Holding AG, William Demant Holding A/S, GN Store Nord A/S, and Sivantos Pte. Ltd. These companies are focusing on strategic partnerships, mergers and acquisitions, and new product launches to strengthen their market position.

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.Fortune Business Insights puts light on some of the players operating in the global hearing aid market. These include:

  • Sivantos Pte. Ltd.
  • Cochlear Ltd.
  • Sonova
  • Starkey
  • MED-EL
  • GN Store Nord A/S
  • Widex A/S
  • Others

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