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Hearing Aid Market Size to Hit Around USD 19.5 Billion by 2030

According to Precedence Research, the global hearing aid market size is expected to hit around USD 19.5 billion by 2030 and poised to grow at a CAGR of 6.91% from forecast period 2022 to 2030.

/EIN News/ -- Ottawa, June 27, 2022 (GLOBE NEWSWIRE) -- The global hearing aids market size was valued at USD 10.69 billion in 2021. Hearing aid companies have also begun to emphasise portable audiometry and electronic hearing care solutions for remote maintenance, counselling, and monitoring of hearing aid devices. The onset of the COVID-19 disease outbreak has altered healthcare delivery around the globe. The extra tension caused by the rising rate of COVID-19 hospitalisation had resulted in the reprofiling of several hospitals and depts for curing COVID-19 patients. As a result, many elective procedures have been cancelled or delayed around the globe to retain or divert limited capacities and resources forward to COVID-19 patient care.

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The re-allocation of critical care expenditures has had an un proportional effect on the availability of ENT-related procedures and treatments. As a result of the COVID-19 pandemic, more people are opting for monitoring system. The crises have brought a new age in hearing treatment that necessitates a dramatic reconsideration of audiology service delivery. Audiology clients who are at the greatest risk for COVID-19 severity to the old age now require low- and no-touch therapies.

Report Highlights

The market and value network analysis for three commercial outcomes was offered in this research. This section summarises the key takeaways.

  • Hearing aids and hearables: This analysis revealed that this market is mature in general, with certain submarkets, particularly the implant and hearable submarkets, showing strong growth potential. People with hearing impairments, but increasingly also people without hearing impairments who want to benefit from the possibilities of in-ear continuous monitoring and support, are its target end-users. The incumbent hearing device makers, as well as major consumer electronics manufacturers, are competitors.
  • Big data analysis platforms: This analysis revealed that this is a market with significant growth across several sectors, with banking anticipated to be the most profitable. Patients and physicians for health applications, as well as data suppliers and investors, who want to access data-driven business insight, are among its target end-users. Similar features and capabilities are offered by competitors, including open-source platforms.
  • Body sensor network safety mechanisms: This research revealed that, like big data analytics systems, this is an industry with a lot of potential. Patients and doctors are among the end-users, as are device and software suppliers, public health professionals, and insurance firms. The term "competitor" isn't well defined. Its intended audience consists of end-users.

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Scope of the Report

Report Attributes Details
Market Size in 2021 USD 10.69 Billion
Revenue Forecast by 2030 USD 19.5 Billion
CAGR 6.91% from 2022 to 2030
Base Year 2021
Forecast Year 2022 to 2030
Key Players Demant A/S, Starkey Laboratories, Inc., Cochlear Ltd., RION Co., Ltd, Microson, GN Store Nord A/S, Sonova Group

Market Dynamics

Drivers

Deafness is growing increasingly prevalent all over the globe, thus it's much more important than ever to keep track of and test your hearing abilities. In infants, hearing impairment does have a major impact on language ability, learning, and community interactions. Similarly, older persons with hearing loss have a hard time keeping up with daily discussions. Un-treated hearing impairment has indeed been related to a variety of physiological concerns among elderly, spanning from cognitive impairment and depression to a higher danger of falls.

Restraints

The increased price of hearing aids like implants and bone-anchored systems is a significant factor affecting future growth, especially in cost sensitive locations like Asian Region, South America, and African. Healthcare professionals, particularly in developing nations like Mexico and Brazil, have limited necessary funds to invest in advanced technology. Furthermore, employees must receive intensive training in the safe handling & care of cochlear implantation and bone-anchored systems. To build technologically sophisticated cochlear implants, extensive research and development is needed. As the consequence, the cost of production and the calculated value for clients both rise significantly. As a result, customers must pay a higher price for linked surgical interventional treatments and screening procedures.

Opportunities

Hearing aid manufacturers have a big potential as the emphasis on patient convenience increases. Among the most crucial aspects of hearing devices is their installation. Poor fitting has an impact on the listening experience and thus can potentially worsen the condition. To get an ideal-fit hearing device, you'll need accurate measurement related to your ability to hear, the proper sort of hearing aid, as well as the device's exact form and dimensions. It's crucial to see an expert for help choosing the proper type of hearing device for your hearing problems in order to acquire proper-fitting hearing device Hearing aids are a technology driven industry that has seen the introduction of cutting-edge equipment such as hidden hearing aids and interconnected smart hearing devices.

Challenges

Aside from the expensive price of hearing devices, the cultural stereotypes associated with deafness is a key impediment to the market expansion of the best hearing devices. Hearing loss is often related to negative connotation, so those that struggle with it may even be hesitant to seek treatments. Many individuals assume that having a hearing aid makes them look elderly, weak, less competent, and even handicapped. Deafness will not only persist if left untreated, but it would also result in cognitive impairment, depression, and eventually insanity. Pre-conceived notions about hearing damage lead to the hearing devices sector's poor growth. Several countries are actually experiencing a shortage of competent doctors responsible for executing ENT treatments such as cochlear implantation. This is a considerably larger concern in developing countries & areas. Considering the presence of a large targeted patient group, the lack of qualified ENT specialists in such nations is projected to restrict the amount of ENT surgery done annually, particularly cochlear implant. It is a significant barrier to the hearing aid general market expansion.

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Recent Developments

  • Starkey (US) and OrCam Technologies (Israel) joined on Oct 2020 to deliver assistive devices to deaf / visually challenged individuals. In combination with Starkey's Livio Edge AI hearing devices, OrCam was able to use the sophisticated machine- learning algorithms that were created to relay the visual world through audio.
  • The Cochlear Nucleus Kanso 2 Sound Processor, Nucleus 7 Sound Processor for Nucleus 22 Transplant patients, and Customized Audio Pro fit application were approved by the US FDA in July 2020.
  • GN Hearing (Danish) announced ReSound Key early Feb 2021, a hearing aid line-up which expands global access to the company's acclaimed and award-winning listening equipment.

Market Segmentation

By Type

  • Hearing Devices
    • Behind-the-Ear (BTE)
    • In the Ear (ITE)
    • Receiver in the Canal (RIC)
    • Completely in the Canal (CIC)
    • Others (Invisible in the Canal, and others)
  • Hearing Implants
    • Cochlear Implants
    • Bone Anchored Implants

By Application

  • Body Area Sensor Networks
  • Wireless Sensor Networks

By Technology

  • Analog
  • Digital

By Patient Type

  • Adults
  • Pediatrics

By Sales Channel

  • Retail Sales
  • Government Purchases
  • E-commerce

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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