Hearing Aids Market Size, Share & Industry Analysis, By Product (Hearing Devices (BTE {Behind the Ear}, ITE {In the Ear}, RIC {Receiver in the Canal}, CIC {Completely in the Canal}, and Others) and Hearing Implants (Cochlear Implants and Bone-anchored Implants)), By Patient Type (Adult and Pediatric), By Severity (Mild, Moderate, and Severe & Profound), By Distribution Channel (OTC, Medical Channel, and Private Practices), and Regional Forecast, 2024-2032

The global hearing aids market size was valued at USD 12.96 billion in 2023, and is projected to grow from USD 14.35 billion in 2024 to USD 34.76 billion by 2032, exhibiting a CAGR of 11.7% during the forecast period. North America dominated the global market with a share of 38.19% in 2023.

The aging population with hearing loss fuels demand for advanced hearing aids, while technological improvements further propel hearing aids industry growth. Hearing aids refer to battery-powered electronic medical devices designed to improve various forms of hearing loss and impairment among patients. The rising prevalence of hearing loss and impairment among the population, especially geriatric patients, is one of the major factors expected to spur the demand for these products in the market.

• For instance, according to a 2022 published World Report on Hearing (WRH), more than 1.5 billion people are suffering from hearing loss in at least one ear globally.

The patient population suffering from mild or moderate hearing loss due to aging and other factors is growing across the globe, resulting in a rapid diagnosis rate among patients. Increasing adoption of hearing aids, coupled with rising strategic initiatives such as acquisitions and mergers among the major players in the market, is expected to foster growth during the study period.

In addition, prominent players are increasing their focus on research and development activities to introduce technologically advanced devices, including digital hearing aids, into the market. They also include various new and beneficial features to these devices, which are expected to drive market growth during the study period.

The COVID-19 pandemic affected the market growth negatively. The restrictions imposed during the pandemic resulted in reduced patient visits for the diagnosis of hearing loss and further postponement or cancellation of their appointments in hospitals and clinics. In addition, the number of hearing impairment surgical procedures witnessed a massive decline during the pandemic, which affected the demand for hearing devices and further the revenue of players operating in the market.

• For instance, Demant A/S generated a revenue of USD 1,084.7 million in 2020 from its hearing aids segment, witnessing a decline of around 12.3% as compared to the previous year.

Hearing Aids Market Trends

Growing Technological Innovations and Integration of Artificial Intelligence to Support Market Growth

The market is witnessing an increasing focus of prominent players on research and development activities to launch innovative hearing devices with an aim to cater to the growing demand of the patient population. In addition, the integration of machine learning and artificial intelligence is resulting in growing launches of novel hearing devices in the market.

• For instance, in June 2023, Sennheiser launched two new hearing aids, All-Day Clear and All-Day Slim, in the U.S. The product is powered by Sonova technology, which features intelligent scene detection that monitors the person’s environment for seamless optimization of dialogue among patients.

Furthermore, these devices are getting equipped with technological advancements with features such as seamless hearing, geotagging, and health measures tagging, among others, which is a significant trend among the market players.

Similarly, the implementation of regenerative fuel to generate electrical charge to power these hearing devices is also becoming a popular trend among the market players. The use of methanol, which reacts with these devices in a controlled fuel cell, provides negligible loss of power and reduces wastage. The sustainable power source can be used as a sustainable alternative to the batteries in these devices to reduce the economic burden, especially in emerging countries.  

Key players, such as Widex, have incorporated fuel cells in EVOKE EC, among other brands, which is an ongoing trend in the market. This trend is aimed at replacing the current zinc-air batteries and reducing the discomfort of changing batteries when using these devices.

Thus, the shifting focus and effort of the market players in the advancements of the products is a significant trend in the global market.

Hearing Aids Market Growth Factors

Integration of Digital/Smart Technologies in the Device to Aid the Demand Among Customers, Fueling Market Growth

The increasing demand for hearing devices is resulting in a growing focus of key players to develop technologically advanced devices for the population. Increasing improvements in hearing aid technology, incorporation of digital and smart technology, artificial intelligence, and others are resulting in increased benefits for the users, further augmenting the adoption of these devices in the market.

Moreover, hearing devices with advanced features such as compatibility with smartphones, Bluetooth connectivity, high sound processing, and tinnitus masking, among others, are leveraging the functioning of these devices to no bounds. In addition, key players are focusing on the incorporation of digital and smart features in these devices, which is further increasing the adoption and penetration of these devices among the patient population in the market and thus contributing to the global hearing aids market growth. 

• For instance, In January 2021, Demant A/S launched Oticon More, which is the world’s first hearing aid with an on-board deep neural network (DNN). The device provides 30% more sound to the brain and improves speech understanding by 15%, as per the company.


• In addition, in February 2021, Starkey launched the next generation of Livio Edge AI. The device has the power of artificial intelligence to analyze the surrounding sounds and make immediate adjustments for a better user experience.

Moreover, increased adoption is further leading to the growing hearing aid sales of these devices, aiding in the revenue of key players. According to the European Hearing Instrument Manufacturers Association (EHIMA), the total units of hearing devices sold in 2023 globally were around 20.25 million, representing a growth of 4.7% as compared to the previous year.

RESTRAINING FACTORS

Lower Penetration Rate of the Devices in Emerging Countries May Hamper Market Growth

Despite many clinical advantages associated with hearing devices for patients suffering from hearing loss and impairment, a certain proportion of the patient population still does not address their hearing loss, which limits the adoption of these devices in the market.

• For instance, according to a 2020 study published by Starkey Research, it was estimated that around 42% of the people who reported no hearing trouble turned out to have mild hearing loss. Such considerations lead to a reduction in the number of tests conducted in the laboratories and zero adoption of the device by the respective person.   

Moreover, some research findings have also concluded that people who have hearing problems never get tested for their hearing impairment problem, hampering the adoption of these devices in the market.

• According to the data published by the State of Hearing Report in 2019, seven out of ten people have never been tested, even though they have hearing loss. The above factor can be prominently witnessed in lower and middle-income countries due to a lack of awareness of the importance of ear tests and usage of hearing aids. This, therefore, is responsible for the lower penetration rate of the devices across the globe.

Along with this, a lack of awareness, workshops, and initiatives coupled with lower disposable income rates among lower-income countries is also expected to limit the penetration rate of these devices in the market, thus impeding the growth of the market.

Hearing Aids Market Segmentation Analysis

By Product Analysis

Hearing Devices Segment Dominated Owing to Increasing Adoption Among Patient Population

On the basis of product, the market is bifurcated into hearing devices and hearing implants. The hearing devices segment is again segmented into BTE (behind the ear), ITE (in the ear), RIC (receiver in the canal), CIC (completely in the canal), and others. Furthermore, the hearing implants is further bifurcated into cochlear implants and bone anchored implants.

In 2023, the hearing devices segment held the largest hearing aids market share. The growing strategic initiatives to raise awareness about the benefits of hearing devices among the patient population and the increasing number of patient visits are fostering the demand and adoption of these devices.

In addition, the growing focus of key players on strengthening their presence globally and expanding their product portfolio by increasing the number of product approvals and launches is likely to support the hearing aids market growth.

• In January 2021, W/S Audiology launched Signia Active Pro earbud-style hearing aids device that offer high-tech audiological benefits. The new product provides Bluetooth connectivity and receives phone calls, among other features that are coherent with regular earbuds.

On the other hand, the hearing implants segment is poised to grow with a higher CAGR during the study period. The rising prevalence of hearing loss and impairment among patients is supporting the increasing demand for these devices in the market. Furthermore, strong strategic initiatives to raise awareness about the benefits of hearing implants are likely to aid in the segmental growth in the market.

• According to the Hearing Link report published in January 2022, about 12,000 people in the U.K. use cochlear implants. Thus, the rising adoption of cochlear implants by patients is propelling the market growth in Europe.

The aforementioned factors, along with increasing research and development activities among the manufacturers is likely to foster the adoption for these devices globally.

By Patient Type Analysis

Increasing Prevalence of Hearing Loss among Aging Population to Boost Adoption among Adults

On the basis of patient type, the market is bifurcated into adult and pediatric. The adult segment dominated the market in 2023 and is expected to grow with a higher CAGR during the forecast period. The increasing prevalence of hearing loss among the aging population is supporting the growing demand for these devices in the market. Along with this, the increasing focus of regulatory authorities on mandating access to these devices among patients is also likely to fuel the adoption of hearing devices among the undiagnosed population in the market.

• For instance, according to a 2022 news published by the U.S. Food and Drug Administration (FDA), the agency issued a final rule for over-the-counter (OTC) hearing aids to improve access to safe, effective, and affordable hearing devices among adults aged above 18 years of age.

In addition, manufacturers are focusing on strategic initiatives, including launching devices that are small and barely noticeable when worn, among others, to target the undiagnosed adult population and further encourage the use of these devices by eradicating the social stigma associated with hearing loss.

The pediatric segment is expected to register a considerable CAGR during the forecast period. The segment growth is owed to certain factors, such as the increasing infant population suffering from hearing defects, along with the effectiveness of cochlear implantation in restoring children’s hearing.

• According to an article published in Medscape in July 2022, approximately 2-4 infants per 1,000 suffer from hearing loss each year. Moreover, studies conducted across Europe and North America found a prevalence of 0.1% of children with hearing loss.

The rising prevalence of hearing loss among pediatrics, coupled with the increasing adoption of these devices for children and newborns, is anticipated to bolster the pediatric segment growth.

By Severity Analysis

Increasing Patient Visits to Hospitals & ENT Clinics for Severe & Profound Hearing Loss to Boost the Segmental Growth

Based on severity, the market is segmented into mild, moderate, and severe & profound.

The severe & profound segment dominated the market in 2023. The increasing prevalence of severe & profound hearing loss, resulting in a growing diagnosis rate in hospitals and ENT clinics, subsequently fuels the adoption of these devices among patients. 

• For instance, according to the 2021 report published by the World Health Organization, it was reported that approximately 60.5 million people are suffering from severe and profound hearing loss globally.


• According to a 2021 report published by the European Hearing Instrument Manufacturers Association, it was reported that the adoption rate for hearing aids among patients suffering from severe & profound hearing loss is about 67% in Australia.

In addition, increasing demand for these devices is further enabling the key players’ focus on research and development activities to launch these devices specific to this condition, further augmenting the growth of the segment in the market.

• In November 2019, Oticon launched Oticon Xceed specifically for patients suffering from severe & profound hearing loss.

On the other hand, the moderate segment is projected to witness considerable growth during the forecast period. The growth is due to an increasing patient population suffering from moderate hearing loss, resulting in increasing product launches and approvals.

• In May 2021, Bose launched SoundControl hearing devices specifically for patients suffering from moderate hearing loss.

The mild segment is also growing due to increasing adoption rates for this type of hearing loss, along with the availability of technologically advanced products, which is likely to support the growth of the segment in the market.

By Distribution Channel Analysis

Growing Patient Admissions to Hospitals & ENT Clinics for Treatment to Boost the Medical Channel Growth 

On the basis of distribution channel, the market is segmented into OTC, medical channel, and private practices.

The medical channel segment dominated the market in 2023. The increasing number of patient visits to hospitals and specialty clinics to avail ENT and audiology consultations and services is one of the major factors supporting segmental growth. Along with this, rising favorable health reimbursement for hearing implantation surgery and increasing penetration of hearing implants among the patient population are some of the factors expected to boost the medical channel segment growth.

• In 2022, Cochlear Ltd. sold approximately 700,000 hearing implants.

The growing prevalence of hearing diseases coupled with the increasing adoption of hearing devices sold through hospital pharmacies is expected to expand the medical channel segment growth.

In addition, the private practices segment witnessed considerable growth during the study period. The majority of players, such as Sonova, Amplifon, Demant A/S, and Lucid Hearing, among others, are intensifying their efforts to strengthen their retail channels across the world. In addition, the growth is owed to the increasing number of private practices for ENT services coupled with the rising number of patient admissions to these healthcare facilities.

• In February 2023, Lucid Hearing partnered with several retail groups to improve access to hearing devices by making them available over-the-counter among the patient population.

On the other hand, the OTC segment is expected to grow with increasing focus of governmental bodies and prominent players on improving access to hearing devices. Over-the-counter products are one of the major factors anticipated to fuel segmental growth in the coming years.

• In January 2024, RCA Accessories launched three new over-the-counter hearing aid models, including RSH082, RSH072, and RSH053, with the aim of expanding its presence in the global market.

REGIONAL INSIGHTS

On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, and the rest of the world.

North America dominated the market and generated a revenue of USD 4.95 billion in 2023. The region’s dominance is attributed to the increasing sales volume of hearing devices, the strong adoption of less noticeable hearing devices for more aesthetic appeal, and new product launches in the market.

• According to 2024 news published by Concha Labs, it was reported that the company is preparing to launch an enhanced OTC hearing aid called SoundScope, featuring hearing personalization technology aimed for better hearing among the patient population.

Asia Pacific is expected to grow with the highest CAGR during the forecast period. The increasing geriatric population suffering from hearing loss and impairment, resulting in a growing diagnosis rate, is increasing the demand for hearing devices in Asia Pacific. In addition, the growing number of players focusing on expanding their geographical footprint in Asia Pacific countries to manage the rising demand for these devices is likely to contribute to the growth of the market in the region.

• For instance, according to the data published by the Economic and Social Commission for Asia and the Pacific, it was reported that there are approximately 630 million people aged 65 years and above in 2020, which is projected to increase to 1.3 billion by 2050.

Europe also accounted for a considerable share of the market in 2023. The increasing prevalence of hearing ailments, along with a strong government focus on improving access to these products, are a few factors supporting the product demand in Europe. The increasingly favorable reimbursement scenario in countries, including Germany and the U.K., among others, coupled with rising product approvals and launches in European countries is expected to contribute to the growth of the market.

• For instance, according to a report published by Value Dx in 2021, Germany and Belgium offer reimbursements for hearing devices through pharmacies and medical supply stores through social health insurance (SHI) along with co-payments.

Such initiatives by European governments support the adoption of hearing devices, thereby driving the growth of the market.

Similarly, improving healthcare infrastructure, growing acquisitions, and partnerships are increasing among key players in order to increase awareness about the benefits of these devices. Improving access to hearing devices in emerging countries, including Mexico, Brazil, and African nations, are some of the factors boosting the growth of the market in the rest of the world.

Key Industry Players

Sonova, WS Audiology, and Others Focus on Product Portfolio Diversification to Strengthen Their Presence

There are a few key players operating in the market that hold the majority share and offer a robust and diversified range of hearing devices.

The increasing strategic initiatives coupled with the focus of key players, including Sonova, Demant A/S, and WS Audiology, on diversifying their product portfolios are likely to strengthen their global presence in the market.

• In January 2023, Sonova launched Conversation Clear Plus earbuds with the aim of diversifying its hearing solutions segment.

In addition, GN Store Nord A/S, Cochlear Ltd., and Starkey Laboratories Inc. are focusing on launching technologically advanced over-the-counter products and making effective and accurate products accessible to the patient population, which is further expected to increase the adoption of these devices and strengthen their global presence in the market.

• In October 2022, Starkey Laboratories Inc., launched an OTC hearing aid, Start Hearing One, with the aim of increasing its product offerings in the U.S.

Similarly, a few other market players, such as RION Co. Ltd. and MED-EL, among others, are focusing on strategic initiatives, including acquisitions and collaborations with other companies, which are likely to contribute to the expansion of the market share of these companies.

• In October 2021, MED-EL (Medical Electronics) partnered with Tabassum International, a distributor of audiological equipment in emerging countries, with an aim to support the expansion of its distribution network globally.

LIST OF TOP COMPANIES IN THE HEARING AIDS MARKET:

• Starkey Laboratories Inc. (U.S.)


• WS Audiology (Denmark)


• GN Store Nord A/S (Denmark)


• Cochlear Ltd. (Australia)


• RION Co., Ltd. (Japan)


• Sonova (Switzerland)


• Demant A/S (Denmark)


• MED-EL (Medical Electronics) (Austria)

KEY INDUSTRY DEVELOPMENTS

• January 2024 – Starkey Laboratories Inc. launched the Genesis AI hearing aids in Australia and New Zealand with the aim of advancing products among the patient population. The Genesis AI features an advanced processor, a long-lasting rechargeable battery, and one of the smallest rechargeable RICs with the sensor.


• October 2022 – GN Store Nord A/S announced the launch of the Jabra Enhance Plus hearing enhancement earbuds with an aim to help patients with unaddressed hearing loss.


• August 2022 – Sonova launched Oticon, its new hearing aids, which provide hearing aid wearers with an exceptional sound experience.


• March 2022 – Demant A/S expanded the Radiant family with the addition of new miniBTE styles to provide personalized solutions with the exceptional sound quality, listening comfort, and speech intelligibility that Radiant delivers.


• September 2021 – Sonova announced the expansion of audiological care services with an aim to support patients with different medical needs often co-existing with hearing loss.

REPORT COVERAGE

The report offers a detailed analysis and overview of the market. It focuses on key aspects such as competitive landscape, product, patient type, severity, distribution channel, and region. Along with this, it offers insights into the market dynamics such as drivers, hearing aid trends, among others in the market, and other key insights. In addition to the aforementioned factors, the report covers several factors that have contributed to the market’s growth in recent years.

Report Scope & Segmentation

ATTRIBUTE	DETAILS
Study Period	2019-2032
Base Year	2023
Forecast Period	2024-2032
Historical Period	2019-2022
Growth Rate	CAGR of 11.7% from 2024-2032
Unit	Value (USD Billion)
Segmentation	By Product Hearing Devices BTE (Behind the Ear) ITE (In the Ear) RIC (Receiver in the Canal) CIC (Completely in the Canal) Others Hearing Implants Cochlear Implants Bone Anchored Implants
By Patient Type Adult Pediatric
By Severity Mild Moderate Severe & Profound
By Distribution Channel OTC Medical Channel Private Practices
By Region North America (By Product, Patient Type, Severity, Distribution Channel, and Country) U.S. Canada Europe (By Product, Patient Type, Severity, Distribution Channel, and Country/Sub-Region) Germany U.K. France Italy Spain Scandinavia Rest of Europe Asia Pacific (By Product, Patient Type, Severity, Distribution Channel, and Country/Sub-Region) China Japan India Australia Southeast Asia Rest of Asia Pacific Rest of the World (By Product, Patient Type,  Severity, and Distribution Channel)