Hearing Aids Market Analysis

Hearing Aids Market Overview

Hearing Aids Market Size was valued at USD 12.15 Billion in 2023. The Hearing Aids industry is projected to grow from USD 13.16 Billion in 2024 to USD 25.37 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.55% during the forecast period (2024 - 2032). A hearing aid is a device that has been developed for people who are unable to hear for specific reasons. The recent technological advancement in the hearing aid device is fueling the customers' demand and increasing the demand are the key market drivers enhancing market growth.

Key industry drivers boosting market expansion include rising consumer demand and the recent technological advancement of hearing aid devices. In addition to aging of the ear itself, hearing loss can be brought on by factors such as chronic inflammation, vascular dysfunction, noise exposure, hereditary predisposition, and physiological deterioration. This may cause more people all across the world to have hearing loss, which would boost demand for these products. The rising number of people who need and use hearing aids is fueling predictions of rapid expansion for the market.

Furthermore, hearing aids have come a long way in the past decade. Multiple patients' problems have been solved and their hearing experience has been enhanced thanks to the tiny device's incorporation of smart technology and the introduction of digital platforms. Increases in the prevalence of hearing loss due to the aging population are major factors driving the market expansion, along with rising consumer awareness of technologically improved equipment for the treatment of deafness and hearing impairment.

The market should also benefit from innovations in hearing aid technology, such as the ability to connect aids wirelessly to mobile phones. Additionally, cochlear implants are becoming increasingly popular, particularly among young people. Medical professionals are generally in favor of using cochlear implants to treat hearing loss at an early age. This is a factor that is expected to boost the industry.

In August 2023, to further lower cost and convenience obstacles for persons with hearing loss, Audicus announced the debut of a new monthly subscription program, Audicus Premier, and a new range of hearing aids, the Series 2, with enhanced sound processing and new capabilities. In a time when research suggests a link between untreated hearing loss and issues like dementia, melancholy, anxiety, social isolation, and falls in the elderly, the new hearing aids and subscription service may give people the tools they need to take charge of their hearing health.

Hearing Aids Market Trends

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  Increasing Prevalence of Hearing Loss rising product demand to boost market growth

  
  

Hearing loss has become the most common disorder in patients, especially in industrialized countries. According to the WHO, an astonishing 466 Billion people across the globe are living with disabling hearing loss, equating to about 6.1% of the world’s population. Moreover, there is a prediction that this number would reach about 1.5 billion by 2050, primarily due to an increase in the aged population. Besides, chronic inflammation, vascular disorder, noise exposure, genetic susceptibility, and physiological aging of the ear may also cause hearing loss. This factor may lead to an increasing number of hearing impairment patient populations globally, thereby increasing sales of these devices. According, to the EHIMA’s annual sales number, over 17.05 Billion hearing devices were dispensed across the globe in 2019, an increase of 6.4% compared to the previous year. Due to the increasing number of hearing device users, the market is anticipated to witness significant growth.

Additionally, In the past decade, there has been a tremendous advancement in hearing aids. The incorporation of smart technologies and the emergence of digital platforms in the mini device have helped overcome multiple patients' difficulties and have improved their hearing experience. Digital devices are being introduced to the market. Features such as smartphone compatibility, Bluetooth connectivity, high sound processing, artificial intelligence (AI), rechargeable batteries, and the latest tinnitus masking have leveraged the hearing device's potential to no bounds.

For instance, in October 2021, Audible launched the “Arc AI”, a full-line of AI-driven hearing aids that supports the most advanced sound quality available, which are another factor driving the growth of the Hearing Aids Market revenue

Hearing Aids Market Segment Insights

Hearing Aids Technology Type Insights

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.

Hearing Aids Distribution Channel Insights

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. Independent retail stores dominated the market owing to the low entry barriers for new retail outlets, high-profit margin, and high level of interaction with customers. Key players operating in independent retail sales include Walmart, Costco, and CVS.

Figure 2: Hearing Aids Market, by Technology, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst ReviewIn August 2023, a new rechargeable hearing aid, the Moxi V-RS, based on Unitron's Vivante platform, was introduced. According to Unitron, the Moxi V-RS's left and right earpieces were individually carefully crafted to ensure maximum comfort. The Moxi V-RS is equipped with a magnetic charging case that can be used to power up the device on the go. They can easily fine-tune the sound quality of their hearing aids in the moment with the help of the Remote Plus app. 

In July 2022, Apple may be planning to improve the sector by releasing new, improved versions of its best-selling wireless earbuds. The addition of sophisticated hearing health functions is particularly noteworthy, as it enables AirPods to conduct a dedicated hearing test to evaluate the user's aural acuity. Apple is looking into ways to market the AirPods as a replacement for cumbersome and expensive hearing aids, among other uses. Apple is attempting to include hearing-aid-like functions into its wireless earphones in order to compete in the $10 billion annual hearing aid market.

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