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Global Hearing Aid Market to Reach US$ 10.5 Billion by 2024, Stimulated by Growing Geriatric Population

As per the latest report by IMARC Group, titled “Hearing Aid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global hearing aid market size reached US$ 7.4 Billion in 2018. Hearing aids are small, battery-operated electronic devices that are worn in or behind the ear for improving hearing impairment. They help in amplifying the sound, which enables the user to listen, communicate and participate in everyday activities. It has three basic components, namely, a speaker, amplifier and a microphone. The hearing aid receives sound from the microphone, which is converted into electrical signals and sent to the amplifier. The amplifier then enhances the power of the signals and directs them to the ear through the speaker.

Global Hearing Aid Market Trends:

The growing geriatric population represents one of the major factors impelling the hearing aid market growth. This can be attributed to the association of old age with gradual hearing loss. Apart from this, the significant increase in the prevalence of hearing disabilities among the masses has boosted the sales of hearing aids across the globe. Furthermore, some of the leading players in the industry are introducing hearing aid devices that operate on lithium-ion batteries, which offer enhanced power when compared to conventional batteries. They are also investing in research and development (R&D) activities to introduce new product variants. For instance, Sonova AG, a Switzerland-based provider of hearing solutions, has recently launched Audéo Marvel under its Phonak brand, which is a receiver-in-canal hearing aid that can be paired with Bluetooth-enabled devices for direct audio streaming and making hands-free phone calls. It can also be connected to the myPhonak app, which provides information about the battery status and wearing time statistics of the earpiece, as well as offers the ability to control the volume and frequencies. On account of these factors, the market value is projected to reach US$ 10.5 Billion by 2024, expanding at a CAGR of around 6% during 2019-2024.

Market Summary:

  • Based on the product type, hearing devices represent the most widely utilized product type, followed by hearing implants. Hearing devices are further segmented into behind-the-ear (BTE), receiver-in-the-ear (RITE), in-the-ear (ITE), canal hearing aids (CHA) and others. Amongst these, BTE hearing aids exhibit a clear dominance in the market. On the other hand, hearing implants include cochlear and bone-anchored hearing aid (BAHA) implants.
  • On the basis of the hearing loss, the market has been bifurcated into sensorineural and conductive hearing loss.
  • Based on the patient type, adults account for the majority of the total market share, followed by pediatrics.
  • The market has been analyzed on the basis of the technology type into analog and digital.
  • On the basis of the end user, the market has been classified into hospitals, ENT clinics and audiology centers, individuals, and others. 
  • Region-wise, Europe represents the largest market. Other major markets include North America, Asia Pacific, Latin America, and Middle East and Africa.
  • The competitive landscape of the market has been examined, with some of the key players being Sonova AG, Starkey Laboratories, Inc., MED-EL GmbH, Demant A/S, Widex A/S, Sivantos Pte. Ltd., GN Store Nord A/S, Cochlear Ltd., SeboTek Hearing Systems LLC, GN Hearing A/S, AGX Hearing, Audina Hearing Instruments, Inc., Lisound Hearing Aid (Fuzhou) Co. Ltd., Banglijian, GlaxoSmithKline Plc., and Benson Hearing.

 

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