Hearing Aids Market Size, Share & Trends Analysis Report By Product Type (BTE, Canal Hearing Aids), By Technology (Digital, Analog), By Sales Channel (E-commerce, Retail Sales), By Region, And Segment Forecasts, 2023 - 2030

Hearing Aids Market Growth & Trends

The global hearing aids market size is expected to reach USD 10.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 6.74% from 2023 to 2030. The increasing adoption of audiology devices, 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 (WHO) estimates that by 2050, the cases of disabling hearing impairment would reach 900 million. Moreover, physiological ear aging, hereditary vulnerability, increasing noise exposure, vascular illness, and chronic inflammation are factors that contribute to the growing need for hearing aid. Hearing aid items are 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 adversely affected the healthcare industry. As a result of the pandemic, the demand for hearing devices declined drastically. The crisis has brought a new paradigm in audiology care 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 solutions for remote troubleshooting, fine-tuning, counseling, and device monitoring.

Furthermore, rising public awareness regarding audiological impairment through strong government support and audiology devices is anticipated to create growth opportunities for the market. 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.Key companies in the sector are improving their products via technological innovation, which is likely to boost market growth over the forecast period. For instance, Oticon, Inc. is extending its product range to make Oticon’s innovative BrainHearing technology accessible. Two new Oticon More miniBTE models have been added to meet the demand from consumers who want compact, inconspicuous Behind-The-Ear (BTE) choices.

Hearing Aids Market Report Highlights

• The BTE product segment held the maximum market share in 2022 and is expected to grow at a lucrative CAGR over the forecast period due to the ease of handling and technological advances of BTE products
• The digital technology segment dominated the market in 2022 owing to technological advancements and additional advantages over its analog counterparts, including amplified sound and reduced external noise
• The retail sales channel segment dominated the market in 2022 due to high-profit margins in retail sales and an increasing number of companies investing in company-owned retail stores
• Europe dominated the market in 2022 owing to an increase in the cases of deafness and rising awareness regarding technological advancements
• In September 2022, Audientes, a firm that provides low-cost hearing aids to low-income nations, partnered with Hearing Wellness Clinic, to deliver its self-adjusting hearing aids to the Indian market

Please note The report will be delivered in 4-8 business days upon order notification.