Hearing Aids Market: How Digital Platforms are Transforming Consumer Engagement

San Francisco, United States, 2024-Oct-21 — /Grand View Research/ — The global hearing aids market size is anticipated to reach USD 12.57 billion by 2030 and it is projected to grow at a CAGR of 6.78% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing adoption of hearing aid devices, and the growing awareness regarding technologically advanced products for the treatment of hearing loss are some of the factors contributing to the market growth. The World Health Organization (WHO) estimates that by 2050, the number of individuals living with disabling hearing impairment will approach 900 million. Besides that, physiological ear aging, hereditary vulnerability, increasing noise exposure, vascular illness, and chronic inflammation are factors that will contribute to increasing incidence of hearing impairments.

Furthermore, rising public awareness regarding audiological impairment through strong government support and audiology devices is anticipated to create an opportunity for new entrants in the market. For instance, the WHO commemorate World Hearing Day on March 3rd each year to promote awareness regarding hearing loss and safe listening.

Key companies in the sector are improving their products via technological innovation, which is likely to boost market growth throughout the forecast period. For instance, in February 2022, Oticon, Inc. extended its product range to make Oticon’s innovative BrainHearing technology accessible. Two new Oticon More miniBTE models have been added to meet the demand for consumers who want compact, inconspicuous behind-the-ear (BTE) choices.

Gather more insights about the market drivers, restrains and growth of the Global Hearing Aids Market

Hearing Aids Market Segments Highlights:

• Based on product type, the behind-the-ear hearing aids segment led the market in 2023 with the largest revenue share of 40.0% owing to the ease of handling and technological advances

• Based on product type, the canal hearing aids segment is expected to grow at the fastest CAGR over the forecast period

• Based on technology, the digital technology segment held the largest market revenue share of 93% in 2023 and is anticipated to witness the fastest CAGR over the forecast period

• Europe dominated the global market owing to factors such as an increase in the prevalence of deafness and rising awareness regarding technological advancements

• In December 2022, Sonova acquired Hysound Group, a prominent network of audiological care clinics in China, boasting nearly 200 clinics nationwide. This strategic move substantially expanded Sonova’s retail presence and provided direct consumer access in the Chinese market

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Segments Covered in the Report

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

Hearing Aids Product Type Outlook (Revenue, USD Million, 2018 – 2030)
• In-the-Ear Hearing Aids
• Receiver-in-the-Ear Hearing Aids
• Behind-the-Ear Hearing Aids
• Canal Hearing Aids

Hearing Aids Technology Outlook (Revenue, USD Million, 2018 – 2030)
• Digital
• Analog

Hearing Aids Sales Channel Outlook (Revenue, USD Million, 2018 – 2030)
• Retail Sales
o Company Owned
o Independent Retail
• E-Pharmacy
• Others

Hearing Aids Regional Outlook (Revenue, USD Million, 2018 – 2030)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.