Hearing Aid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Hearing Aid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A1585
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Market Overview:

The global hearing aid market size reached US$ 6.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.3 Billion by 2028, exhibiting a growth rate (CAGR) of 6.35% during 2023-2028.

A hearing aid is a small battery-powered electronic device that is used to improve hearing and is worn in or behind the ear. It is used to amplify the sounds to listen, communicate and participate in the daily activities by individuals with low hearing abilities. A hearing aid consists of an amplifier, microphone and a speaker that magnifies sound vibrations entering the ear, perceive larger vibrations and convert them into neural signals that are passed into the brain. The devices are available in a wide range of designs and are customized according to the requirements of the user. For instance, the device may have analog or digital technology for amplification of sound or have earpieces or earmolds to direct the flow of soundwaves and enhance the output quality.

Global Hearing Aid Market

Global Hearing Aid Market Trends:

The rising geriatric population across the globe is one of the key factors driving the growth of the market. Old age is often characterized by a gradual hearing loss, which increases the product demand from this section of the population. Furthermore, there has been a significant increase in the incidence of hearing disabilities among the masses. A significant number of cases, especially that of infants, remain untreated, which then results in various psychological and speaking disabilities. Additionally, the introduction of aesthetically appealing designs, coupled with the launch of innovative product variations such as waterproof hearing aids, is also contributing to the market growth. The implementation of digital technology coupled with the introduction of products that integrate cochlear implant and hearing aid technology to overcome the high-frequency hearing loss is expected to further create a positive outlook for the market. Other factors such as rising noise pollution levels, growing cases of birth complications and ear infections, increasing disposable income and enhanced focus on research and development (R&D) by manufacturers are also expected to drive the market growth. 

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global hearing aid market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type, hearing loss, patient type, technology type and end-user.

Breakup by Product Type:

  • Hearing Devices
    • Behind-the-Ear (BTE)
    • Receiver-in-the Ear (RITE)
    • In-the-Ear (ITE)
    • Canal Hearing Aids (CHA)
    • Others
  • Hearing Implants
    • Cochlear Implants
    • BAHA Implants
       

The market has been bifurcated on the basis of the type, which includes hearing devices and hearing implants, wherein hearing devices are the most popular product type, which has been further categorized as behind-the-ear (BTE), receiver-in-the ear (RITE), in-the-ear (ITE), canal hearing aids (CHA), and others.

Breakup by Hearing Loss:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • Sensorineural Hearing Loss
  • Conductive Hearing Loss
     

Based on the hearing loss, the market has been segmented into sensorineural and conductive hearing loss.

Breakup by Patient Type:

  • Adults
  • Pediatrics
     

On the basis of the patient type, the market has been segregated into adults and pediatrics. Currently, hearing aids are most commonly bought for adult patients.

Breakup by Technology Type:

  • Analog
  • Digital
     

The report has analyzed the market according to the technology type, which mainly consists of analog and digital.

Breakup by End-User:

  • Hospitals
  • ENT Clinics and Audiology Centres
  • Individual
  • Others
     

Based on the end user, the market has been categorized as hospitals, ENT clinics and audiology centres, individual, and others.

Breakup by Region:

 

 
 

 

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

On the geographical front, the market has been divided into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, Europe represents the largest market for hearing aids, holding the majority of the total market share.

Competitive Landscape:

The report has also analyzed the competitive landscape of the market with some of the key players being Sonova Holding AG, Starkey Laboratories, Inc., MED-EL GmbH, Demant A/S, WS Audiology A/S, Widex A/S, Sivantos Group, GN Store Nord A/S, Cochlear Limited, SeboTek Hearing Systems LLC, ReSound Group (GN Hearing A/S), AGX Hearing (Audigy Group), Audina Hearing Instruments, Inc., Lisound Hearing Aid (Fuzhou) Co., Ltd., Banglijian, GlaxoSmithKline plc, Benson Hearing, etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Product Type, Hearing Loss, Patient Type, Technology Type, End-User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Sonova Holding AG, Starkey Laboratories, Inc., MED-EL GmbH, Demant A/S, WS Audiology A/S, Widex A/S, Sivantos Group, GN Store Nord A/S, Cochlear Limited, SeboTek Hearing Systems LLC, ReSound Group (GN Hearing A/S), AGX Hearing (Audigy Group), Audina Hearing Instruments, Inc., Lisound Hearing Aid (Fuzhou) Co., Ltd., Banglijian, GlaxoSmithKline plc, and Benson Hearing
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global hearing aid market was valued at US$ 6.4 Billion in 2022.

We expect the global hearing aid market to exhibit a CAGR of 6.35% during 2023-2028.

The rising incidences of hearing disabilities, along with the growing availability of wide range of designs and customized hearing aid devices catering to diverse consumer requirements, are primarily driving the global hearing aid market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of the stringent lockdown regulations, resulting in the postponement of elective hearing tests to combat the risk of the coronavirus infection upon clinic visits.

Based on the product type, the global hearing aid market can be segmented into hearing devices and hearing implants. Currently, hearing devices hold the majority of the total market share.

Based on the hearing loss, the global hearing aid market has been divided into sensorineural hearing loss and conductive hearing loss, where sensorineural hearing loss currently exhibits a clear dominance in the market.

Based on the patient type, the global hearing aid market can be categorized into adults and pediatrics. Currently, adults account for the majority of the total market share.

Based on the technology type, the global hearing aid market has been segregated into analog and digital, where digital technology currently holds the largest market share.

Based on the end-user, the global hearing aid market can be bifurcated into hospitals, ENT clinics and audiology centres, individual, and others. Among these, ENT clinics and audiology centres exhibit a clear dominance in the market.

On a regional level, the market has been classified into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America, where Europe currently dominates the global market.

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Hearing Aid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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