Hearing Aids Market Research Report: Information Technology Type (Digital Hearing Aids, Analog Hearing Aids) and Distribution Channel (Retail Stores, E-Commerce, Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.

Global Hearing Aids Market Overview

Hearing Aids Market Size was valued at USD 9.68 billion in 2021 and is projected to grow from USD 10.23 billion in 2022 to USD 15.32 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8% during the forecast period (2022 - 2030).A hearing aid is a device that has been developed for people who are unable to hear for specific reasons. The recent technological advancement in the hearing aid device is fueling the customers' demand and increasing the demand are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Hearing Aids Market Trends

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  Increasing Prevalence of Hearing Loss rising product demand to boost market growth

  
  

Hearing loss has become the most common disorder in patients, especially in industrialized countries. According to the WHO, an astonishing 466 Billion people across the globe are living with disabling hearing loss, equating to about 6.1% of the world’s population. Moreover, there is a prediction that this number would reach about 1.5 billion by 2050, primarily due to an increase in the aged population. Besides, chronic inflammation, vascular disorder, noise exposure, genetic susceptibility, and physiological aging of the ear may also cause hearing loss. This factor may lead to an increasing number of hearing impairment patient populations globally, thereby increasing sales of these devices. According, to the EHIMA’s annual sales number, over 17.05 Billion hearing devices were dispensed across the globe in 2019, an increase of 6.4% compared to the previous year. Due to the increasing number of hearing device users, the market is anticipated to witness significant growth.

Additionally, In the past decade, there has been a tremendous advancement in hearing aids. The incorporation of smart technologies and the emergence of digital platforms in the mini device have helped overcome multiple patients' difficulties and have improved their hearing experience. Digital devices are being introduced to the market. Features such as smartphone compatibility, Bluetooth connectivity, high sound processing, artificial intelligence (AI), rechargeable batteries, and the latest tinnitus masking have leveraged the hearing device's potential to no bounds.

For instance, in October 2021, Audible launched the “Arc AI”, a full-line of AI-driven hearing aids that supports the most advanced sound quality available, which are another factor driving the growth of the Hearing Aids Market revenue

Hearing Aids Market Segment Insights

Hearing Aids Technology Type Insights

Based on Technology Type, the Hearing Aids Market segmentation, includes Digital Hearing Aids, Analog Hearing Aids. 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. Analog devices work on the principle of increasing the intensity of continuous sound waves. A uniform amplification of all sounds such as speech and noise takes place in these products. A few analog devices are programmable owing to the presence of an embedded microchip that allows the programming of different settings for different listening environments.

Hearing Aids Distribution Channel Insights

Based on distribution channels, the Hearing Aids Market segmentation includes Retail Stores, E-Commerce, Others. 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. The growth of the retail sales segment can be attributed to a large number of retail stores, a rising number of manufacturing companies entering retail sales, and a high sales margin. Retail sales of these products are further segmented into company-owned retail sales and independent retail stores. Independent retail stores dominated the market owing to the low entry barriers for new retail outlets, high-profit margin, and high level of interaction with customers. Key players operating in independent retail sales include Walmart, Costco, and CVS.

Figure 2: Hearing Aids Market, by Technology, 2021 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Hair Care Products Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America stood at USD 3.66 billion in 2021. The increasing sales volume of hearing devices, coupled with the strong adoption of less noticeable devices for more aesthetic appeal and new product launches, are some of the primary factors attributable to this region's prominent position in the market, Hence, North America is anticipated to register the highest growth rate over the forecast period from 2022–2030.

Figure 3: HEARING AIDS MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe is anticipated to be the second-largest region in terms of share, attributed to strong government support and increased research for developing advanced hearing devices. Furthermore, several companies' strategic presence, such as GN Store Nord A/S, Senovo, Demant A/S, and WS Audiology in the region, is expected to boost growth. According to the National Institute for Health and Care Excellence (NICE), currently, around 1,260 people in England receive cochlear implants every year. It would also propel market growth.

Asia Pacific is projected to register the highest CAGR during the forecast period due to hearing implants' increasing penetration and the rising aging population. According to Hear-it.org, nearly 3.6 Billion Australians suffer from hearing loss, and the number of people is expected to touch 7.8 Billion by 2060, surging the country's growth market.

Hair Care Products Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Hearing Aids Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the hair care products industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Hearing Aids Market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the hair care products industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the hair care products industry to benefit customers and expand the market sector. The Hearing Aids Market has recently given medicine some of the most important advantages. Major hair care product market players, including Johnson and Johnson, L'Oreal SA, Unilever, Henkel AG & Co. KGaA, Procter & Gamble, and others, are attempting to increase market demand by funding R&D initiatives.

Sonova is a leader in innovative hearing care solutions: from personal audio devices and wireless communication systems to audiological care services, hearing aids and cochlear implants. The Group was founded in 1947 and is headquartered in Stäfa, Switzerland. Sonova operates through four businesses – Hearing Instruments, Audiological Care, Consumer Hearing and Cochlear Implants – and the core brands Phonak, Unitron, AudioNova, Sennheiser (under license) and Advanced Bionics as well as recognized regional brands. The Group’s globally diversified sales and distribution channels serve an ever-growing consumer base in more than 100 countries. In the 2021/22 financial year, the Group generated sales of CHF 3.4 billion, with a net profit of CHF 664 Billion. Over 16,500 employees are working on achieving Sonova's vision of a world where everyone enjoys the delight of hearing.

Also, GN Store Nord A/S is a Denmark-based company offering audio solutions. The Company is focused on human auditory system, sound and speech, wireless technologies, and software development linking insight and knowledge from both the hearing aid and the headset industries. The Company's segments include GN Hearing, GN Audio and Other GN. The GN Audio segment is engaged in selling hands free communications solutions in the form of headsets for mobile phones and traditional phones. The GN Hearing segment operates within the hearing instrument industry, primarily producing and selling hearing instruments and related products. GN Hearing is a wholesale manufacturer. It offers a portfolio of medical, professional and consumer audio solutions, and offers brands in the medical technology, hearables and audio fields. Its audio solutions are marketed by its brands ReSound and Jabra. It provides products and solutions to users in over 90 countries across the world.

Key Companies in the Hearing Aids Market includes

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  Sonova

  
  


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  Sivantos Pte. Ltd

  
  


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  GN Store Nord A/S

  
  


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  Cochlear Ltd

  
  


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  WIDEX INDIA PRIVATE LIMITED

  
  


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  Microson

  
  


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  Arphi Electronics Private Limited

  
  


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  Zounds Hearing

  
  


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  Audina Hearing Instruments, Inc.

  
  


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  Demant A/S

  
  

Hearing Aids Industry Developments

In February 2021: ReSound Key was launched by GN Hearing (Denmark). It is a hearing aid line-up that offers potential access to its award-winning and proven hearing technology across the globe.

January 2021: Harry's Labs introduced a new line of women's scalp care products, the incubator for Harry's Inc., as part of a plan to help its parent business become a conglomerate.

Hearing Aids Market Segmentation

Hair Care Products Technology Type Outlook

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  Digital Hearing Aids

  
  


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  Analog Hearing Aids

  
  

Hair Care Products Distribution Channel Outlook

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  Retail Stores

  
  


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  E-Commerce

  
  


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  Others

  
  

Hair Care Products Regional Outlook

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America