Hearing Aids Market Set to Witness an Uptick during 2022 to 2030

Posted by Mrudula Anil Karmarkar on October 11th, 2022

The global hearing aids market size is expected to reach USD 15.5 billion by 2030, according to a report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.9% from 2022 to 2030. Increasing adoption of hearing aids, 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 estimates that by 2050, the number of individuals living with severe hearing loss would approach 900 million. Besides that, physiological ear aging, hereditary vulnerability, increasing noise exposure, vascular illness, and chronic inflammation are factors that will contribute to the growing need for hearing aid. Hearing aid support items are also 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 has adversely affected the healthcare industry. As a result of the COVID-19 pandemic, more people are opting for remote monitoring. The crisis has brought a new paradigm in hearing 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 hearing care solutions for remote troubleshooting, fine-tuning, counseling, and device monitoring.

Furthermore, rising public awareness regarding hearing impairment and hearing aid devices is anticipated to create an opportunity for the growth of the market. Increased public awareness regarding hearing loss and the benefits of devices to people with hearing impairment are expected to increase the product demand, which will positively impact the market growth. 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.

Increased noise pollution across the world has a substantial influence on people's hearing capacities. Adults' hearing capacity is projected to be harmed as a result of noise pollution in heavy-duty businesses and public carnivals, leading to an increase in demand for hearing aids. Furthermore, key companies in the sector are improving their products via technical innovation and the debut of new gadgets, which is likely to boost the market growth throughout the forecast period. For instance, Oticon, Inc. is extending its hearing aid range to make Oticon's innovative BrainHearing technology accessible to more hearing impairment. Two new Oticon More miniBTE models have been added to meet the demand for consumers who want compact, inconspicuous behind-the-ear (BTE) choices.

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The COVID-19 outbreak has had a significant impact on the healthcare industry. Among COVID-19 positive patients, most hospitals are running out of beds. In addition, a number of elective procedures are being canceled or postponed in order to reallocate resources. According to the Hearing Industries Association (HIA), hearing aid sales in the U.S. has declined by 29.7% in the first half of 2020. Due to the postponement of procedures like the cochlear implantation technique, which is one of the most significant treatments to address hearing impairments, the pandemic had a detrimental influence on the total sales of hearing aid support goods. As a result, sales of hearing aids from major manufacturers have decreased.Despite all of these obstacles, the hearing aids business and other medical industries are progressively regaining ground as the COVID-19 situation throughout the world normalizes.

Hearing Aids Market Report Highlights

• The behind-the-ear hearing aids segment was the largest product type segment in 2021 and is expected to grow at a lucrative rate over the forecast period due to the ease of handling and technological advances
• The digital technology type segment dominated the market in 2021 owing to technological advancements and additional advantages over its analog counterparts, including amplified sound and reduced external noise
• Retail sales channel dominated the market in 2021 due to high-profit margins in retail sales and an increasing number of companies investing in company-owned retail stores.In addition, companies such as William Demant Holding A/S, Starkey, and GN Hearing are undertaking expansion strategies to increase the number of company-owned retail stores
• Europe dominated the market in 2021 and is expected to grow at a lucrative rate over the forecast period. This is attributed to an increase in the prevalence of deafness and rising awareness regarding technological advancements. North America held the second-largest revenue share in 2021
• In September 2021, Audientes, a firm that provides low-cost hearing aids to low-income nations, partnered with Hearing Wellness Clinic, a network of hearing facilities in South India, to deliver its self-adjusting hearing aids to the Indian market

For example, in August 2021, Phonak introduced the world's first waterproof rechargeable, Audéo Life hearing aid. Hence, hearing aid companies are improving patients' experiences with new features and technology, which is expected to fuel market growth in the coming years. Moreover, in the U.S., approximately 15% of patients aged between 18 and over suffer from hearing loss. For instance, the FDA announced a proposal in October 2021 that it wants to establish a new category of low-cost over-the-counter hearing aids. This opens up a new revenue stream for businesses looking to acquire a foothold in the OTC hearing aid market.Such substantial government and regulatory support are projected to have a long-term positive impact on the hearing aids sector in the U.S.

The market is dominated by leading six companies: Phonak; Benson Hearing; GN Store Nord A/S; Starkey; MED-EL; William Demant Holding A/S; Medtronic; Widex USA, Inc.; Sivantos Pte LTD.; Audina Hearing Instruments Inc.; Eargo Inc.; Elkon Pvt Ltd.; Horentek; SeboTek Hearing Systems LLC.; Sonova Holding AG, accounting for over 90% share in the market. For instance, in March 2022, Sonova Holding AG completed the acquisition of Sennheiser electronic GmbH & Co. KG's Consumer Division. This will enhance Sonova's engaging product portfolio while also expanding its network footprint and client base. In February 2021, GN Store Nord A/S launched a new ReSound Key, a comprehensive hearing aid portfolio that provides more access to better hearing technologies throughout the world. This launch will enable the firm to expand its product offering and serve a larger consumer base.

Furthermore, manufacturing outsourcing has emerged as a key trend among market participants to further gain or sustain their position in the market. China and South Korea are among the key destinations where most of the manufacturing outsourcing is happening due to superior manufacturing expertise, low manufacturing cost, and a strong presence of trained professionals.

Some prominent players in the global hearing aids market include:

• Phonak
• Benson Hearing
• GN Store Nord A/S
• Starkey
• MED-EL
• William Demant Holding A/S
• Medtronic
• Widex USA, Inc.
• Sivantos Pte LTD