Hearing Aids Market to cross US$ 12.9 Bn with a CAGR of 5.2% from 2022 to 2031

Hearing Aids Market 2022-2031

Increasing prevalence of hearing loss, growing geriatric population, and continuous research & development for innovative hearing aids are some of the factors that will drive the global market at a CAGR of 5.2% to reach US$ 12.9 Bn by 2031. Furthermore, government support & assistance in procuring hearing aids and growing awareness about hearing devices and implants are also other demanding factors adding to market expansion.

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Demand for hearing aids is also increasing with the decrease in cost, thus providing access to a larger population. The predominant cause price drop is increasing number of emerging players in the market. Hearing technology today offers better hearing aids with advanced features and functionality. Reduction of wind noise is one of the major features incorporated by hearing aids manufacturers. Also, manufacturers are focusing on launching hearing aids with advanced software (smart hearing aids) to help users program these aids according to their needs.

For instance, in January 2020, Phonak (Sonova) introduced the next generation aid- Phonak Naida Marvel, which can be connected directly to Android or iOS smartphones and other Bluetooth devices. Also, users can enjoy hands-free calls, TV, music, e-books, and podcasts.

Livio Edge AI (Starkey), Phonak Audèo paradise (Sonova), Oticon More (Oticon, Inc.), ReSound LiNx Quattro (GN Group), and MOMENT RIC 10 (WS Audiology A/S) are some of the commercially available smart hearing aids in the market.

Company Profiles:

Audina Hearing Instruments, Inc.
Audina Hearing Instruments, Inc.
Starkey Laboratories, Inc.
Demant A/S
BHM-Tech Produktionsgesellschaft GmbH
GN Hearing
Microson
Sonova Holding AG
WS Audiology A/S
Eargo Inc.

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Key Takeaways from Market Study

Behind-The-Ear (BTE) hearing aids are patient/user-friendly, have easy maintenance, low cost, and a better fit, which makes this the highest shareholder with 82.3% market share in 2021.

Digital hearing aids is a leading segment by technology, accounting for 98.9% of the global market share in 2021.

Audiology clinics are expanding at a pace way faster than ENT clinics or online stores, and are expected to hold nearly 50% of the global market share.

With increasing hearing loss prevalence, large number of key players' presence, and technological advancements, North America and Europe together hold a market share of more than 70% in the global market.

"Increasing prevalence of hearing impairment, favourable reimbursement policies, and introduction of technologically advanced hearing aids are expected to drive market growth over the decade," says an analyst of Persistence Market Research.

Market Competition

Oticon Inc., in January 2021, introduced Oticon More, the first-ever hearing aid with an on-board deep neural network (DNN) to provide patients with mild-to-severe hearing loss with a more complete, balanced, and effortless listening experience.

Similarly, Starkey, in February 2020, introduced the first AI-enabled hearing aid- Livio Edge AI. With a simple double tap, Edge Mode brings the power of artificial intelligence to one's fingertips.

Key manufacturers of hearing aids are thus contributing highly to market growth by introducing new and novel products by gaining FDA approval, in order to improve their presence in the market and gain a significant market share.

What Does the Report Cover?

Persistence Market Research offers a unique perspective and actionable insights on the hearing aids market in its latest study, presenting historical demand assessment of 2016 - 2020 and projections for 2021 - 2031.

The research study is based on product (behind-the-ear (BTE) hearing aids, receiver-in-the-ear (RIE) hearing aids, in-the-ear (ITE) hearing aids, in-the canal (ITC hearing aids), and completely-in-the canal (CIC) hearing aids), technology (conventional hearing aids and digital hearing aids), and end user (audiology clinics, ENT clinics, and online stores), across seven key regions of the world.

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Major Highlights of the Hearing Aids Market Report:

The Hearing Aids Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.

The report dives deeper into the market and explains the dynamic factors bolstering market growth.

The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.

The report analyzes the Hearing Aids Market presence across major regions of the world.

It determines the production & consumption capacities and demand & supply dynamics of each regional market.

The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.

It provides company overview and SWOT analysis of each of the market players.

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About PersistenceMarketResearch:

PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against rep/uted organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.

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