Hearing Aids Market Size, Share & Analysis| Industry Report 2024

The global hearing aids market was valued at $4.6bn in 2016 and is anticipated to reach over $6.4n by 2024.

The hearing aids market is anticipated to grow steadily owing to factors such as a rise in the number of people suffering from hearing loss, the introduction of technologically advanced products, increasing awareness about mild and moderate hearing problems, and rise in global geriatric population.

As per WHO, nearly 360 million people or 5% of the global population has disabling hearing loss. The adult population accounts for over 91% or 328 million, and children account for 32 million. Disabling hearing loss is defined as hearing loss over 30 dB in the children and a hearing loss of over 40 dB in adults. Majority of hearing loss people live in low, and middle-income countries. Due to increase in healthcare investment in emerging countries, growing awareness, and introduction of innovative products at optimal prices are anticipated to reinforce the market growth over the forecast period positively.

The rise in global geriatric population is a key factor boosting the usage rates. The developed economies such as the U.S., UK, Germany, France, Italy and Japan, have the highest base of the geriatric population aged 65 and above. Moreover, globally over 33% people aged 65 years and above are impacted due to disabling hearing loss. As per the Administration of Aging (AoA), in the U.S., there are over 46.2 million people aged 65 and above, which represents roughly 14.5% or one in every seven Americans. By 2040, the share of the geriatric population is expected to exceed 21.7%. The significant rise in the aging population is anticipated to bolster the demand for several types of hearing aids in the future.

In 2016, Europe was the leading region with a market share of nearly 39% followed by North America and Asia Pacific. The high disease burden, presence of major manufacturers, skilled professionals, high investment in research & development are some of the factors contributing to the high market share.

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Key findings from the study: -
• As per WHO, nearly 360 million people or 5% of the global population has disabling hearing loss. The adult population accounts for over 91% or 328 million, and children account for 32 million.
• As per the Administration of Aging (AoA), in the U.S., there are over 46.2 million people aged 65 and above, which represents roughly 14.5% or one in every seven Americans. By 2040, the share of geriatric population is expected to exceed 21.7%. The significant rise in the aging population is anticipated to bolster the demand for several types of hearing aids in the future.
• In the UK, the prices are negotiated by the NHS to ensure affordability and access to modern innovations. In 2014, the NHS with support from the British Academy of Audiology had renewed its Hearing Aid and Accessories framework agreement to improve the procurement process, ensure competitive viability and result in significant cost savings.
• Key market participants are William Demant, Sonova, Sivantos, GN Store Nord, Starkey, and Widex.

Ameri Research has segmented the Hearing Aids Market by product type, Technology.

Market Segmentation:

Hearing Aids Market by Product (Revenue, Million, 2014 – 2024)
• In-the-ear hearing aid
• Receiver-in-the-ear hearing aid
• Behind-the-ear hearing aid
• Canal hearing aids ITC, CIC and IIC

Hearing Aids Market by Technology, (Revenue, USD Million, 2014 – 2024)
• Analog
• Digital

Hearing Aids Market Regional Outlook (Revenue, USD Million, 20124- 2024)
• North America
o U.S.
o Canada

• Europe
o UK
o Germany
o France
o Italy
o Spain

• Asia Pacific
o Japan
o China
o India
o Australia

• Latin America
o Brazil
o Mexico
o Columbia

• Middle East and Africa
o South Africa
o Saudi Arabia

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