Hearing Aids Market (2022 to 2029) – Growth, Trends, Segmentation, and Forecasts

Hearing Aids Market was valued at US$ 9.2 Bn. in 2021. The Global Hearing Aids Market size is estimated to grow at a CAGR of 7.6 % over the forecast period.
Hearing Aids Market Overview:
The report explores the Hearing Aids market's segments (Product, Patient Type, Distribution Channel, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Hearing Aids market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Hearing Aids market's contemporary competitive scenario.



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2021 is considered as a base year to forecast the market from 2022 to 2029. 2021’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis, especially with the impact of lockdown by region.
Hearing Aids Market Dynamics:
Globally, the rising incidence of hearing loss has made it imperative to monitor and examine hearing functions. In children with untreated hearing loss, language development, learning, and social engagement are adversely affected. Additionally, older adults with hearing loss have trouble following day-to-day conversations. Hearing loss among people who are entering their retirement years is linked to several physical and psychological problems, such as cognitive decline and depression. It also increases the risk of trip and fall accidents.

The high cost of hearing aids, such as bone-anchored systems and cochlear implants, is a major barrier to market growth, particularly in price-sensitive regions such as Asia Pacific, Latin America, and Africa. In developing countries such as Brazil and Mexico, healthcare providers do not have the financial resources to invest in sophisticated technologies. Additionally, healthcare workers must be extensively trained in the maintenance and handling of cochlear implants and bone-anchored systems. The development of technologically advanced hearing aids is fraught with R&D requirements. This often results in a significant increase in the cost of manufacturing and the end cost for the customer. This is often reflected in the cost of associated surgical intervention and diagnostic tests as well.

Major market players have great opportunities to grow in emerging economies such as India, South Korea, Malaysia, Vietnam, Africa, and Middle Eastern countries such as Israel, Saudi Arabia, and the UAE. These countries have low regulatory barriers, improved healthcare infrastructure, growing patient populations and rising healthcare expenditures. The regulatory policies in the Asia-Pacific region are also more flexible and business-friendly than those in developed countries. This, together with the increasing competition in mature markets, has caused several key players in the hearing aid market to turn their attention to emerging countries.

At present, many countries are experiencing a shortage of skilled professionals who can perform ENT procedures, including cochlear implants, effectively. Underdeveloped countries and regions face the issue on a much wider scale. Due to the shortage of skilled ENT surgeons in these countries, the number of ENT procedures, including cochlear implants, that are performed each year are expected to be limited. This is despite the vast number of target patients in the countries. This is a major challenge to the growth of the hearing aid market.
Hearing Aids Market Trends:
Since the Covid-19 has increased the adoption of telehealth among audiologists, many professionals are turning to teleaudiology in order to avoid patient traffic. Rising adoption of tele-audiology is in trend and it will boost the market growth during the forecast period.

The Journal of Hearing Review surveyed healthcare professionals in the U.S. and Canada to evaluate the impact of covid-19 on their practices. According to the survey, 53 percent of healthcare professionals use tele-audiology for follow-ups and counselling, and 47 percent use it for device adjustments and fine-tuning. The manufacturers are also developing tools to help healthcare professionals and patients. In 2021, Inventis announced the first technology that would allow real-time diagnostic testing over satellites, the Tele-audiology Solutions
Hearing Aids Market Segment Analysis:
Based on Product, the Hearing Aids Market is segmented into Hearing Devices and Hearing Implants.
The Hearing Device segment will boost the market growth in 2021. A growing number of technological advancements have made hearing aids more aesthetically pleasing. This has resulted in an increase in the demand for hearing aid devices globally. Hearing aids do not require any type of surgery and are extremely convenient, particularly for people with moderate hearing loss and fair speech comprehension. Hence, increasing the demand for hearing aids globally. Furthermore, the flourishing healthcare industry and increasing healthcare expenditure by governments and populations in the various regions are expected to boost the market growth during the forecast period.



Based on Patient Type, the Hearing Aids Market is segmented into Adults and Pediatrics.
The Adults segment has the highest market share in 2021. Increasing numbers of adults suffering from hearing loss as well as increased awareness in regard to the availability of hearing devices have led to an increase in the use of hearing devices in the U.S. According to the National Institute on Deafness and Other Communication Disorders, around 29 million could benefit from the use of hearing care devices in the country. Further, because of harmful noise emission in many industries, the hearing capacity of adults is expected to be impaired, resulting in an increase in the need for hearing care among adults.
Hearing Aids Market Regional Insights:
The North America region has the highest market share in 2021. Because of a variety of factors including higher prevalence of hearing impairment among children, a growing elderly population, and improved distribution networks of market leaders, the U.S. dominated the North American hearing aids market. In the U.S., the Hearing Health Foundation reports that hearing loss is the third most prevalent chronic disease in the elderly. Based on standard hearing assessments, one in eight individuals aged 12 years or older have a hearing impairment in both ears. Further, the Hearing Health Foundation reports that 18 million Americans seek medical attention every year for tinnitus. Because children and the older population suffer from hearing loss on a growing basis, hearing care devices are becoming more in demand.

The Asia Pacific region is witnessing the fastest-growing market during the forecast period. Because the region has a large population and a growing elderly population, and because distribution networks are expanding, companies are increasingly developing innovative products to improve existing devices. Consumers in the region are targeted by these products. Apart from this, the increasing disposable income and increasing healthcare expenditure are also driving the regional market.

The objective of the report is to present a comprehensive analysis of the global Hearing Aids Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Hearing Aids Market dynamic, and structure by analyzing the market segments and projecting the Hearing Aids Market size. Clear representation of competitive analysis of key players by Design, price, financial position, Product portfolio, growth strategies, and regional presence in the Hearing Aids Market make the report investor’s guide.
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Global Hearing Aids Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 59.95 Bn.


Forecast Period 2022 to 2029 CAGR:
5.87%
Market Size in 2029:
US $ 89.37 Bn.


 Segments Covered:
by Product
• Hearing Devices
• Hearing Implants


by Patient Type
• Adults
• Pediatrics


by Distribution Channel
• OTC (Over The Counter)
• Medical Channel/Hospital Pharmacies
• Private Practice/Retail Pharmacies



Hearing Aids Market by Region:
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Hearing Aids Market Key Players:
• Phonak
• Benson Hearing
• GN Store Nord A/S
• Starkey
• MED-EL
• William Demant Holding A/S
• Medtronic
• Sonova
• William Demant
• Sivantos
• GN ReSound
• Starkey Technologies
• Widex
• RION
• Lively Hearing Corporation

Frequently Asked Questions:

1. What is the study period of the market?
Ans. The Global Hearing Aids Market is studied from 2017-2029.

2. What is the growth rate of Hearing Aids Market?
Ans. The Global Hearing Aids Market is growing at a CAGR of 7.6% over next 7 years.

3. Which region has largest share in The Global Hearing Aids Market?
Ans. North America holds the largest share.

4. What is the Global Hearing Aids Market segment based on Distribution Channel?
Ans. Based on Distribution Channel, The Global Hearing Aids Market is divided into OTC (Over The Counter), Medical Channel/Hospital Pharmacies, and Private Practice/Retail Pharmacies.

5. Who are the key players in the Global Hearing Aids Market?
Ans. The key players in the Global Hearing Aids Market are Phonak, Benson Hearing, GN Store Nord A/S, Starkey, MED-EL, William Demant Holding A/S, Medtronic, Sivantos Pte LTD., RION, Lively Hearing Corporation, Sonova, William Demant, GN ReSound, Starkey Technologies, and Widex.