Hearing Aids Market Size By Product (Behind-the-Ear (BTE), Completely-in-the-Canal/Invisible-in-Canal (CIC/IIC), In-the-Canal (ITC), In-the-Ear (ITE)), By Patient (Adult, Pediatric), COVID19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Aug 2021  |  Report ID: GMI5082  |  Authors: Sumant Ugalmugle , Rupali Swain

Report Format: PDF   |   Pages: 125   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Hearing Aids Market size exceeded USD 8.1 billion in 2020 and is poised to grow at a CAGR of over 7% between 2021 and 2027. Rapidly increasing demand for hearing aids and rising prevalence of hearing loss across the globe is anticipated to stimulate the growth for hearing aids devices. Owing to the rising prevalence of hearing impairment, several nations are emphasizing on introducing different programs that intend to promote awareness and deliver quality hearing care to patients.
 

Hearing Aids Market Overview

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However, low penetration and lack of awareness in developing regions such as India and other countries in Latin America & Asia may hamper the market growth. Lack of awareness regarding various insurance policies offered by public and private organizations for ENT surgeries and services are some other factors that may slow down the market expansion. Also, the shortage of trained professionals that are capable of efficiently performing ENT procedures is expected to limit the number of ENT procedures performed. Hence, the penetration of these devices in emerging countries is comparatively lower than the developed nations, thus limiting the market progression. The high cost of hearing aids in price-sensitive areas including Latin America and Africa is another major factor restricting the industry demand.
 

The global market has been impacted, attributed to the coronavirus outbreak and the slender effects of the COVID-19 pandemic may continue in the near future. For instance, the U.S. government announced a national emergency and a ban on all elective ENT-related surgeries and services in outpatient and inpatient settings. As per the Center for Disease Control and Prevention, audiology centers and ENT clinics pose a medium-to-high risk for coronavirus infection credited to the test set-up, length of appointments, proximity, etc. However, the preference for remote monitoring is increased during this pandemic. Additionally, hearing aids manufacturers have started emphasizing on integrating digital and mobile audiometry hearing care solutions for remote hearing aids tracking, counselling, and troubleshooting among others.
 

 
Hearing Aids Market Report Coverage
Report Coverage Details
Base Year:2020
Market Size in 2020:8,131.7 million (USD)
Forecast Period:2021 to 2027
Forecast Period 2021 to 2027 CAGR:7%
2027 Value Projection:14,006.5 million (USD)
Historical Data for:2016 to 2020
No. of Pages:125
Tables, Charts & Figures:137
Segments covered:Product, Patient and Region
Growth Drivers:
  • Technological advancements
  • Growing ageing population
  • Increasing prevalence of hearing loss
Pitfalls & Challenges:
  • Low penetration and lack of awareness in developing regions
  • High cost associated with hearing aids

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Growing ageing population is predicted to augment the hearing aids market value

Rapid growth in the elderly population is set to dramatically impact the industry expansion, since the number of older people requiring hearing aids is rising. The elderly population base is prone to hearing loss due to changes in the inner ear & auditory nerve, chronic exposure to loud noises, congenital conditions, etc. is poised to spur the industry growth. According to the World Health Organization (WHO) report, the prevalence of deafness surges with age, among those elder than 60 years, over 25% are suffering from disabling hearing loss. The elderly individuals that receive proper treatment for hearing impairment will develop fewer co-morbid conditions and incur relatively lower healthcare expenditures.
 

Technological advancements in behind-the-ear devices will foster the market revenue

Hearing aids market for behind-the-ear segment was valued at around USD 6.5 billion in 2020. This is attributed to multiple benefits that include additional amplification, high efficiency, longer battery life, and easy to use among others. Continuous technological advancements and the advent of novel products are also stimulating the industry progression. The World Health Organization emphasizes providing inexpensive and high-quality hearing aids in developing countries. Hence, digital behind-the-ear hearing aids designed with advanced software and minimal hardware requirements are developed to meet WHO requirements. Advancements in BTE models are feasible by linking them to external sound sources, such as auditory training equipment and infrared listening systems. These devices are Bluetooth compatible and offer improved wireless connectivity. Hence, market players are focusing to develop technologically advanced novel BTE devices that are easy to handle, smaller in size and offer enhanced comfort.
 

Increasing adoption rate of hearing care devices among adults will boost the market demand

Hearing Aids Market Share

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The adult segment in the hearing aids market is projected to expand at 6.9% growth rate through 2027 led by the upsurge in the prevalence of hearing loss among the adult population and rising awareness pertaining to the availability of hearing devices. According to the National Institute on Deafness and Other Communication Disorder, in the U.S., around 28.8 million adults could benefit from using hearing care devices. Furthermore, harmful noise emission in several industries is predicted to damage the hearing capacity of adults, thereby accelerating the demand for hearing care.
 

Rising awareness in the North America region to curb the burden of hearing loss is expected to promote the regional growth

Global Hearing Aids Market

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U.S. dominated the North America hearing aids market and is set to cross USD 4.3 billion by 2027 on account of the multiple factors such as increasing prevalence of hearing impairment among children, rising elderly population, and improvements in the distribution network of market leaders in the country. As per the Hearing Health Foundation, hearing loss is the third most prevalent chronic disorder facing by elderly people. In the U.S., one in eight individuals aged 12 years or above has a hearing impairment in both ears, based on standard hearing assessment. In addition, according to the Hearing Health Foundation, around 16 million individuals in the country seek medical treatment for tinnitus every year. Hence, the growing prevalence of hearing loss among children and older individuals in the country is promoting the demand for hearing care devices.
 

Germany market is slated to reach USD 895 million by 2027 driven by the rise in the elderly population, a huge patient pool, and growing healthcare infrastructure credited to the participation of private firms in research funding & services. As per the article published in 2017, in Germany, the prevalence of hearing loss is around 16.2% in adults hence, affecting 20 to 30 million adults in the country. In Germany, health insurance is mandatory, thus around 86% of the population is enrolled in statutory health insurance that offers inpatient and outpatient, coverage. Furthermore, in Germany, manufacturing outsourcing is emerging owing to superior manufacturing proficiency, availability of trained professionals, and low manufacturing cost among others. The Germany government has employed numerous initiatives including the State Care Benefits Act pertaining to hearing care devices to strengthen hearing care in the country is further estimated to upsurge the market growth.
 

Strategic initiatives implemented by prominent players is anticipated to impel the business growth

Some of the major companies operating in the market are Audina Hearing Instruments, Demant A/S, EARTECHNIC, GN Store Nord A/S, Hansaton Akustik GmbH, HearUSA, and Sonova Holding AG and Qiagen among others. These prominent leaders focus on strategic partnerships and new product launches for the market expansion. Moreover, these industry participants are investing in research and development activities that allow them to garner maximum revenue share.
 

Recent industry developments:

  • In May 2021, Sonova Holding AG acquired Sennheiser, a company that primarily engaged in the development of medical audio and hearing care devices. This strategic move will strengthen the company’s market position and further assist in the revenue growth. 
     
  • In February 2021, GN Store Nord A/S announced the launch of ReSound Key, a complete significant hearing aid portfolio that offers greater access to improved hearing technology across the globe. This launch will help the company to fortify its product portfolio and cater to wider customer base. 
     

Hearing aids market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Product, 2016 - 2027 (USD Million)

  • Behind-the-Ear (BTE)
  • Completely-in-the-Canal/Invisible-in-Canal (CIC/IIC)
  • In-the-Canal (ITC)
  • In-the-Ear (ITE)

Market, By Patient, 2016 - 2027 (USD Million)

  • Adult
  • Pediatric

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea 
  • Latin America
    • Brazil
    • Mexico
    • Argentina 
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
     

Frequently Asked Questions (FAQ) :

Market size of hearing aids surpassed USD 8.1 billion in 2020 and will grow at a CAGR of 7% from 2021 to 2027.
Behind-the-ear hearing aids accounted for a valuation of USD 6.5 billion in 2020 and will grow owing to various benefits like high efficiency, additional amplification, longer battery life, and easy of utility.
The U.S. market will record a revenue of USD 4.3 billion through 2027 driven by rising elderly population, increasing prevalence of hearing impairment among children, and improvements in the distribution network of market players.
Major participants in the market comprise Demant A/S, HearUSA, Sonova Holding AG, Audina Hearing Instruments, GN Store Nord A/S, Qiagen, and others.

Premium Report Details

  • Published Date: Aug 2021
  • Pages: 125
  • Tables: 123
  • Charts / Figures: 14
  • Companies covered: 10
  • Countries covered: 18

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