Hearing Aid Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

The market is expected to grow at a steady CAGR forecast till 2030 owing to the rising burden of hearing loss, rise in exposure to high intensity sounds leading to increase noise-induced hearing loss, and increase in product development activities by key market players across the globe.

The global hearing aid devices market was valued at USD 6.69 billion in 2023, growing at a CAGR of 5.45% during the forecast period from 2024 to 2030, to reach USD 9.20 billion by 2030. The rising burden of hearing loss is a major factor boosting the hearing aid market. Additionally, the rise in exposure to high-intensity sounds, often from environmental noise or occupational hazards, contributes to an increase in noise-induced hearing loss, which will further propel the hearing aid devices market. Further, increasing awareness and screening programs regarding hearing loss and increasing surge in product development activities are some of the key factors boosting the hearing aid devices market during the forecast period from 2024 to 2030.

Hearing Aid Devices Market Dynamics:

According to the latest data provided by the World Health Organization (2024), by 2050, nearly 2.5 billion people were projected to have experienced some degree of hearing loss, with at least 700 million requiring hearing rehabilitation. Over 1 billion young adults are at risk of permanent, avoidable hearing loss due to unsafe listening practices. Nearly 80% of individuals with disabling hearing loss had lived in low- and middle-income countries. The prevalence of hearing loss had increased with age, with over 25% of those older than 60 years being affected by disabling hearing loss.

Additionally, according to data from the Australian Government published in 2024, approximately 3.6 million people had experienced some level of hearing loss. Additionally, over one in three Australians had suffered noise-related ear damage.

As the number of individuals affected by hearing loss rises due to aging populations, environmental factors, and increased noise exposure, the demand for advanced hearing solutions, such as hearing aid devices, is growing. Efforts to reduce the stigma associated with hearing loss and hearing aids have made individuals more willing to use these devices thereby boosting the overall market of hearing aid devices.

Furthermore, World Hearing Day is held annually on March 3rd, this global event, is organized by the World Health Organization (WHO), aims to raise awareness about hearing loss and promote ear and hearing care. In 2023, the theme was "Ear and Hearing Care for All," emphasizing the need for accessible hearing care worldwide. Awareness programs educate the public about hearing loss and thus increasing the demand of hearing aid devices.

Additionally, companies are amplifying their production of hearing aid devices and securing regulatory approvals, thereby strategically expanding their market presence and driving further growth. For instance, in October 2021, Signia announced the launch of Insio Charge&Go AX, the world's first custom hearing aids featuring contactless charging, Bluetooth, and streaming capabilities for both Android and Apple iOS devices.

Thus, the factors mentioned above are likely to boost the market of hearing aid devices during the forecasted period.

However, the reduced battery life, requiring regular charging or replacement and improper use or inadequate cleaning of hearing aids can lead to ear infections or skin irritation in the ear canal which may hinder the future market of hearing aid devices.

Hearing Aid Devices Market Segment Analysis:

Hearing Aid Devices by Product Type (Behind the Ear (BTE), Receiver in the Ear Canal (RIC), in the Ear (ITE), Completely in Canal (CIC), and Others), Technology (Analog and Digital), Patient Type (Adult and Pediatrics), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the technology segment of hearing aid devices market the digital device are expected to hold a significant share in 2023. Digital hearing aids are significantly boosting the overall market for hearing aid devices by driving technological innovation, enhancing user experience, and expanding the range of functionalities available to users. Their advanced technology allows for superior sound processing compared to analog devices, providing clearer and more customizable hearing experiences. By converting sound waves into digital signals, digital hearing aids enable precise manipulation of sound frequencies, reducing background noise and improving speech clarity. This adaptability caters to a diverse range of hearing needs and environments, making hearing aids more effective and appealing to a broader audience. The inclusion of features such as noise reduction, directional microphones, and connectivity options like Bluetooth enhances the functionality of digital hearing aids, further driving their adoption. Additionally, digital hearing aids often offer integration with smartphones and other devices, allowing users to control settings and stream audio directly, which adds convenience and modernity to the user experience. The increased awareness of these advanced features, coupled with greater public acceptance and improved insurance coverage, is accelerating market growth. As technology continues to advance, digital hearing aids are becoming more accessible and affordable, thus attracting a larger segment of the population and contributing to a robust and expanding market for hearing aid devices.

Additionally, an increase in product development activities are also anticipated to augment the digital hearing aid market growth. For instance, in Feburary 2024, GN, a global leader in hearing aid innovation, announced the expansion of its ReSound Nexia family, offering enhanced options for individuals with hearing loss to benefit from advanced technology and next-generation Bluetooth connectivity.

Therefore, owing to the above-mentioned factors, the digital hearing aid category is expected to generate considerable revenue thereby pushing the overall growth of the global hearing aid devices market during the forecast period.

Asia-Pacific is expected to dominate the overall Hearing Aid Devices market:

Asia-Pacific is expected to account for the highest proportion of the hearing aid devices market in 2023, out of all regions. This can be ascribed to the increasing prevalence of hearing loss, increase government initiatives coupled with increased awareness programs for hearing disorders, and the presence of key market players engaged in merges, acquisition, product launches, and other market activities across the region are expected to escalate the market of hearing aid devices during the forecast period.

Furthermore, as per the recent data and stats provided by the Australian Government Department of Health and Aged Care (2024), it was estimated that the number of individuals with hearing impairment was expected to double, reaching an estimated 7.8 million by 2060.

For instance, according a survey report published by the Ministry of Health and Family Welfare (Government of India), in 2021, disabling hearing loss affected 2.9% of the population in the India. Additionally, as per the recent data provided by the National Council of Aging (2024), approximately, 136.5 million people in Australia, China, Japan, and New Zealand had some kind of hearing loss.

The increasing number of product development activities in the region is further going to accelerate the growth of the hearing aid devices market. For example, in April 2023, Rexton announced the launch of the breakthrough BiCore B-Li M Rugged, the most resilient Behind-The-Ear (BTE) hearing aid it had ever made. The company also expanded its BiCore portfolio with three new BTE hearing aids - the BiCore BTE M, BiCore BTE P, and BiCore BTE HP - offering durable and reliable solutions to a wider range of consumers.

Therefore, the above-mentioned factors are expected to bolster the growth of the hearing aid devices market in the Asia-Pacific during the forecast period.

Hearing Aid Devices Market Key Players:

Some of the key market players operating in the hearing aid devices market include Amplifon, Audina Hearing Instruments, Inc., Sonova, Demant A/S, audifon GmbH & Co. KG, GN Store Nord A/S, Arphi Electronics Private Limited, Foshan Vohom Technology Co., Ltd., RION Co., Ltd., Eargo Inc, Elkon Pvt Ltd., Starkey Laboratories, Inc., WS Audiology Denmark A/S, Horentek Hearing Diagnostics, Bernafon, Unitron, MDHearingAid, Istok Audio Trading LLC, AlgorKorea Co., Ltd., Microson, and others.

Recent Developmental Activities in the Hearing Aid Devices Market:

• In August 2023, Lucid Hearing, LLC announced the release of its latest hearing aid, Tala™, the highest premium option in its OTC product line. The Fort Worth-based company revealed that Tala would initially be available on lucidhearing.com and at Best Buy, with additional retailers to be added soon. Priced at $1,299, Tala would be followed by future products featuring the company's new Precision Directional Listening System (PDL) to address a full spectrum of hearing loss.
• In March 2023, USound, a leading provider of advanced audio solutions, announced its collaboration with partners to develop and deliver a reference design for a cutting-edge over-the-counter (OTC) hearing aid. The reference design integrated USound’s Kore 4.0 audio module, ASE’s Micro SiP (System-in-Package), and OBO Pro2’s innovative hearing aid design, delivering one of the most advanced hearing aids on the market.

Key Takeaways From the Hearing Aid Devices Market Report Study:

• Market size analysis for current hearing aid devices size (2023), and market forecast for 6 years (2024 to 2030)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the hearing aid devices market.
• Various opportunities available for the other competitors in the hearing aid devices market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current hearing aid devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for hearing aid devices market growth in the coming future?

Target Audience who can be Benefited From This Hearing Aid Devices Market Report Study:

• Hearing aid devices product providers
• Research organizations and consulting companies
• Hearing aid devices -related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in hearing aid devices
• Various end-users who want to know more about the hearing aid devices market and the latest technological developments in the hearing aid devices market.

Frequently Asked Questions for the Hearing Aid Devices Market:

1. What are hearing aid devices?

• Hearing aids are sound-amplifying devices designed to aid people who have a hearing impairment. Hearing aids differ by design and technology. The different styles of hearing aids are Behind-the-ear (BTE) aids, In-the-ear (ITE) aids, completely-in-the-canal (CIC) aids, among others.

2. What is the market for hearing aid devices?

• The global hearing aid devices market was valued at USD 6.69 billion in 2023, growing at a CAGR of 5.45% during the forecast period from 2024 to 2030, to reach USD 9.20 billion by 2030.

3. What are the drivers for the hearing aid devices market?

• The rising burden of hearing loss is a major factor boosting the hearing aid market. Additionally, the rise in exposure to high-intensity sounds, often from environmental noise or occupational hazards, contributes to an increase in noise-induced hearing loss, which will further propel the hearing aid devices market. Further, increasing awareness and screening programs regarding hearing loss and increasing surge in product development activities are some of the key factors boosting the hearing aid devices market during the forecast period from 2024 to 2030.

4. Who are the key players operating in the hearing aid devices market?

• Some of the key market players operating in the hearing aid devices market include Amplifon, Audina Hearing Instruments, Inc., Sonova, Demant A/S, audifon GmbH & Co. KG, GN Store Nord A/S, Arphi Electronics Private Limited, Foshan Vohom Technology Co., Ltd., RION Co., Ltd., Eargo Inc, Elkon Pvt Ltd., Starkey Laboratories, Inc., WS Audiology Denmark A/S, Horentek Hearing Diagnostics, Bernafon, Unitron, MDHearingAid, Istok Audio Trading LLC, AlgorKorea Co., Ltd., Microson, and others.

5. Which region has the highest share in the hearing aid devices market?

• Asia-Pacific is expected to account for the highest proportion of the Hearing Aid Devices market in 2023, out of all regions. This can be ascribed to the increasing prevalence of hearing loss, increase government initiatives coupled with increased awareness programs for hearing disorders, and the presence of key market players engaged in merges, acquisition, product launches, and other market activities across the region are expected to escalate the market of hearing aid devices during the forecast period.

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