Global Hearing Aids and Accessories
Market Report
2024
The global hearing aids market was valued at USD 7.81 billion in 2022 and is projected to reach USD 13.10 billion by 2030, registering a CAGR of 6.6 % for the forecast period 2023-2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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The global Hearing Aids market was valued at USD 7.81 billion in 2022 and is projected to reach USD 13.10 billion by 2030, registering a CAGR of 6.6 % for the forecast period 2023-2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Hearing Aids and Accessories Market Sales Revenue 2022 | $ 7.81 Billion |
Global Hearing Aids and Accessories Market Sales Revenue 2030 | $ 13.1 Billion |
Global Hearing Aids and Accessories Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.6% |
Market Split by Product type |
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Market Split by Application |
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Market Split by Device type |
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Market Split by Type of Hearing Loss |
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Market Split by Technology |
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Market Split by Patient Type |
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Market Split by By Distribution Channel |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Hearing Aids and Accessories Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
A hearing aid is a tool used to improve hearing by enhancing sound for a person with hearing loss. A hearing aid is a small electronic device that is implanted behind or in the ear. It amplifies some sounds louder so that a person with hearing loss can listen, communicate, and take part in daily activities to a greater extent. People with hearing aids can hear more clearly in both quiet and noisy environments. A hearing aid has three basic components, a microphone, an amplifier, and a speaker. A microphone in the hearing aid picks up sound, transforms it into electrical impulses, and then transmits those signals to an amplifier. The signal's strength is increased by the amplifier, which then transmits it to the ear through a speaker.
An increase in the prevalence of hearing loss is the major factor that drives the demand for hearing aids. Loud noise is one of the most common causes of hearing loss. Over 1 billion people aged 12 to 35 years risk losing their hearing due to prolonged and excessive exposure to loud music and other recreational sounds. Millions of teenagers and young people are at risk of hearing loss due to the unsafe use of personal audio devices and exposure to damaging sound levels at venues such as nightclubs, bars, concerts, and sporting events. In addition, in the Region of the Americas, around 217 million people live with hearing loss, representing 21.52% of the population. It is expected that by 2050, this number could rise to 322 million. These factors contribute to the increase in the demand for hearing aid devices.
Furthermore, the rising geriatric population is the other factor that drives the demand for hearing aids. Hearing loss becomes more common with age, affecting 1/4 of adults in their sixties and nearly 2/3 of Americans aged seventy. This is because cells in the inner ear transmit sounds to the brain can be damaged and lost over time from aging, noise exposure, and other causes. In addition, some common health conditions faced with growing age such as diabetes or high blood pressure are responsible for hearing loss. This will lead to increases in the growth of the hearing aids market.
The high price of hearing aid products is further projected to restrain the growth of the hearing aid market. This is due to the significant amount required for research and development to develop technologically advanced hearing aids. This results in a rise in the cost of production and increases the price for end-user customers. Furthermore, the total expense of devices can increase due to features like artificial intelligence, tinnitus-masking capabilities, wind noise management, directional microphones, noise reduction, and feedback management tools. This is responsible for impeding the growth of the market.
The outbreak of COVID-19 has adversely affected the healthcare industry. The pandemic disrupted global supply chains, leading to shortages of raw materials and components necessary for manufacturing hearing aids. As a result, the diagnosis and treatment of patients with hearing difficulties were disrupted. During the early pandemic, fewer individuals visited hospitals and clinics as a result of the COVID-19 breakout. The Hearing Industries Association (HIA) reports that in the first half of 2020, hearing aid sales decreased by 29.7% in the United States. The pandemic had a negative impact on the overall sales of hearing aid support goods because operations like the cochlear implantation technique, one of the most important therapies to address hearing problems, were delayed. As a result, leading manufacturers' hearing aid sales have declined.
Telehealth services and remote hearing aid fittings were more widely used during the pandemic. Audiologists and hearing healthcare professionals started offering virtual consultations and remote adjustments for existing hearing aid users. This shift allowed individuals to receive necessary support and adjustments for their devices without physical visits to clinics. Telehealth services have made healthcare more convenient and accessible, which has benefited the hearing aid industry. This will lead to an increase in the demand for hearing aid.
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Sony Electronics announced the launch of its new OTC (over-the-counter) hearing aid which is the CRE-C10 hearing aid. These hearing aids are packed with intuitive technology to help the consumer not only learn how to use them. In addition, Sony has developed these hearing aids to function as a pair rather than as separate devices with the purpose of a more comfortable and sophisticated listening experience.
Top Companies Market Share in Hearing Aids and Accessories Industry: (In no particular order of Rank)
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In 2022, Europe dominated hearing aids with the largest market share of 39.5%. Europe has a rapidly aging population, with a significant proportion of individuals experiencing age-related hearing loss. According to Eurostat, the percentage of the population in Europe over the age of 65 is expected to rise significantly over the next few decades. Due to this demographic trend, Europe is an attractive marketplace for hearing aid suppliers and manufacturers. Furthermore, Europe has developed healthcare systems that have placed a high priority on audiology and hearing health. These countries have an extensive network of medical specialists, such as otolaryngologists and audiologists, who are trained in identifying and treating hearing loss. This robust infrastructure ensures effective hearing aid distribution and accessibility for everyone.
Asia Pacific hearing aids market is projected to witness the fastest growth during the forecast period, from 2023 to 2030. This is due to the Asia Pacific region being home to a significant and rapidly aging population. According to the United Nations, Asia is expected to have the largest number of elderly individuals worldwide. As a result of this demographic change, age-related hearing loss is more common, which increases the need for hearing aids in the region. Furthermore, governments, medical facilities, and campaign organizations are actively promoting hearing health initiatives and encouraging regular hearing tests. As a result, hearing aids are becoming more widely accepted as a treatment for hearing loss. This will lead to an increase in the demand for hearing-aid devices
The current report Scope analyzes Hearing Aids and Accessories Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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Global Hearing Aids and Accessories Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Hearing Aids and Accessories Industry growth. Hearing Aids and Accessories market has been segmented with the help of its Product type, Application Device type, and others. Hearing Aids and Accessories market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
The hearing aid devices segment dominated the market with the largest revenue share. This dominance is attributed to hearing aid devices designed to report various levels and types of hearing loss. They utilize advanced technology to amplify sounds, improve speech clarity, and boost general hearing ability. The technology has advanced features like noise reduction, feedback cancellation, and automatic sound modifications made possible by digital signal processing (DSP). Hearing aids devices enable users to better understand conversations, enjoy music, and interact with their surroundings by offering personalized amplification based on their individual hearing needs. This will contribute to an increase in the demand for hearing aids.
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This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities for each application of Hearing Aids and Accessories from 2019 to 2031. This will also help to analyze the demand for Hearing Aids and Accessories across different end-use industries. Our research team will also help acquire additional data such as Value Chain, Patent analysis, Company Evaluation Quadrant (Matrix), and much more confidential analysis and data insights.
Some of the key Application of Hearing Aids and Accessories are:
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Senior Research Associate at Cognitive Market Research
Manjiri Kanhere is an experienced market researcher focused on the Pharma & Healthcare industry. With over 3+ years of experience, She has worked with major pharmaceutical companies and healthcare providers, helping them to understand market trends, identify new business opportunities, and develop effective sales & marketing strategies. Her expertise lies in the ability to analyze complex data sets and deliver insights that drive business decisions. At Cognitive Market Research, she handles the market research related to Pharma and healthcare industry.
Manjiri Kanhere is an experienced market researcher focused on the Pharma & Healthcare industry. With over three years of experience, She has worked with major pharmaceutical companies and healthcare providers, helping them to understand market trends, identify new business opportunities, and develop effective sales & marketing strategies.
In her current role, Manjiri handles the market research related to Pharma and healthcare industry. Her passion lies in utilizing innovative approaches to distill complex information into strategic insights that empower organizations to make informed decisions.Manjiri remains an invaluable asset in the dynamic landscape of market research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Hearing Aids and Accessories Market is witnessing significant growth in the near future.
In 2023, the Hearing aid devices segment accounted for noticeable share of global Hearing Aids and Accessories Market and is projected to experience significant growth in the near future.
The Mild hearing loss segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Phonak , GN Store Nord A/S and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Product type | Hearing aid devices, Accessories |
Application | Mild hearing loss, Moderate hearing loss, Severe hearing loss |
Device type | Digital hearing aids, Analog hearing aids |
Type of Hearing Loss | Sensorineural hearing loss, Conductive hearing loss |
Technology | Conventional hearing aids, Digital hearing aids |
Patient Type | Adults, Pediatrics |
By Distribution Channel | Large retail chains, , Manufacturer-owned retail chains, Public, Others |
List of Competitors | Phonak, Benson Hearing, GN Store Nord A/S, Starkey, MED-EL, William Demant Holding A/S, Medtronic, Widex USA Inc, Sivantos Pte LTD, Audina Hearing Instruments Inc, others |
This chapter will help you gain GLOBAL Market Analysis of Hearing Aids and Accessories. Further deep in this chapter, you will be able to review Global Hearing Aids and Accessories Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Product type Analysis 2019 -2031, will provide market size split by Product type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Product type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by Device type Analysis 2019 -2031
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Chapter 13 Market Split by Type of Hearing Loss Analysis 2019 -2031
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Chapter 14 Market Split by Technology Analysis 2019 -2031
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Chapter 15 Market Split by Patient Type Analysis 2019 -2031
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Chapter 16 Market Split by By Distribution Channel Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Hearing Aids and Accessories market
Chapter 17 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Hearing aid devices have a significant impact on Hearing Aids and Accessories market? |
What are the key factors affecting the Hearing aid devices and Accessories of Hearing Aids and Accessories Market? |
What is the CAGR/Growth Rate of Mild hearing loss during the forecast period? |
By type, which segment accounted for largest share of the global Hearing Aids and Accessories Market? |
Which region is expected to dominate the global Hearing Aids and Accessories Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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