Hearing Aids Market Business Strategy, Overview, and Competitive Landscape 2030

Hearing Aids Industry Overview

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.

Hearing Aids Market Segmentation

Grand View Research has segmented the global hearing aids market on the basis of product type, technology type, sales channel, and region:

Based on the Product Type Insights, the market is segmented into In-the-Ear Hearing Aids, Receiver-in-the-Ear Hearing Aids, Behind-the-Ear Hearing Aids and Canal Hearing Aids.

• The behind-the-ear (BTE) hearing aids segment accounted for the largest revenue share of over 40.0% in 2021. BTE hearing aids consist of a small curved case that comfortably fits behind the ear.

• The canal hearing aids segment is anticipated to emerge as the fastest-growing segment in terms of revenue over the forecast period. Canal devices are discreet devices, which is one of the critical success factors for their rapid growth. 

Based on the Technology Type Insights, the market is segmented into Digital and Analog.

• Digital devices dominated the market with a revenue share of over 90.0% in 2021 and are anticipated to expand at the fastest CAGR over the forecast period. 
• The analog devices are on the verge of getting obsolete with a slower growth rate as compared to their digital counterparts. Despite this, manufacturers continue to produce analog hearing aids owing to the low cost and reluctance of a handful of users to switch to digital ones.
• A digital device converts acoustic sound waves into digital form and facilitates the exact duplication of sound. The digital signal is then reconverted to a processed analog acoustic signal tailored as per the listener’s requirement.

Based on the Sales Channel Insights, the market is segmented into Retail Sales, Government Purchases and E-commerce.

• The retail sales segment dominated the market with a revenue share of over 70.0% in 2021 and is also expected to grow at the fastest rate over the forecast period. 
• The implementation of OTC hearing aids acts as one of the pivotal factors for a large share of retail sales. E-commerce and government purchases of these devices are expected to grow at a lucrative rate over the forecast period.

Hearing Aids Regional Outlook

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

Key Companies Profile & Market Share Insights

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

Order a free sample PDF of the Hearing Aids Market Intelligence Study, published by Grand View Research.