Hearing Aids Market: Increasing Incidence of Hearing Loss in Recent Years is Projected to Boost Market Growth at a Healthy CAGR of 8% During the Forecast Period of 2022 to 2030

Market Research Future (MRFR) has published a cooked research report on the “Hearing Aids Market” that contains information from 2023 to 2030. The Hearing Aids Market is estimated to register a CAGR of 8% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Hearing Aids Market — Sonova, Sivantos Pte. Ltd, GN Store Nord A/S, Cochlear Ltd, WIDEX INDIA PRIVATE LIMITED, Microson, Arphi Electronics Private Limited, Zounds Hearing, Audina Hearing Instruments, Inc., and Demant A/S

Hearing Aids Market Highlights

The global Hearing Aids Market is accounted to register a CAGR of 8% during the forecast period and is estimated to reach USD 15.32 Billion by 2030.

The hearing aids market refers to the industry involved in the manufacturing, distribution, and sales of devices designed to assist individuals with hearing loss. Hearing aids are small electronic devices that amplify sound for people with hearing impairments, helping them improve their ability to hear and communicate. The market for hearing aids has experienced significant growth in recent years due to several factors, including an aging population, increased awareness and diagnosis of hearing loss, technological advancements, and changing consumer preferences.

Segment Analysis

The global Hearing Aids Market has been segmented based Technology Type, Distribution Channel .

Based on Technology Type, the Hearing Aids Market segmentation, includes Digital Hearing Aids, Analog Hearing Aids. Digital devices dominated the market with a revenue share of over 90.0% in 2021 and are anticipated to expand at the fastest CAGR over the forecast period. The analog devices are on the verge of getting obsolete with a slower growth rate as compared to their digital counterparts. Despite this, manufacturers continue to produce analog hearing aids owing to the low cost and reluctance of a handful of users to switch to digital ones. Analog devices work on the principle of increasing the intensity of continuous sound waves. A uniform amplification of all sounds such as speech and noise takes place in these products. A few analog devices are programmable owing to the presence of an embedded microchip that allows the programming of different settings for different listening environments.

Based on distribution channels, the Hearing Aids Market segmentation includes Retail Stores, E-Commerce, Others. The retail sales segment dominated the market with a revenue share of over 70.0% in 2021 and is also expected to grow at the fastest rate over the forecast period. The implementation of OTC hearing aids acts as one of the pivotal factors for a large share of retail sales. E-commerce and government purchases of these devices are expected to grow at a lucrative rate over the forecast period. The growth of the retail sales segment can be attributed to a large number of retail stores, a rising number of manufacturing companies entering retail sales, and a high sales margin. Retail sales of these products are further segmented into company-owned retail sales and independent retail stores. 

Regional Analysis

The global Hearing Aids Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America stood at USD 3.66 billion in 2021. The increasing sales volume of hearing devices, coupled with the strong adoption of less noticeable devices for more aesthetic appeal and new product launches, are some of the primary factors attributable to this region's prominent position in the market, Hence, North America is anticipated to register the highest growth rate over the forecast period from 2022–2030.

Europe is anticipated to be the second-largest region in terms of share, attributed to strong government support and increased research for developing advanced hearing devices. Furthermore, several companies' strategic presence, such as GN Store Nord A/S, Senovo, Demant A/S, and WS Audiology in the region, is expected to boost growth. According to the National Institute for Health and Care Excellence (NICE), currently, around 1,260 people in England receive cochlear implants every year. It would also propel market growth.

Asia Pacific is projected to register the highest CAGR during the forecast period due to hearing implants' increasing penetration and the rising aging population. According to Hear-it.org, nearly 3.6 Billion Australians suffer from hearing loss, and the number of people is expected to touch 7.8 Billion by 2060, surging the country's growth market.

Key Findings of the Study

·         The global Hearing Aids Market is expected to reach USD 15.32 Billion by 2030,  at a CAGR of 8% during the forecast period.

·         Asia Pacific is projected to register the highest CAGR during the forecast period due to hearing implants' increasing penetration and the rising aging population. 

·         Based on Technology Type, the Hearing Aids Market segmentation, includes Digital Hearing Aids, Analog Hearing Aids. Digital devices dominated the market with a revenue share of over 90.0% in 2021 and are anticipated to expand at the fastest CAGR over the forecast period. T

·         Sonova, Sivantos Pte. Ltd, GN Store Nord A/S, Cochlear Ltd, WIDEX INDIA PRIVATE LIMITED, Microson, Arphi Electronics Private Limited, Zounds Hearing, Audina Hearing Instruments, Inc., and Demant A/S 

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