Hearing Aids Market Size, Share & Trends Analysis Report By Product Type (Behind-the-Ear, Canal), By Technology Type (Digital, Analog), By Sales Channel, By Region, And Segment Forecasts, 2022 - 2030

Hearing Aids Market Growth & Trends

The global hearing aids market size is expected to reach USD 15.5 billion by 2030, according to a report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.9% from 2022 to 2030. Increasing adoption of hearing aids, the growing awareness regarding technologically advanced products for the treatment of auditory loss, and the rising prevalence of auditory loss are some of the factors contributing to the market growth. The World Health Organization estimates that by 2050, the number of individuals living with severe hearing loss would approach 900 million. Besides that, physiological ear aging, hereditary vulnerability, increasing noise exposure, vascular illness, and chronic inflammation are factors that will contribute to the growing need for hearing aid. Hearing aid support items are also benefiting from government-funded projects. The majority of nations with greater penetration rates have government-funded hearing aid and accessory programs, subsidies, or full or partial reimbursements.

Covid-19 has adversely affected the healthcare industry. As a result of the COVID-19 pandemic, more people are opting for remote monitoring. The crisis has brought a new paradigm in hearing healthcare that mandates a revolutionary reconsideration of audiology service delivery. Low- and no-touch therapies are becoming increasingly important for audiology patients, who have been at the greatest risk for COVID-19 morbidity and death due to their old age. Hearing aid manufacturers have started to prioritize the use of mobile audiometry and digital hearing care solutions for remote troubleshooting, fine-tuning, counseling, and device monitoring.

Furthermore, rising public awareness regarding hearing impairment and hearing aid devices is anticipated to create an opportunity for the growth of the market. Increased public awareness regarding hearing loss and the benefits of devices to people with hearing impairment are expected to increase the product demand, which will positively impact the market growth. For example, the World Health Organization (WHO) and its respective nations commemorate World Hearing Day on March 3rd each year to promote awareness regarding hearing loss and safe listening and the WHO provides a specific grant to anyone who wants to organize a program on these issues.

Increased noise pollution across the world has a substantial influence on people's hearing capacities. Adults' hearing capacity is projected to be harmed as a result of noise pollution in heavy-duty businesses and public carnivals, leading to an increase in demand for hearing aids. Furthermore, key companies in the sector are improving their products via technical innovation and the debut of new gadgets, which is likely to boost the market growth throughout the forecast period. For instance, Oticon, Inc. is extending its hearing aid range to make Oticon's innovative BrainHearing technology accessible to more hearing impairment. Two new Oticon More miniBTE models have been added to meet the demand for consumers who want compact, inconspicuous behind-the-ear (BTE) choices.

Hearing Aids Market Report Highlights

• The behind-the-ear hearing aids segment was the largest product type segment in 2021 and is expected to grow at a lucrative rate over the forecast period due to the ease of handling and technological advances
• The digital technology type segment dominated the market in 2021 owing to technological advancements and additional advantages over its analog counterparts, including amplified sound and reduced external noise
• Retail sales channel dominated the market in 2021 due to high-profit margins in retail sales and an increasing number of companies investing in company-owned retail stores.In addition, companies such as William Demant Holding A/S, Starkey, and GN Hearing are undertaking expansion strategies to increase the number of company-owned retail stores
• Europe dominated the market in 2021 and is expected to grow at a lucrative rate over the forecast period. This is attributed to an increase in the prevalence of deafness and rising awareness regarding technological advancements. North America held the second-largest revenue share in 2021
• In September 2021, Audientes, a firm that provides low-cost hearing aids to low-income nations, partnered with Hearing Wellness Clinic, a network of hearing facilities in South India, to deliver its self-adjusting hearing aids to the Indian market