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Industry Overview
Hearing Aids Market size held a value of over USD 6.5 billion in 2021 and is expected to register a CAGR of over 5.5% through 2030 owing to the surging prevalence of hearing loss disorders.
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The growing incidence of hearing loss is likely to emerge as a critical factor fueling the market expansion. Hearing loss among children, if untreated, negatively impacts social engagement, language development, and overall learning which hampers the quality of life. Rising prevalence of such conditions has increased the relevance of monitoring and assessing hearing functionalities. Statistics from the World Health Organization have showcased that over 5% of the global population i.e., close to 430 million people rely on rehabilitation to treat disabling hearing loss conditions. Surging number of people suffering from noise-induced hearing loss will also prove beneficial for business growth.
| Report Coverage | Details |
|---|---|
| Base Year: | 2021 |
| Market Size in 2021: | USD 6.5 billion |
| Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 5.5% |
| 2030 Value Projection: | USD 11.6 billion |
| Historical Data for: | 2017 to 2021 |
| No. of Pages: | 208 |
| Tables, Charts & Figures: | 224 |
| Segments covered: | Product, Patient, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Integration of advanced features in BTE hearing aids to propel hearing aids market landscape
The behind-the-ear (BTE) segment is expected to cross USD 3.5 billion by 2030. BTE products offer several features such as enhanced battery life, multiple settings, and directional microphones, among others. These hearing aids can integrate upgrades owing to their bigger size in comparison to other variants. Some of the advanced modalities include noise cancellation, Bluetooth connectivity along with environmental adjustment ability.
Unmet clinical needs among adult patients to expand the industry landscape
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Based on patient, the hearing aids market is bifurcated into adult and pediatric. The adult patient segment is projected to reach USD 10.5 billion by 2030. Growing incidence of hearing loss and a surge in unmet clinical needs among the adult patient population is likely to bolster segment growth. According to statistics from the National Institute on Deafness and Other Communication Disorder in 2021, around 15% i.e., around 37 million adults claimed to have hearing troubles. The report also mentioned that the usage of hearing aids could be beneficial for close to 28 million adults in the United States. In consequence, the growing adult patient population suffering from hearing loss along with a broad addressable market will boost product demand.
Growing geriatric population in North America to expand market size
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North America hearing aids market is anticipated to surpass USD 3.5 billion by 2030. The growing patient population diagnosed with hearing impairment, the aging population, and new product launches by prominent players are primary contributors to the market share. As per the statistics from NIDCD, in 2021, around 13% of 30 million Americans aged 12 years and above were diagnosed with hearing loss in both ears, thus fueling market statistics.
Strategic acquisitions from key players to propel the business landscape
Some of the key players operating in the hearing aids market include AS AUDIO-SERVICE GmbH, Audina Hearing Instruments, Demant A/S, EARTECHNIC, GN Store Nord A/S, Sonova Holding AG, Starkey, WS Audiology, RION Co. Ltd, Eargo, Inc., ZOUNDS Hearing Inc., Elkon Pvt Ltd, Horentek Hearing Diagnostics, SeboTek Hearing Systems, Nano Hearing Aids, IN4 Technology Corporation, and Microson.
Prominent players are involved in strategic mergers and acquisitions that reinforce their market position. Citing an instance, in June 2022, Demant completed the acquisition of ShengWang for hearing aid clinics, to expand the company’s product offerings and consumer reach.
Impact of COVID-19 on the hearing aids market value
The COVID-19 pandemic had a significant impact on the market at its peak. The crisis created unprecedented disruptions to supply chains & logistics and manufacturing, which adversely influenced the medical devices sectors in general. Furthermore, healthcare institutions were instructed to prioritize patients who had contracted the Sars-Cov-2 virus, leading to a decline in screening for hearing loss. In the U.S., federal authorities imposed a ban on elective ENT services and surgeries, creating roadblocks for hearing aid industry development. However, manufacturers and public organizations are beginning to make collaborative efforts to recover from the crisis, which may create avenues for market growth over the long run.
The Hearing aids market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2030 for the following segments:
By Product
- Behind-the-ear (BTE)
- Completely-in-the-canal/Invisible-in-canal (CIC/IIC)
- In-the-canal (ITC)
- In-the-ear (ITE)
- Receiver in the ear/Receiver in Canal (RITE/RIC)
By Patient
- 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
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa
- South Africa
- Saudi Arabia
- UAE
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