Hearing Aid Market Outlook, 2028

Hearing loss is a prevalent and often underestimated health concern that can significantly impact one's quality of life. According to the World Health Organization (WHO), 430 million people worldwide need rehabilitation for disabling hearing loss. This is about 5% of the world's population. However, with advancements in technology, hearing aids have emerged as effective devices to mitigate the challenges associated with hearing impairment. Hearing loss can be caused by various factors, including age, genetics, exposure to loud noises, and certain medical conditions. It can range from mild to profound, affecting different frequencies of sound. The impact of hearing loss goes beyond the physical ability to hear; it can lead to social isolation, communication difficulties, and a diminished overall well-being.

The hearing aids industry has undergone remarkable transformations in recent years, driven by technological advancements, changing consumer expectations, and a growing awareness of the impact of hearing loss on individuals' lives. Hearing aids are small electronic medical devices that allow persons with mild to severe hearing loss to hear effectively. One of the primary drivers projected to drive market demand for hearing devices and implants is the increasing prevalence of hearing loss and impairment among the population, particularly among the elderly. The global patient population suffering from hearing loss due to age and other conditions is growing.

Increasing activities to create knowledge about hearing devices and implants among the global population, on the other hand, are likely to drive hearing aids market growth over the forecast period. In addition, market participants are increasing their R&D activities in order to develop technologically improved devices.

They are also including innovative and advantageous features into these gadgets, which will boost the market throughout the projection period. The general public's growing awareness of hearing loss and hearing aid devices is also projected to fuel the expansion of the studied industry. It will also raise awareness of hearing loss and the benefits of hearing aids for those with hearing loss. For example, the WHO and relevant countries observe World Hearing Day on March 3rd each year to promote awareness of hearing loss and safe listening. WHO provides a specific grant to individuals who intend to conduct these ‘awareness campaigns’. As a result of increased awareness regarding hearing loss, it is projected that awareness about hearing equipment would improve.

Moreover, the companies in the market are enhancing their product through technological innovation and launching new devices, which are also expected to augment the growth of the hearing aids market during the forecast period. For instance, in February 2022, Oticon announced introducing the Oticon More technologies into pediatric hearing aids. The new Oticon Play PX family is one of the world's first hearing aids for children with an onboard Deep Neural Network (DNN).

According to the research report, “Global Hearing Aids Market Outlook, 2028”, the market is anticipated to cross USD 15 Billion by 2028, increasing from USD 10.30 Billion in 2022. The market is expected to grow with more than 6.89% CAGR by 2023-28. Hearing loss and deafness have affected a vast number of people all over the world. Constant research and development approaches to improve existing gadgets using technology will fuel market expansion in the next few years. The availability of connectivity for these devices via a wireless medium will drive market expansion. Most people with hearing loss refuse to accept the truth that their condition may worsen in the future. There is also a societal stigma that is impeding the expansion of this sector. A person with hearing loss may be hesitant to utilize these devices. A patient's quality of life suffers as a result of hearing loss.

Despite the fact that large amount of the population is suffering from these conditions across the globe a smaller number of people take a test in order to understand the difficulties. There has been a dramatic advancement in this technology in recent years. The market is expanding as the geriatric population, particularly those aged 65 and older, grows significantly; also, the baby boomer generation is reaching retirement age. There is also an increase in noise pollution, which contributes to the prevalence of hearing loss. In addition, the greater middle class in both established and developing nations has grown in wealth, increasing their purchasing power.

These forces will eventually propel the hearing aid market forward. It has also been found that the prevalence of dementia is higher in those who have hearing loss, and there are studies that show that wearing hearing aids can improve cognitive performance. This, in turn, propels the hearing aids market.

According to one study, using hearing aids can help reduce the incidence of depression. Untreated hearing loss lowers one's quality of life. Furthermore, those with modest hearing loss are three times more likely to have a history of falling than people who do not have hearing loss. The study also found that using hearing aids improves with balance. All of these reasons are propelling the hearing aid market forward. Regulatory standards for hearing aids vary globally. Different regions have their own regulatory bodies, such as the FDA in the United States and the EMA in Europe, contributing to a diverse landscape of compliance requirements.

Europe dominated the market with major market share owing to an increase in the prevalence of auditory loss and a rise in awareness regarding technological advancements across the region.

The major market growth in Europe is due to the surge in Europe's ageing population and growing incidences of hearing loss in the region. Based on age, changes in the peripheral and central auditory systems have led to hearing impairment. Also, there are favorable reimbursement policies in the region. Some countries, such as the UK and Denmark, cover the cost of hearing aids and related services. There are many reimbursement rates for end users, like accessories, hearing aid, examination, fitting of the hearing aid, and follow-up, among others. Also, Germany, UK and France are considered some of the largest markets in Europe. Europe has been home to some of the pioneering companies in the hearing aids industry. Long-established and reputable manufacturers, often with a history dating back several decades, have built a strong foundation for the industry in Europe.

European countries, particularly Germany, Denmark, and Switzerland, are known for their emphasis on research and development in the field of medical devices, including hearing aids. European manufacturers have been at the forefront of technological innovation, producing hearing aids with advanced features such as digital signal processing, wireless connectivity, and artificial intelligence. Several of the world's leading hearing aid manufacturers are headquartered in Europe. Companies like Sonova (Switzerland), GN Hearing (Denmark), and WS Audiology (Denmark) are major players in the global market.

These companies have contributed significantly to the advancement of hearing aid technology. The well-developed healthcare infrastructure in many European countries supports the hearing aids market. Access to healthcare services, including audiology clinics and rehabilitation services, facilitates the identification and treatment of hearing loss.

Europe has a robust regulatory framework for medical devices, ensuring that hearing aids meet strict standards for safety and efficacy. The Conformité Européenne (CE) marking is a certification that indicates compliance with European Union regulations, enhancing consumer confidence in the quality of hearing aids.

Based on the product type, the Behind-The-Ear (BTE) hearing aids segment accounted for the largest revenue share of over 35% in 2022 in global hearing aids market.

The increasing awareness among the patient population and rising diagnosis rate are boosting the demand for and adoption of these devices. The increasing focus of key players to expand their global presence and strengthen their product portfolio by growing number of product approvals and launches will help the market grow. In August 2021, Sonova launched active vent hearing aid technology to increase its product portfolio in this market. BTE hearing aids are comfortable to wear and do not obstruct the ear canal, which some users find uncomfortable. BTE hearing aids are popular among users because they can be customized to fit individual preferences and hearing needs. BTE hearing aids are more durable than other types of hearing aids, which is beneficial for people who lead active lives. Many BTE hearing aids are now wirelessly connected, allowing users to connect to smartphones, televisions, and other devices.

BTE hearing aids consist of a small curved case that comfortably fits behind the ear. Modification of these products is possible by connecting them to external sound sources, such as infrared listening systems and auditory training equipment. Various BTE models are Bluetooth compatible, and they enable better wireless connectivity, thus driving the market. These devices also provide a higher sound amplification owing to a strong amplifier and a large battery. Furthermore, BTE devices are easy to handle and clean and are preferred by the younger population. Moreover, they don’t need device replacement as the child grows. With technological advances, new products, such as the Mini BTE are developed, which are smaller in size and provide more comfort. These factors are responsible for the growth of these BTE products in the market.

Based on the technology, the digital segment dominated the market with prominent revenue share 2022 and is anticipated to grow at the fastest CAGR over the forecast period.

Digital hearing devices analyze sound more correctly and effectively than analogue hearing aids, resulting in higher sound quality for users. Digital hearing aids may be customized to meet individual hearing needs and preferences, making them a more personalized solution for hearing loss. Digital hearing aids provide advanced noise reduction technology, which helps minimize background noise and improve speech recognition in busy circumstances. Wireless connectivity is now available in many digital hearing aids, allowing users to connect to cellphones, televisions, and other devices. Because of the aging population and the presence of a substantial number of patients with hearing loss, new technologically advanced hearing aids with Bluetooth, wireless connectivity, iOS & Android compatibility, AI, and remote-controlled capabilities have been developed and commercialized.

Although hearing aid technology has improved greatly in recent years, hearing aids have always included four key components that are a sensor, a transmitter, a receiver, and a power supply. Noises from the surroundings are collected by the sensor and sent to the CPU. The signal is boosted by the processor and sent to the receiver, which amplifies it and sends it to the inner ear. A power generator, such as a battery, powers the system. Hearing aid systems are classified as advanced or simple based on the complexity of the processor. Even today's most basic digital hearing aids provide a significant gain over the best hearing aids from previous decades.

Artificial intelligence (AI) is used in some high-end hearing devices to analyze sounds using a deep convolutional neural network. Wearable devices can begin making such changes automatically when the environment is recognized by logging control valve settings and program options for specific sound settings. Analogue devices are rapidly becoming obsolete due to their slower rate of evolution than their electronic counterparts.

On the basis of application, the demand for home applications is driven by the increasing emphasis on remote healthcare solutions and the desire for user-friendly, customizable devices.

Many modern hearing aids come with smartphone applications that enable users to make remote adjustments to their devices. This is especially convenient for individuals who may find it challenging to visit a healthcare facility frequently. Hearing aids with Bluetooth connectivity allow users to connect their devices to various audio sources at home, such as TVs, smartphones, and audio systems. This enhances the overall listening experience and seamlessly integrates with daily activities. The trend of telehealth has extended to audiology, allowing individuals to connect with audiologists remotely.

Teleaudiology services enable virtual consultations, adjustments, and follow-ups from the comfort of one's home. Home applications associated with hearing aids often include features for personalization, enabling users to customize settings based on their specific preferences and the acoustics of their home environment.

Home applications are designed to be user-friendly, catering to a diverse user demographic, including the elderly population. Clear interfaces and straightforward controls contribute to the usability of these applications at home. However, hospitals and audiology clinics are primary locations for the initial fitting of hearing aids and comprehensive assessments. Audiologists conduct thorough evaluations to determine the extent of hearing loss and prescribe suitable devices. Hospitals provide facilities for diagnostic testing, including audiograms and other assessments, which are crucial for the accurate diagnosis and treatment of hearing impairment.

While telehealth services are becoming more prevalent, in-person consultations at hospitals remain important, especially for complex cases or situations requiring physical examinations. Hospitals often offer specialized services for more severe cases of hearing loss or cases with underlying medical conditions. Surgical interventions, cochlear implants, and other advanced treatments are typically provided in hospital settings.

The adult segment is expected to record a higher market share in 2022 as the prevalence of hearing loss and diagnosis rate of this condition is increasing among the adult population.

Adults have typically been the most common type of hearing aid patient. This is due to the fact that hearing loss is more common in adults, particularly the elderly. The World Health Organization estimates that around 466 million people worldwide have debilitating hearing loss, with adults over the age of 65 forming the bulk of these persons. Furthermore, persons with hearing loss appear to be more willing to seek out and use hearing aids because they are more conscious of the impact of hearing loss on their daily lives. Because of the higher incidence and prevalence of hearing loss among the older population worldwide, this sector dominates the market.

Age-related hearing loss, also known as presbycusis, is a common condition that affects a large proportion of the adult population. As individuals age, the sensitivity of the auditory system tends to decline, leading to hearing loss. This demographic trend contributes significantly to the demand for hearing aids among adults.

With improvements in healthcare and living conditions, the global population is experiencing an increase in life expectancy. As individuals live longer, the prevalence of age-related conditions, including hearing loss, becomes more pronounced, further driving the demand for hearing aids among older adults. Certain occupations, particularly those involving exposure to loud noises, can contribute to hearing loss. Adults who have worked in environments with high noise levels, such as construction sites or manufacturing facilities, may experience hearing impairment, necessitating the use of hearing aids.

Cultural and lifestyle factors can influence the prevalence of hearing loss among adults. Factors such as exposure to loud music, participation in recreational activities with high noise levels, and limited awareness about hearing protection contribute to the higher incidence of hearing loss in the adult population.

Furthermore, the growing burden of the senior hearing-impaired population has led to an increase in hearing aid usage, which is expected to drive the global hearing aids market throughout the forecast period. Pediatric hearing loss, on the other hand, is rare and often discovered at an early age through screening programs. Children's hearing aids or assistive listening devices, such as cochlear implants, are more specialized and require a different approach to fitting and administration.

In 2022, the sensorineural hearing loss segment accounted for the most significant global hearing aids market share mainly due to the rising incidence of hearing loss, specifically sensorineural hearing loss, in the pediatric and adult population.

Sensorineural hearing loss is the most prevalent type of hearing loss and the one that requires the use of hearing aids the most. As a result, the great majority of hearing aids on the market are designed to help patients who suffer from sensorineural hearing loss. Sensorineural hearing loss occurs when the inner ear or auditory nerve is destroyed, which can occur as a result of age-related hearing loss, exposure to loud noises, or certain medical diseases. This form of hearing loss usually inhibits a person's ability to hear high-pitched sounds and understand speech. The incidence of abrupt sensorineural hearing loss, for example, is 520 occurrences per 100,000 people. Furthermore, as the number of people suffering from sensorineural hearing loss rises, prominent market participants are constantly developing and commercializing innovative and sophisticated ITE and BTE hearing aids.

Sonova, for example, debuted the Bolero B-PR, a groundbreaking BTE hearing aid with lithium-ion rechargeable technology. Geriatrics is an important section of the entire patient pool due to the senior population's increased sensitivity to sensorineural hearing loss. As a result, the high prevalence of sensorineural hearing loss, combined with the rising geriatric patient pool, is propelling this segment of the hearing aids market forward. Hearing aids can assist senior patients with mild-to-moderate SNHS in both ears. Hearing implants, such as cochlear implants, are an option for people with severe hearing loss who do not benefit from hearing aids.

Conduction hearing loss, on the other hand, is caused by a blockage or injury to the outer or middle ear, which can help prevent sound from reaching the inner ear. Conductive hearing loss is often treated with medicine or surgery, but hearing aids may be advised in some circumstances to aid in hearing improvement.

Market Drivers

• Aging Population: The global increase in the aging population is a significant driver for the hearing aids market. As people age, the prevalence of hearing loss tends to rise, creating a growing demand for hearing aids. The aging demographic in many developed countries, as well as emerging markets, contributes to the expansion of the customer base for hearing aid manufacturers.
• Technological Advancements: Ongoing advancements in hearing aid technology, including digital signal processing, wireless connectivity, and miniaturization, have improved the performance and user experience of hearing aids. These technological improvements enhance the functionality of hearing aids, making them more user-friendly and effective. Features like Bluetooth connectivity, smartphone integration, and improved sound processing contribute to increased adoption.

Market Challenges

• High Cost and Limited Accessibility: Hearing aids can be expensive, and in some regions, accessibility to affordable hearing healthcare remains a challenge. This can limit the adoption of hearing aids, especially in lower-income populations. High costs can result in a significant portion of the population with hearing impairment not being able to afford hearing aids, leading to untreated hearing loss and a reduced market potential.
• Stigma and Awareness: There is still a social stigma associated with wearing hearing aids, and lack of awareness about the benefits of early intervention for hearing loss can hinder the acceptance and usage of hearing aids. Overcoming the stigma and raising awareness about the importance of addressing hearing loss are crucial for expanding the market. Educational initiatives and changing societal perceptions can play a role in overcoming this challenge.

Market Trends

• Smart Hearing Aids: The integration of smart technologies, such as artificial intelligence, machine learning, and connectivity features, into hearing aids is a growing trend. Smart hearing aids can adapt to different environments, provide personalized settings, and connect with other devices. Smart hearing aids offer enhanced user experiences and better customization, contributing to increased adoption, particularly among tech-savvy consumers.
• Telehealth in Hearing Care: The adoption of telehealth solutions in the field of audiology is on the rise. Remote diagnostics, adjustments, and consultations offer more convenient and accessible hearing healthcare services. Telehealth trends can improve accessibility to hearing care services, particularly in regions with limited access to audiological facilities, and contribute to early intervention for hearing loss.

COVID-19 Impact

Many hearing aid manufacturers rely on complex global supply chains. The pandemic, with its lockdowns, travel restrictions, and disruptions in manufacturing, could have affected the production and distribution of hearing aids. Economic uncertainties and job losses associated with the pandemic may have led to a reduction in consumer spending. Lockdowns and restrictions on non-essential services could have affected the availability of in-person hearing healthcare services. Routine check-ups, hearing tests, and fittings might have been postponed, affecting both the diagnosis of hearing loss and the distribution of hearing aids.

The pandemic accelerated the adoption of telehealth services across various healthcare domains. This trend likely affected the hearing aid industry, with increased interest in remote consultations, diagnostics, and adjustments for hearing aids. The pandemic heightened awareness of health and well-being.

Individuals may have become more conscious of their overall health, including their hearing health. This increased awareness could lead to a higher demand for hearing aids as people seek solutions for untreated hearing loss. The disruptions caused by the pandemic might have led to delays in product launches and the development of new hearing aid technologies. Companies may have redirected resources to address immediate challenges, affecting their innovation timelines. Depending on the region, governments may have implemented support measures to aid healthcare industries. Policies related to healthcare funding and reimbursement for hearing aids could influence the accessibility of these devices during the pandemic. Changes in daily routines, work patterns, and social interactions during lockdowns have influenced the way people perceive and manage their hearing health. Adapting to new communication environments, such as virtual meetings, could impact the perceived need for hearing aids.

Competitive Landscape

The global market for hearing aids is quite competitive. With the advancement of technology, more small and mid-sized businesses are entering the market to increase their position in this expanding market. In addition, the emphasis on developing and discovering new items has helped important players build a large client base. WS Audiology A/S, Sonova Holding AG, Starkey Hearing Technologies, GN Store Nord A/S, Microson S.A.U., Audina Hearing Instruments, Inc., RION Co., Ltd., Horentek Hearing Diagnostics, Arphi Electronics Private Limited, Eargo Inc., Amplifon SpA, Bernafon AG, Eartechnic, MED-EL Medical Electronics, Advin Health Care, Cochlear Ltd and Oticon Company are the major companies in the global hearing aids market.

Furthermore, large businesses are concentrating on strategic acquisitions, licensing, and collaboration agreements with developing players to obtain access to commercially launched products and penetrate the global hearing aids market. For instance, in 2022, Sonova acquired the HYSOUND group, one of the leading national chains of audiology care clinics in China, to expand its brand presence and brand value in China.

Key Developments

• In February 2023, Starkey launched its new hearing aid device, Genesis AI. Genesis AI has a new processor, industrial design, and Neuro Sound Technology. Genesis AI comes with Pro8 hydra shield technology, making it sweats, dirt, and dunk resistant.
• In February 2023, Lucid Hearing expanded its partnerships with several retail partners to increase access to hearing devices by making it available over-the-counter to the patient population.
• In November 2022, Cochlear Limited received US Food and Drug Administration (FDA) approval for the Cochlear Nucleus 8 Sound Processor. The Nucleus 8 Sound Processor features Cochlear's latest and most innovative hearing technology to sense changes in a person's environment and automatically adjust their listening settings.
• In 2022, Cochlear Ltd. sold approximately 700,000 hearing implants. The increasing prevalence of hearing disorders along with rising adoption of these hearing devices sold through hospital pharmacies are anticipated to expand the medical channel segment.

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Global Hearing Aids market Outlook with its value and forecast along with its segments
• Region & Country-wise Hearing Aids market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report

• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

By Product

• Behind-the-ear Hearing Aids
• Receiver-in-the-ear Hearing Aids
• In-the-ear Hearing Aids
• Canal Hearing Aids
• Other Hearings Aid Devices (Bone Conduction Hearing Aids, Implantable Hearing Devices)

By Technology

• Digital
• Analogy

By Application

• Home
• Hospital

By Patient Type

• Adults
• Pediatrics

By type of hearing loss

• Sensorineural
• Conductive

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Hearing Aids industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.
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