Hearing Aids Market - Forecasts from 2022 to 2027

The hearing aids market is projected to grow at a CAGR of 10.61% to reach US$15.155 billion by 2027, from US$7.484 billion in 2020.

The rising prevalence of hearing loss or hearing impairment among individuals is causing them to become more aware of the importance of consuming healthy hearing aids in order to mitigate the chances of suffering further complications and boost the market growth.

According to the World Health Organization (WHO), there are around 466 million individuals that suffer from hearing loss, out of which around 34 million are children. WHO also estimates that the number of people suffering from hearing loss will reach around 900 million by 2050. Hearing loss in individuals is caused by major genetic causes, complications caused at birth, certain infectious diseases, chronic ear infections, use of particular drugs, and exposure to excessive noise, among some other factors. It has also been found that about 1.1 billion young children have suffered hearing losses due to exposure to loud noises and sound levels in recreational settings.

In addition, the expenditure that needs to be spent on hearing loss and the unaddressed hearing loss problems take the total cost to US$750 billion globally in a year. Individuals benefit from early detection of hearing loss so they can be given hearing aids and no future damage occurs to their ears. There are different solutions that are being implemented and recommenced by the patients, such as cochlear implants, and assistive devices, among others. Therefore, this is increasing the awareness among patients and thus causing a surge in the demand for hearing aids and propelling the market growth over the forecast period.

Increasing efforts are being made by the organizations in order to promote the usage and adoption of hearing aids among patients that are suffering from different types of hearing loss in order to improve their hearing capability and prevent further damage to their ears and ear health.

There are organizations that are involved in providing assistance by setting up programmes in order to decrease the cases of hearing loss and prevent further damage that can be caused to individuals due to any lack of awareness. For example, the World Health Organization (WHO) is assisting the Member States in order to develop programmes for ear health and hearing care that must be integrated into the primary healthcare system of every country. Some of the work WHO is carrying out includes;

providing technical support in the member states for facilitating the development of the national plans for hearing care, taking steps and measures in order to provide the necessary resources in order to effectively guide healthcare providers and healthcare workers in regards to hearing care. Providing technical resources and other forms of guidance for the purpose of training healthcare workers on hearing care and distributing the recommendations so as to address the major and preventable causes of hearing loss and undertaking advocacy so that awareness regarding hearing loss and hearing problems can be raised about the rising prevalence and impacts that hearing loss holds.

Some of the few key points and platforms that are being focused on are building effective partnerships, hearing care programs, and taking effective initiatives to make hearing aids and other hearing assist solutions more affordable to the low-income population as well. Furthermore, WHO is also promoting their WHO-ITUY global standard in which they have prescribed the recommended hearing levels and other basic standards for home audio equipment and devices, so as to promote the practice of safe listening and not cause any damage to the ears, which is being achieved through their Make Listening Safe initiative. Hence, the presence of such safety guidelines and the continuous efforts being made by organizations such as WHO, among others, are leading to an increased demand for hearing aids and thus contributing to the market growth further over the forecast period.

The offering of better and more advanced varieties of hearing aids with enhanced technologies such as AI and durability, among other properties, by existing and new players in different markets is estimated to lead to increased adoption and propel the market growth further over the forecast period.

COVID-19 SCENARIO

The healthcare sector has been significantly impacted by the COVID-19 outbreak. Due to the delayed procedures like the cochlear implantation technique, which is one of the crucial treatments to treat hearing impairments, the pandemic had a negative effect on the overall sales of hearing aid assistance goods. Leading manufacturers' sales of hearing aids decreased as a result of this. In order to reallocate resources, a number of optional treatments are also being cancelled or delayed. Hearing aid sales in the United States have decreased by 29.7% in the first half of 2020, according to the Hearing Industries Association (HIA). The pandemic had a negative impact on the overall sales of hearing aid support goods because operations like the cochlear implantation technique, one of the most important therapies to address hearing problems, were delayed. As a result, leading manufacturers' hearing aid sales have declined. Despite all of these challenges, the COVID-19 situation globally is beginning to normalize, which is helping the hearing aids industry and other medical sectors gain ground. For instance, Demant's hearing section saw a 13 percent drop in 2020 (Source: Annual Report)

KEY DEVELOPMENT

FEB 2022- The Virto line of personalised hearing aids features Phonak Paradise technology. The ultra-discreet Virto P-Titanium bespoke titanium hearing aid is also included in this bundle. The Virto P Black is an integrated in-the-ear hearing device that resembles a contemporary earbud.

AUG 2021- The world's first waterproof rechargeable hearing aid, the Audéo Life, was released by Phonak. As a result, hearing aid manufacturers are enhancing the user experience for patients with new functions and technologies, which is anticipated to drive market expansion in the upcoming years.

Some of the examples of product offerings are as follows:

• Recently, in February 2020, ReSound, one of the companies that deal in the provision of hearing solutions, announced that they had launched a new product called the “ENZO Q”, which is a hearing aid that is able to solve the major challenges most of the hearing aids being offered in the market are not able to do. These include individuals suffering from severe to profound hearing loss: in-front speeches or in environments with noise. This device shows an improvement of around 60% and can be easily connected to via smartphone, and is able to stream phone calls, music, video soundtracks, and even other audio clips on both iOS and Android devices.
• In March 2019, Starkey, which is a company involved in the provision of hearing aids for customers, announced that they have launched their new hearing aid product, which is able to facilitate technology-enabled capabilities and has been equipped with AI. The product launched is the first AI-enabled hearing aid device to be launched in the UK and was launched in the US earlier in August. In addition, the device is a rechargeable device, multi-purpose, and multi-function device, and is connectable to the Thrive app.

The North American region is expected to hold a considerable share over the forecast period.

The North American region is expected to hold a considerable market share over the forecast period owing to the fact that the healthcare industry is well established in countries such as the US and there is an increasing number of investments being made in order to improve the quality of hearing aids by different major players. The Asia Pacific region is expected to witness a significant increase in its market share over the forecast period as there is increasing spending being made on the development of healthcare products to cater to the different hearing problems of the geriatric population.

Segmentation:

By Product Type

• Behind-the-ear (BTE)
• In-the-ear (ITE)
• In-the-canal (ITC)
• Completely-in-the-Canal (CIC)
• Invisible-in-the-Canal (IIC)

By Technology Type

• Analog
• Digital

By End-User

• Adults
• Infants

By Distribution Channel

• Online
• Offline

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• UK
• Germany
• France
• Spain
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand