Hearing Aids Market Share, Size, Growth 2024-2032 (2024)

Global Hearing Aids Market Outlook

The global hearing aids market size attained a value of USD 9.21 billion in 2023. The market is anticipated to grow at a CAGR of 5.9% during the forecast period of 2024-2032, likely to attain a value of USD 15.43 billion by 2032.

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Global Market Likely to be Driven by Rising Number of Cases Related to Hearing Loss

It is estimated that approximately 2.5 billion people across the globe would experience some degree of hearing loss by 2050; at the minimum, approximately 700 million of such people might need access to ear and hearing care and other rehabilitation facilities. Only in the USA, hearing loss that interferes with quality of life affects over forty-seven million people. By 2050, approximately 666 million people are estimated to experience some type of hearing loss in South-East Asia. While cost and complexity of treatment may prove to be barriers to getting help for a group of individuals, leading companies are helping owners set up and customize their hearing aids from home. Such advancements are expected to boost the global hearing aids market.

Hearing aids are small electronic devices worn behind the ear; these amplify some sounds to enable a person with hearing loss to listen, communicate, and participate to a greater degree in everyday activities. Hearing aids enable better hearing in noisy as well as noisy conditions. These devices also assist in enhancing hearing and speech comprehension when hearing loss is the result of damage to small sensory cells in the inner ear. The damage could be a result of disease, ageing, or injury from noise or some medicines.

Variety of Hearing Aids Available and Additional Features Offered Likely to Boost Market Growth

There are various types of hearing aids, including:

Behind-the-ear (BTE) – Such systems are made up of a solid plastic case that is worn behind the ear and connected to a plastic earmold fitting within the outer ear. The electronic components are contained in the casing behind the ear. Open-fit is a new kind of small fit BTE aid that fits well behind the ear; a thin tube is put into the ear canal which lets the canal to remain open.

In-the-ear (ITE) – Used by people experiencing mild to severe hearing loss. ITE aids completely fit inside the outer ear. The case holding electronic components is made of solid plastic. Several ITE aids offer additional features like telecoil which enables easy hearing of conversations over the phone.

Canal aids – These are available in two types and both are employed for mild to moderately severe hearing loss- in-the-canal (ITC) hearing aid and completely-in-canal (CIC) hearing aid.

Analogue aids change sound waves to amplified electrical signals. Analogue/adjustable hearing aids are custom built to fulfil user needs. Some analogue hearing aids are programmable and have several programs or settings; the program may be altered for different listening environments.

Digital aids change sound waves to numerical codes. The code carries data about a sound’s pitch or loudness, thus, the aid may be programmed to strengthen some frequencies over others. Digital aids can also can be programmed to concentrate on sounds coming from a particular direction.

Additional features offered by hearing aids to enhance hearing ability in particular situations include reduction in noise, rechargeable batteries, telecoils, remote controls, directional microphones, direct audio input, variable programming, wireless connectivity, synchronization, etc. Such variety of hearing aids available and additional features offered are likely to drive the global hearing aids market.

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Market Segmentation

By product type, the market is classified into:

• In-the-Ear Hearing Aids

• Receiver-in-the-Ear Hearing Aids

• Behind-the-Ear Hearing Aids

• Canal Hearing Aids

By technology type, the market is divided into:

• Analog Hearing Aids

• Digital Hearing Aids

By distribution channel, the market is classified into:

• Government Purchases

• Retail

• Online

By patient type, the market is segmented into:

• Paediatrics/Children

• Adults

By region, the market is classified into:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Key Industry Players in the Market

The report presents a detailed analysis of the following key players in the global hearing aids market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Sonova AG

• SeboTek Hearing Systems, LLC.

• Eargo Inc.

• Elkon Pvt Ltd.

• RION Co, Ltd.

• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report