Hearing Aid Manufacturing in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Loud and Clear: An Increasingly Elderly Population Will Likely Sustain Rising Demand for Hearing Aids

Rising rates of hearing loss from an aging population have been supporting sales of hearing aids in recent years. At the same time, innovative tech advances improve the sound quality, aesthetics and comfort of hearing aids, broadening their appeal. Growing adoption of other hearing health products like cochlear implants has benefited hearing aid manufacturers. Still, US-based manufacturing facilities have struggled. Import penetration has risen, an outcome of companies shifting US production facilities to countries where labor is more affordable. COVID-19 exacerbated volatility as manufacturers confronted a disrupted global supply chain, heightened input costs, weak demand for hearing aids and a strong US dollar. Alleviating pandemic conditions haven't been able to recoup the loss post-COVID, while recession concerns and inflation lower consumers' spending on hearing aids in 2023. A few strong years offset this, leading industry-wide revenue to expand just modestly at a CAGR of 0.5% to an estimated $2.2 billion over the past five years, including an expected drop of 0.6% in 2023.

This industry manufactures audiological devices, including hearing aids, measurement and testing devices and cochlear implants.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.