Denmark Hearing Aids Market Forecasts from 2023 to 2028

Digital hearing aids transform sound waves from analog to digital. Speech and ambient noise are recognized and distinguished by the processors in these digital devices. The Denmark hearing aids market is expected to grow at a CAGR of 4.46% from an initial value of US$89.331 million in 2021 to US$121.204 million in 2028.

The hearing aids sector is anticipated to develop rapidly in Denmark. The aging population and the need to address hearing loss, as well as technological advancements that are making hearing aids more accessible and efficient, are all contributing factors to this rise.

Aging Population

The primary main factor influencing the Danish hearing aid market is the rising prevalence of hearing loss brought on by the country's aging population. Nearly 19% of Denmark's overall population, according to the UNECE, are 65 years of age or older in 2020. About 25% of the entire population will be 65 years of age or older by 2040, which would boost the expansion of the hearing aid industry in the nation. As projected by the OECD, the proportion of individuals aged 65 and above compared to those aged 20-64 is expected to rise from 30% in 2012 to 43% by 2050. Coinciding with this trend, the prevalence of hearing loss increases notably with age, with the World Health Organization estimating that approximately 50% of people aged 65 years or older suffer from hearing impairment.

Governmental Support

the government of Denmark's hearing service offices and general healthcare service organizations place a strong emphasis on early deafness screening and the distribution of hearing aids to the general public. The country's healthcare infrastructure has grown quickly to accommodate the population's expanding medical demands, which will fuel market expansion even more. Denmark has one of the lowest rates of attributable mortality in the EU, according to the World Health Organisation. This shows that the people of Denmark are very aware of and concerned about their health, which will increase the number of hearing tests performed in the nation and, in turn, support the expansion of the hearing aid industry in the country over the next years.

Increasing Investment Support to the Companies

Demant A/S, a Danish provider of hearing treatment, received a €115 million loan from the EU's bank, the EIB, in November 2022. The EIB loan will fund investments in high-tech, innovative hearing product research and development (R&D), assisting persons with hearing issues worldwide to relieve challenges associated with living with hearing loss and resulting in a better quality of life and increased social inclusion. Denmark and Poland will host the R&D initiative. Additionally, in February 2021, ReSound Key, a series of hearing aids from GN Hearing (Denmark), with its tried-and-true, award-winning hearing technology was being sold.

Increasing Accessibility to Hearing Aid Services

The growth is further bolstered by improved access to hearing care services. The country has witnessed an expansion in the number of hearing care providers, offering a range of hearing aid solutions through various channels, including online retailers and hearing aid manufacturers. For instance, GN Hearing, a leading hearing aid manufacturer, introduced its advanced ReSound LiNX Quattro hearing aids in Denmark in 2022. This innovative product boasts several features aimed at enhancing the hearing experience of users, such as Automatic Directionality, which enables automatic adjustments to different sound environments, SpeechFocus to enhance speech perception in noisy settings, and WindGuard to mitigate wind noise, ensuring clarity even during outdoor activities.

Major Market Player

• Widex A/S strives to provide its clients with the best hearing aid solutions and with the latest hearing aid technolog. The company aims to maintain cost-effectiveness, soothing hearing aids products to adequately meet the needs of all customers. In October 2023, the new Widex Sound Relax was introduced with Widex SHEER which makes use of ZEN therapy to constantly create soothing, changing tones and harmonic melodies to aid concentrating at the same time helps to relax the mind.

Key Market Developments

• In August 2022, GN Hearing, a Danish maker of hearing aids and headsets introduced ReSound OMNIA, a new hearing aid technology designed to enhance people's interactions with the outside world.The company claims that ReSound OMNIA provides better hearing in loud conditions than any other ReSound hearing aid.
• In April 2023, Demant introduced its signature hearing aid, Oticon Real. Real implements Deep Neural Network (DNN) models and artificial intelligence to further the company's BrainHearingTM philosophy on Oticon's brand-new Polaris R sound processing platform. The world's first function for balancing gentle and loud unexpected noises, as well as a feature for preventing wind and managing noise, are both offered by Oticon Real.
• In September 2022, Sony Corporation ("Sony") and WS Audiology Denmark A/S ("WSA") entered into a partnership agreement and various ancillary agreements to jointly develop and provide new goods and services in the over-the-counter ("OTC") self-fitting hearing aid market, starting with the US. Through their collaboration, Sony and WSA will draw on their own technological and medical know-how to develop solutions that will influence this emerging industry.

Segmentation:

By Type

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

By Type of Hearing Loss

• Sensorineural
• Conductive

By Age Group

• Above 65 years
• 18 to 65 years
• Below 18 years

By Technology

• Conventional
• Digital