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Hearing Aids Market to Reach US$ 15.6 Bn 2031; Growing Use in Hearing-impaired Adults Propelling Sales: TMR Study

·7 min read
Transparency Market Research
Transparency Market Research

Enormous demand for hearing aids for management of avoidable hearing loss in children and older adults to generate substantial revenue streams in hearing aids market

Wilmington, Delaware, United States, June 27, 2022 (GLOBE NEWSWIRE) -- The global market for hearing aids has grown in size from the widespread commercialization of products, underpinned by the acceptance of the technology in treating hearing loss. Continuous technological advancements have tremendously benefited the target population and increased the acceptability among the wearers, expanding growth prospects for hearing aids manufacturers. The global hearing aids market is projected to reach US$ 15.6 Bn in value by the end of the forecast period of 2022–2031.

The demand for hearing aids is fueled by the awareness of the benefits of hearing aid technology in the management of hearing loss. Global prevalence of mild-to-moderate hearing loss in older adults present an enormous opportunity for hearing aid device manufacturers. Young adults also have been found to at high risk of permanent, avoidable hearing loss, per a recent finding by the WHO, which thus are expected to be a lucrative target population for device-related hearing rehabilitation.

Recent developments in the hearing aids market indicate thar governments and private players especially in developing economies are raising the awareness about the reduced quality of life due to hearing impairment. In particular, they are collaborating to develop robust hearing care programmes in such regions, which has catalyzed the demand for hearing aids. Initiatives by the World Hearing Forum are a case in point.

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Key Findings of Hearing Aids Market Study

  • Increasing Prevalence of Hearing Loss with Age to Expand Avenues: The prevalence and severity of hearing loss increases with age. A significant portion of the affected population suffer from disabling hearing losses. These factors are expected to steer worldwide demand for products in the hearing aids market. Recently launched devices are aimed at treating a majority of hearing impairments, and hence will expand the revenue growth during the forecast period.

  • Companies Continuously Improving Hearing Aid Technologies to Capture Massive Revenues: Players in hearing aids market are garnering revenue gains from the commercialization of the devices equipped with next-gen amplification modalities. Additionally, designs that increase perceived sound quality among users are catalyzing the adoption rate. Physicians are recommending device-related hearing rehabilitation as a key primary management option. Stakeholders are leaning on creating the awareness of availability of custom-made hearing aids and the improving hearing support and care services, thus spurring revenue generation in the hearing aids market.

  • Initiatives for Increasing Awareness of Hearing Losses Bolstering Hearing Aids Market Prospects: Cost-effectiveness of hearing aids is expected to reinforce growth prospects for hearing aids particularly in less developed economies that are resource-constrained. The factor is expected to boost uptick in demand for various hearing aids technologies in children and adults, especially in some parts of Asia Pacific and sub-Saharan Africa. Advances in ear and hearing care services globally will expand the horizon for hearing aids manufacturers.

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Hearing Aids Market: Key Drivers

  • Glaring prevalence of varying degrees of hearing loss is a key driver for indications of use of hearing devices. The quality of the hearing rehabilitation processes is improving on the back massive improvements in hearing aids.

  • An aging population is another key driver of the hearing aids market. Their adoption has increased remarkably among older adults, since they witness positive effects on the quality of life and also productivity.

Hearing Aids Market: Regional Growth Dynamics

Europe is anticipated to emerge as the leading regional market during the forecast period. The growth is increasingly propelled by the presence of strong distribution channels, high awareness about the problem in the target population, and constant R&D in designs and functionality of the devices. The demand for modern digital hearing devices in hearing-impaired people is expected to open up new avenues for companies in the Europe hearing aids market.

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Hearing Aids Market: Key Players

Some of the key players in the hearing aids market are

  • William Demant Holding A/S

  • Widex A/S

  • Starkey

  • Sonova Holding AG

  • Siemens AG

  • SeboTek Hearing Systems

  • GN Store Nord A/S

  • Cochlear Ltd.

  • Audina Hearing Instruments, Inc.

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Hearing Aids Market Segmentation

  • Product

    • Hearing Aids

    • Behind-the-Ear (BTE) Aids

    • Receiver in the Ear (RITE) Aids

    • In the Ear (ITE)

    • Canal Hearing Aids (ITC), (CIC), & (IIC)

    • Bone Anchored Hearing Aids (BAHA)

  • Age Group

    • Adult

    • Pediatric

Regions

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

Countries

  • U.S.

  • Canada

  • Germany

  • U.K.

  • France

  • Italy

  • Spain

  • Rest of Europe

  • China

  • India

  • Japan

  • Australia & New Zealand

  • Rest of Asia Pacific

  • Brazil

  • Mexico

  • Rest of Latin America

  • GCC Countries

  • South Africa

  • Rest of Middle East & Africa

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