Hearing Aids Market Size Worth $15.5 Billion by 2030 at CAGR of 4.9%: Grand View Research, Inc.

SAN FRANCISCO, May 4, 2022 /PRNewswire/ -- The global hearing aids market size is expected to reach USD 15.5 billion by 2030, according to a report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.9% from 2022 to 2030. Increasing adoption of hearing aids, the growing awareness regarding technologically advanced products for the treatment of auditory loss, and the rising prevalence of auditory loss are some of the factors contributing to the market growth. The World Health Organization estimates that by 2050, the number of individuals living with severe hearing loss would approach 900 million. Besides that, physiological ear aging, hereditary vulnerability, increasing noise exposure, vascular illness, and chronic inflammation are factors that will contribute to the growing need for hearing aid. Hearing aid support items are also benefiting from government-funded projects. The majority of nations with greater penetration rates have government-funded hearing aid and accessory programs, subsidies, or full or partial reimbursements.

Key Insights & Findings from the report:

• The behind-the-ear hearing aids segment was the largest product type segment in 2021 and is expected to grow at a lucrative rate over the forecast period due to the ease of handling and technological advances.
• The digital technology type segment dominated the market in 2021 owing to technological advancements and additional advantages over its analog counterparts, including amplified sound and reduced external noise.
• Retail sales channel dominated the market in 2021 due to high-profit margins in retail sales and an increasing number of companies investing in company-owned retail stores. In addition, companies such as William Demant Holding A/S, Starkey, and GN Hearing are undertaking expansion strategies to increase the number of company-owned retail stores.
• Europe dominated the market in 2021 and is expected to grow at a lucrative rate over the forecast period. This is attributed to an increase in the prevalence of deafness and rising awareness regarding technological advancements. North America held the second-largest revenue share in 2021.
• In September 2021, Audientes, a firm that provides low-cost hearing aids to low-income nations, partnered with Hearing Wellness Clinic, a network of hearing facilities in South India, to deliver its self-adjusting hearing aids to the Indian market.

Read 136 page market research report, "Hearing Aids Market Size, Share & Trends Analysis Report By Product Type (Behind-the-Ear, Canal), By Technology Type (Digital, Analog), By Sales Channel, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Hearing Aids Market Growth & Trends

Covid-19 has adversely affected the healthcare industry. As a result of the COVID-19 pandemic, more people are opting for remote monitoring. The crisis has brought a new paradigm in hearing healthcare that mandates a revolutionary reconsideration of audiology service delivery. Low- and no-touch therapies are becoming increasingly important for audiology patients, who have been at the greatest risk for COVID-19 morbidity and death due to their old age. Hearing aid manufacturers have started to prioritize the use of mobile audiometry and digital hearing care solutions for remote troubleshooting, fine-tuning, counseling, and device monitoring.
Furthermore, rising public awareness regarding hearing impairment and hearing aid devices is anticipated to create an opportunity for the growth of the market. Increased public awareness regarding hearing loss and the benefits of devices to people with hearing impairment are expected to increase the product demand, which will positively impact the market growth. For example, the World Health Organization (WHO) and its respective nations commemorate World Hearing Day on March 3rd each year to promote awareness regarding hearing loss and safe listening and the WHO provides a specific grant to anyone who wants to organize a program on these issues.
Increased noise pollution across the world has a substantial influence on people's hearing capacities. Adults' hearing capacity is projected to be harmed as a result of noise pollution in heavy-duty businesses and public carnivals, leading to an increase in demand for hearing aids. Furthermore, key companies in the sector are improving their products via technical innovation and the debut of new gadgets, which is likely to boost the market growth throughout the forecast period. For instance, Oticon, Inc. is extending its hearing aid range to make Oticon's innovative BrainHearing technology accessible to more hearing impairment. Two new Oticon More miniBTE models have been added to meet the demand for consumers who want compact, inconspicuous behind-the-ear (BTE) choices.

Hearing Aids Market Segmentation

Grand View Research has segmented the global hearing aids market on the basis of product type, technology type, sales channel, and region:

Hearing Aids Market - Product Type Outlook (Volume, '000 Units; Revenue, USD Million, 2017 - 2030)

• In-the-Ear Hearing Aids
• Receiver-in-the-Ear Hearing Aids
• Behind-the-Ear Hearing Aids
• Canal Hearing Aids

Hearing Aids Market - Technology Type Outlook (Volume, '000 Units; Revenue, USD Million, 2017 - 2030)

• Digital
• Analog

Hearing Aids Market - Sales Channel Outlook (Volume, '000 Units; Revenue, USD Million, 2017 - 2030)

• Retail Sales
• Government Purchases
• E-commerce

Hearing Aids Market - Regional Outlook (Volume, '000 Units; Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

List of Key Players of Hearing Aids Market

• Phonak
• Benson Hearing
• GN Store Nord A/S
• Starkey
• MED-EL
• William Demant Holding A/S
• Medtronic
• Widex USA, Inc.
• Sivantos Pte LTD

Check out more related studies published by Grand View Research:

• ENT Devices Market - The global ENT devices market size is expected to reach USD 29.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2021 to 2028. The market growth can be attributed to factors such as a growing geriatric population, high prevalence of hearing loss, and increasing penetration of minimally invasive surgeries are factors likely to boost the market during the forecast period. Furthermore, technological advancements in this field, an increase in healthcare investment for early detection of diseases, and favorable regulatory policies are other factors expected to drive the market.
• Audiology Devices Market- The global audiology devices market size is expected to reach USD 15.5 billion by 2026 registering a CAGR of 5.8%, according to a new report by Grand View Research, Inc. Increasing cases of hearing disorders, especially in geriatric population, rising purchasing capacity, investments in R&D, and government support for better healthcare infrastructure are expected to drive the market over the forecast period.
• Hearing Amplifiers Market - Global hearing amplifiers market is expected to reach USD 78.2 million by 2022, according to a new study by Grand View Research Inc. Growing prevalence of deafness and hearing disorders and the increasing cost of hearing aids are expected to drive the hearing amplifiers market over the forecast period. Hearing amplifiers are relatively cheaper products and therefore, are more preferred in patients with manageable deafness severities. For instance, the ASP of hearing amplifier amounts to USD 200, as opposed to hearing aids priced at approximately USD 450 to 1,000. Rising R&D investments aimed at new product development in congruence with the changing consumer dynamics is expected to significantly contribute towards expedited market growth.

Browse through Grand View Research's  Medical Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com 
Grand View Compass | Grand View Pipeline 
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg