Global Hearing Aids Market Size is projected to reach USD 8.01 billion by 2031, growing at a CAGR of 3.86%: Straits Research

New product approvals/launches, coupled with R&D activities, assist vendors in expanding their presence, enhancing market growth, and sustaining their market position in the global hearing aids market. As a result, market players are actively involved in launching innovative hearing aids to penetrate and tap both major and untapped markets.

New York, United States, March 14, 2024 (GLOBE NEWSWIRE) — Hearing aids are primarily battery-operated electronic devices designed to alleviate the hearing strain of individuals with hearing impairments. These devices are compact and simple to wear in or behind the ear. Typically, a hearing aid consists of three essential components:

  • A microphone that picks up ambient sound; 
  • An amplifier that amplifies the sound; 
  • A receiver that transmits the amplified noises to the wearer’s ear

The impact of hearing aids is an innovative and burgeoning discipline, and the majority of findings are optimistic. It was observed that a person’s social life and mood may be affected if they cannot comprehend speech in a noisy environment.

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Growing Demand for Wireless and Smart Hearing Aids Drives the Global Market

According to Straits Research, “The global hearing aids market was valued at USD 5.70 billion in 2022. It is estimated to reach an expected value of USD 8.01 billion, growing at a CAGR of 3.86% over the forecast period (2023–2031).” Individuals experiencing hearing loss must utilize hearing aids to perceive a range of sounds and engage in their daily routines without interruption. Conventional hearing aids typically restrict the wearer’s ability to engage in various personal activities, including the use of audio devices like mobile phones and music players. Previously, in order to utilize a music player while jogging, users had to take out their hearing aids to make room for a set of headphones, as indicated by multiple research studies. Moreover, wireless technology significantly influences people’s lives globally, and a large portion of the global population currently depends on wireless applications to varying degrees. This is anticipated to drive market growth during the forecast period.

Emergence of AI for the Hearing Aids Design Creates Tremendous Opportunities

The AI technology integrated into hearing aids exhibits enhanced speed, heightened efficiency, and rapid adaptation to wearer preferences. Machine learning has facilitated advancements in hearing aid technology, such as Signia’s (WS Audiology) Own Voice Processing (OVP). The Signia Nx hearing aid platform, known as the most sophisticated in the world, provides the initial authentic resolution to your voice problem.

Blending flawless audibility with a voice that sounds completely natural achieves unparalleled acceptance on the first attempt. An innovative OVP (Online Voice Program) has been developed to enhance the natural acceptance of one’s voice among around 75% of hearing aid users dissatisfied with their current devices. Such factors are anticipated to create opportunities for market growth over the forecast period.

Regional Analysis

Europe is the most significant global hearing aid market shareholder and is estimated to grow at a CAGR of 3.66% during the forecast period. The primary factors contributing to the significant market share in this region are the presence of prominent market participants, enhanced disease awareness, and substantial healthcare expenditure. This region’s primary sources of income are the United Kingdom, Germany, France, Italy, and Spain. The regional market is growing due to the improved reimbursement conditions in countries such as the U.K. and Germany, as well as the rising number of product approvals and launches in various nations.

According to a 2021 release by Hear-it, more than 58.5 million Europeans experienced hearing impairment. Germany and Spain accounted for 15.3% and 11.3% of the hearing loss, respectively. A study funded by Cochlear Europe in 2021 found that 77% of people with hearing loss were able to perceive speech after undergoing the implantation procedure.

Key Highlights 

  • Based on product, the global hearing aids market is segmented into BTE, RITE/RIC, ITE, ITC, CIC, and IIC. The BTE segment dominates the global market and is estimated to grow at a CAGR of 3.50% during the forecast period.
  • Based on hearing loss, the global hearing aids market is segmented into sensorineural hearing loss, conductive hearing loss, and mixed hearing loss. The sensorineural segment owns the highest market share and is estimated to grow at a CAGR of 4.14% during the forecast period.
  • Based on technology, the global hearing aids market is segmented into digital and analog. The digital segment dominates the global market and is estimated to grow at a CAGR of 4.17% during the forecast period.
  • Based on patient groups, the global hearing aids market is segmented into adult and pediatric segments. The adult segment owns the highest market share and is estimated to grow at a CAGR of 4.18% during the forecast period.
  • Based on distribution type, the global hearing aids market is segmented into retailers, independent practices, buying groups/networks, and government purchases/public organizations. The retailer’s segment dominates the global market and is estimated to grow at a CAGR of 4.37% during the forecast period.
  • Europe is the most significant global hearing aid market shareholder and is estimated to grow at a CAGR of 3.66% during the forecast period.

Competitive Players

Key companies in the global hearing aid market are Sonova, WS Audiology, Demant, GN Store Nord, Starkey, Arphi Electronics, Audina Hearing Instruments, and Eargo.

Market News

  • In July 2023, Phonak, a world-renowned provider of innovative hearing aids, has introduced ECHHO (Enhancing Cognitive Health by Hearing Optimization), which follows recent research suggesting that addressing hearing loss in the elderly may delay the onset of cognitive decline. This dedicated training program aims to empower hearing care professionals (HCPs) with the knowledge and tools to better integrate the cognitive health aspect into their discussions with clients.
  • In May 2023, Phonak, a leading global provider of life-changing hearing solutions, announced it had earned three prestigious accolades from Forbes Health, a leader and trusted destination for unbiased health advice, news, and reviews. Phonak was recognized for its cutting-edge technologies, intuitive functionality, and performance.

Global Hearing Aids Market: Segmentation

By Product

  • BTE
  • RITE/RIC
  • ITE
  • ITC
  • CIC
  • IIC

By Hearing Loss

  • Sensorineural Hearing Loss
  • Conductive Hearing Loss
  • Mixed Hearing Loss

By Technology

  • Digital 
  • Analog

By Patient Group

  • Adult 
  • Pediatric 

By Distribution Type

  • Retailers
  • Independent Practices
  • Buying Groups/Networks
  • Government Purchases/Public Organizations

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Get Detailed Market Segmentation @ https://straitsresearch.com/report/hearing-aids-market/segmentation

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