Summary
Hearing Aids Market Research Report By Product (Hearing aid devices and Hearing implants), By Type of Hear Loss (Sensorineural hearing loss and Conductive hearing loss), By Patient Type (Adults and Pediatrics), By Technology (Digital and Analog) Forecast to 2032
Market Overview
According to the MRFR analysis, the hearing aids market size was anticipated to reach USD 12,034.01 million in 2023. The hearing devices market is expected to advance at a compound annual growth rate (CAGR) of approximately 8.52% during the forecast period (2025–2032).
The global market for hearing aids is expanding swiftly because of a number of fundamental variables. One of the primary causes of this trend is the increasing prevalence of hearing loss, particularly among the elderly. The demand is increasing as a result of the increased awareness of auditory health issues by governments and health organizations worldwide. Furthermore, the expansion of product offerings and the expansion of the clientele have been facilitated by technological advancements such as the development of digital hearing aides and wireless networking capabilities. The increasing disposable income of consumers in a variety of sectors will result in a greater number of individuals having access to hearing aids that can enhance their quality of life. Additionally, the process of purchasing these devices will be simplified.
Market Segmentation
Hearing implants and hearing aid devices are the two product segments that comprise the global market for hearing aids.
Based on the form of hearing loss, the global market is divided into two segments: sensorineural and conductive.
The market is divided into two segments based on the category of patient: adults and pediatrics.
Technology-wise, the global market for hearing aides is divided between analog and digital.
Technology divides the market into two segments: digital and analog.
The end-user market is divided into three segments: Medicare/Medicaid, third-party payer, and private pay/out-of-pocket.
Local Perspectives
The study provides market information for hearing aids in the following regions: North America, Europe, Asia-Pacific, and the rest of the globe. North America was the dominant force in the global market in 2023. Several factors, such as the increasing sales volume of hearing devices, the widespread adoption of less noticeable devices for greater aesthetic appeal, and the introduction of new products, are expected to contribute to North America's maximum growth rate during the forecast period. Europe is anticipated to possess the second-largest share as a result of the substantial government support and the expansion of research into the development of state-of-the-art hearing apparatus. The strategic presence of several businesses in the region, such as GN Store Nord A/S, Senovo, Demant A/S, and WS Audiology, is also expected to contribute to growth. According to the National Institute for Health and Care Excellence (NICE), approximately 1,260 individuals in England currently receive cochlear implants each year. Furthermore, it would encourage market expansion. The aging population and the increasing use of hearing implants are expected to result in the highest compound annual growth rate (CAGR) in Asia Pacific during the projection period. According to Hear-it.org, the number of Australians with hearing loss is estimated to be 3.6 billion. This figure is expected to increase to 7.8 billion by 2060, which is expected to contribute to the nation's economic development.
Primary Players
Some of the major players in the hearing aids market include Starkey Hearing Technologies, Signia, Oticon, Demant, GN Store Nord, Unitron, Eargo, Cochlear, WS Audiology, Rexton, MED-EL (Medical Electronics), William Demant Holding A/S, Amplifon, Sonova, Audina Hearing Instruments, Beltone, and Hearing Life.
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Table of Contents
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY ............................................................................................................... 18
2 MARKET INTRODUCTION ............................................................................................................ 20
2.1 DEFINITION .................................................................................................................................................................. 20
2.2 SCOPE OF THE STUDY .............................................................................................................................................. 20
2.3 RESEARCH OBJECTIVE ............................................................................................................................................ 20
3 RESEARCH METHODOLOGY ...................................................................................................... 21
3.1 OVERVIEW .................................................................................................................................................................... 21
3.2 DATA FLOW .................................................................................................................................................................. 23
3.2.1 Data Mining Process ....................................................................................................................................... 23
3.3 PURCHASED DATABASE: ......................................................................................................................................... 24
3.4 SECONDARY SOURCES: ............................................................................................................................................ 25
3.4.1 Secondary Research data flow: ........................................................................................................................ 26
3.5 PRIMARY RESEARCH: ............................................................................................................................................... 27
3.5.1 Primary Research DATA FLOW: ....................................................................................................................... 28
3.5.2 Primary Research: Number of Interviews conducted ........................................................................................ 29
3.5.3 Primary Research: Regional Coverage ............................................................................................................. 29
3.6 APPROACHES FOR MARKET SIZE ESTIMATION: ........................................................................................... 30
3.6.1 Revenue Analysis Approach ............................................................................................................................ 30
3.7 DATA FORECASTING................................................................................................................................................. 31
3.7.1 Data forecasting Type ..................................................................................................................................... 31
3.8 DATA MODELING ........................................................................................................................................................ 32
3.8.1 microeconomic factor analysis: ....................................................................................................................... 32
3.8.2 Data modeling: ............................................................................................................................................... 33
3.9 TEAMS AND ANALYST CONTRIBUTION ........................................................................................................... 35
4 MARKET DYNAMICS .................................................................................................................... 37
4.1 INTRODUCTION ........................................................................................................................................................... 37
4.2 DRIVERS ......................................................................................................................................................................... 37
4.2.1 Increasing Incidences of Hearing Loss ............................................................................................................ 37
4.2.2 Growth of Elderly/Geriatric Population ............................................................................................................. 37
4.3 RESTRAINTS ................................................................................................................................................................ 37
4.3.1 High Cost and Affordability Issues ................................................................................................................... 37
4.3.2 Stigma and Social Acceptance ........................................................................................................................ 38
4.4 OPPORTUNITY ............................................................................................................................................................. 38
4.4.1 Rise in Disposable Income and Affordability..................................................................................................... 38
4.4.2 Technological Advancements .......................................................................................................................... 38
5 MARKET FACTOR ANALYSIS ...................................................................................................... 39
5.1 PORTER’S FIVE FORCES MODEL ........................................................................................................................... 39
5.1.1 Porter’s Five Forces Model .............................................................................................................................. 39
5.1.1.1 Threat of New Entrants ........................................................................................................................... 39
5.1.1.2 Bargaining Power of Suppliers ................................................................................................................ 40
5.1.1.3 Bargaining Power of Buyers .................................................................................................................... 40
5.1.1.4 Threat of Substitutes .............................................................................................................................. 40
5.1.1.5 Industry Rivalry ....................................................................................................................................... 41
5.2 IMPACT OF COVID-19 ON HEARING AIDS MARKET ....................................................................................... 41
5.3 OTC HEARING AID MARKET TRENDS ................................................................................................................ 41
5.4 PAYMENT MODE ANALYSIS BY REGION .......................................................................................................... 43
6 GLOBAL HEARING AIDS MARKET, BY PRODUCT ..................................................................... 48
6.1 INTRODUCTION ........................................................................................................................................................... 48
6.1.1 Hearing Aid Devices ........................................................................................................................................ 48
6.1.1.1 Behind-the-ear (BTE) Hearing Aids ........................................................................................................... 48
6.1.1.2 In-the-ear (ITE) Hearing Aids ................................................................................................................... 48
6.1.1.3 Canal Hearing Aids ................................................................................................................................. 48
6.1.1.4 Receiver-in-the-ear (RIE) Hearing Aid ....................................................................................................... 48
6.1.1.5 Others .................................................................................................................................................... 48
6.1.2 Hearing Implants ............................................................................................................................................ 48
6.1.2.1 Cochlear Implants .................................................................................................................................. 49
6.1.2.2 Bone-Anchored Hearing Aids (BAHA) ...................................................................................................... 49
7 GLOBAL HEARING AIDS MARKET, BY TYPE OF HEARING LOSS ............................................ 51
7.1 INTRODUCTION ........................................................................................................................................................... 51
7.1.1 Sensorineural Hearing Loss............................................................................................................................. 51
7.1.2 Conductive Hearing Loss ................................................................................................................................ 51
8 GLOBAL HEARING AIDS MARKET, BY PATIENT TYPE .............................................................. 53
8.1 INTRODUCTION ........................................................................................................................................................... 53
8.1.1 Adults ............................................................................................................................................................ 53
8.1.2 Pediatrics ....................................................................................................................................................... 53
9 GLOBAL HEARING AIDS MARKET, BY TECHNOLOGY .............................................................. 55
9.1 INTRODUCTION ........................................................................................................................................................... 55
9.1.1 Digital ............................................................................................................................................................ 55
9.1.2 Analog ........................................................................................................................................................... 55
10 GLOBAL HEARING AIDS MARKET, BY END USER .................................................................... 57
10.1 INTRODUCTION ........................................................................................................................................................... 57
10.1.1 Private Pay/Out of Pocket ............................................................................................................................... 57
10.1.2 Third Party Payer ............................................................................................................................................ 57
10.1.3 Medicare/Medicaid ......................................................................................................................................... 57
11 GLOBAL HEARING AIDS MARKET, BY REGION ......................................................................... 59
11.1 INTRODUCTION ........................................................................................................................................................... 59
11.1.1 North America ................................................................................................................................................ 60
11.1.1.1 US ......................................................................................................................................................... 62
11.1.1.2 Canada .................................................................................................................................................. 64
11.1.1.3 Mexico .................................................................................................................................................. 65
11.1.2 EUROPE ......................................................................................................................................................... 67
11.1.2.1 Germany ................................................................................................................................................ 69
11.1.2.2 UK ......................................................................................................................................................... 71
11.1.2.3 France ................................................................................................................................................... 72
11.1.2.4 Italy ....................................................................................................................................................... 74
11.1.2.5 Spain ..................................................................................................................................................... 76
11.1.2.6 Rest Of Europe ....................................................................................................................................... 77
11.1.3 ASIA-PACIFIC ................................................................................................................................................. 79
11.1.3.1 Japan .................................................................................................................................................... 81
11.1.3.2 China ..................................................................................................................................................... 83
11.1.3.3 India ...................................................................................................................................................... 84
11.1.3.4 Australia ................................................................................................................................................ 86
11.1.3.5 Rest Of Asia Pacific ................................................................................................................................ 88
11.1.4 SOUTH AMERICA ............................................................................................................................................ 89
11.1.4.1 Brazil ..................................................................................................................................................... 91
11.1.4.2 Colombia ............................................................................................................................................... 93
11.1.4.3 Rest of South America ............................................................................................................................ 95
11.1.5 Middle East & Africa ....................................................................................................................................... 97
11.1.5.1 South Africa ........................................................................................................................................... 99
11.1.5.2 GCC Countries ........................................................................................................................................ 101
11.1.5.3 Rest of Middle East and Africa ................................................................................................................ 103
12 COMPETITIVE LANDSCAPE ........................................................................................................ 105
12.1 INTRODUCTION ........................................................................................................................................................... 105
12.2 MARKET SHARE ANALYSIS, 2023 ....................................................................................................................... 105
13 COMPANY PROFILES .................................................................................................................. 106
13.1 COCHLEAR LIMITED .................................................................................................................................................. 106
13.1.1 COMPANY OVERVIEW ..................................................................................................................................... 106
13.1.2 PRODUCTS OFFERed....................................................................................................................................... 106
13.1.3 SWOT ANALYSIS ............................................................................................................................................ 107
13.1.4 Key Strategy ................................................................................................................................................... 107
13.2 GN HEARING A/S ........................................................................................................................................................ 108
13.2.1 COMPANY OVERVIEW ..................................................................................................................................... 108
13.2.2 PRODUCTS OFFERed....................................................................................................................................... 108
13.2.3 SWOT ANALYSIS ............................................................................................................................................ 109
13.2.4 Key Strategy ................................................................................................................................................... 110
13.3 SONOVA ......................................................................................................................................................................... 111
13.3.1 COMPANY OVERVIEW ..................................................................................................................................... 111
13.3.2 PRODUCTS OFFERed....................................................................................................................................... 112
13.3.3 SWOT ANALYSIS ............................................................................................................................................ 113
13.3.4 Key Strategy ................................................................................................................................................... 113
13.4 WILLIAM DEMANT HOLDING A/S ........................................................................................................................ 114
13.4.1 COMPANY OVERVIEW ..................................................................................................................................... 114
13.4.2 PRODUCTS OFFERed....................................................................................................................................... 115
13.4.3 SWOT ANALYSIS ............................................................................................................................................ 116
13.4.4 Key Strategy ................................................................................................................................................... 117
13.5 STARKEY ....................................................................................................................................................................... 118
13.5.1 COMPANY OVERVIEW ..................................................................................................................................... 118
13.5.2 PRODUCTS OFFERed....................................................................................................................................... 118
13.5.3 SWOT ANALYSIS ............................................................................................................................................ 120
13.5.4 Key Strategy ................................................................................................................................................... 120
13.6 PETROFAC ..................................................................................................................................................................... 121
13.6.1 COMPANY OVERVIEW ..................................................................................................................................... 121
13.6.2 PRODUCTS OFFERed....................................................................................................................................... 121
13.6.3 SWOT ANALYSIS ............................................................................................................................................ 122
13.6.4 Key Strategy ................................................................................................................................................... 122
13.7 HALLIBURTON............................................................................................................................................................. 123
13.7.1 COMPANY OVERVIEW ..................................................................................................................................... 123
13.7.2 PRODUCTS OFFERed....................................................................................................................................... 123
13.7.3 SWOT ANALYSIS ............................................................................................................................................ 124
13.7.4 Key Strategy ................................................................................................................................................... 124
13.8 ZOUNDS HEARING ...................................................................................................................................................... 125
13.8.1 COMPANY OVERVIEW ..................................................................................................................................... 125
13.8.2 PRODUCTS OFFERed....................................................................................................................................... 125
13.8.3 SWOT ANALYSIS ............................................................................................................................................ 126
13.8.4 Key Strategy ................................................................................................................................................... 127
13.9 AUDINA HEARING INSTRUMENTS...................................................................................................................... 127
13.9.1 COMPANY OVERVIEW ..................................................................................................................................... 127
13.9.2 PRODUCTS OFFERed....................................................................................................................................... 128
13.9.3 SWOT ANALYSIS ............................................................................................................................................ 128
13.9.4 Key Strategy ................................................................................................................................................... 129
13.10 AMPLIFON .................................................................................................................................................................... 130
13.10.1 COMPANY OVERVIEW ..................................................................................................................................... 130
13.10.2 PRODUCTS OFFERed....................................................................................................................................... 130
13.10.3 SWOT ANALYSIS ............................................................................................................................................ 130
13.10.4 Key Strategy ................................................................................................................................................... 131
14 DATA CITATIONS ......................................................................................................................... 132
