Hearing Aids Market Size, Growth, Trends Report 2032 | MRFR (2024)

Hearing Aids Market Overview

Hearing Aids Market Size was valued at USD 12.15 Billion in 2023. The Hearing Aids industry is projected to grow from USD 13.16 Billion in 2024 to USD 25.37 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.55% during the forecast period (2024 - 2032). A hearing aid is a device that has been developed for people who are unable to hear for specific reasons. The recent technological advancement in the hearing aid device is fueling the customers' demand and increasing the demand are the key market drivers enhancing market growth.

Hearing Aids Market Size, Growth, Trends Report 2032 | MRFR (1)

Key industry drivers boosting market expansion include rising consumer demand and the recent technological advancement of hearing aid devices. In addition to aging of the ear itself, hearing loss can be brought on by factors such as chronic inflammation, vascular dysfunction, noise exposure, hereditary predisposition, and physiological deterioration. This may cause more people all across the world to have hearing loss, which would boost demand for these products. The rising number of people who need and use hearing aids is fueling predictions of rapid expansion for the market.

Furthermore, hearing aids have come a long way in the past decade. Multiple patients' problems have been solved and their hearing experience has been enhanced thanks to the tiny device's incorporation of smart technology and the introduction of digital platforms. Increases in the prevalence of hearing loss due to the aging population are major factors driving the market expansion, along with rising consumer awareness of technologically improved equipment for the treatment of deafness and hearing impairment.

The market should also benefit from innovations in hearing aid technology, such as the ability to connect aids wirelessly to mobile phones. Additionally, cochlear implants are becoming increasingly popular, particularly among young people. Medical professionals are generally in favor of using cochlear implants to treat hearing loss at an early age. This is a factor that is expected to boost the industry.

In August 2023, to further lower cost and convenience obstacles for persons with hearing loss, Audicus announced the debut of a new monthly subscription program, Audicus Premier, and a new range of hearing aids, the Series 2, with enhanced sound processing and new capabilities. In a time when research suggests a link between untreated hearing loss and issues like dementia, melancholy, anxiety, social isolation, and falls in the elderly, the new hearing aids and subscription service may give people the tools they need to take charge of their hearing health.


Hearing Aids Market Trends



  • Increasing Prevalence of Hearing Loss rising product demand to boost market growth



Hearing loss has become the most common disorder in patients, especially in industrialized countries. According to the WHO, an astonishing 466Billionpeople across the globe are living with disabling hearing loss, equating to about 6.1% of the world’s population. Moreover, there is a prediction that this number would reach about 1.5 billion by 2050, primarily due to an increase in the aged population. Besides, chronic inflammation, vascular disorder, noise exposure, genetic susceptibility, and physiological aging of the ear may also cause hearing loss. This factor may lead to an increasing number of hearing impairment patient populations globally, thereby increasing sales of these devices. According, to the EHIMA’s annual sales number, over 17.05Billionhearing devices were dispensed across the globe in 2019, an increase of 6.4% compared to the previous year. Due to the increasing number of hearing device users, the market is anticipated to witness significant growth.

Additionally, In the past decade, there has been a tremendous advancement in hearing aids. The incorporation of smart technologies and the emergence of digital platforms in the mini device have helped overcome multiple patients' difficulties and have improved their hearing experience. Digital devices are being introduced to the market. Features such as smartphone compatibility, Bluetooth connectivity, high sound processing, artificial intelligence (AI), rechargeable batteries, and the latest tinnitus masking have leveraged the hearing device's potential to no bounds.

For instance, in October 2021, Audible launched the “Arc AI”, a full-line of AI-driven hearing aids that supports the most advanced sound quality available, which are another factor driving the growth of theHearing Aids Marketrevenue


Hearing Aids Market Segment Insights


Hearing Aids Technology Type Insights

Based on Technology Type, the Hearing Aids Market segmentation, includes Digital Hearing Aids, Analog Hearing Aids. Digital devices dominated the market with a revenue share of over 90.0% in 2021 and are anticipated to expand at the fastest CAGR over the forecast period. The analog devices are on the verge of getting obsolete with a slower growth rate as compared to their digital counterparts. Despite this, manufacturers continue to produce analog hearing aids owing to the low cost and reluctance of a handful of users to switch to digital ones. Analog devices work on the principle of increasing the intensity of continuous sound waves. A uniform amplification of all sounds such as speech and noise takes place in these products. A few analog devices are programmable owing to the presence of an embedded microchip that allows the programming of different settings for different listening environments.


Hearing Aids Distribution Channel Insights

Based on distribution channels, the Hearing Aids Market segmentation includes Retail Stores, E-Commerce, Others. The retail sales segment dominated the market with a revenue share of over 70.0% in 2021 and is also expected to grow at the fastest rate over the forecast period. The implementation of OTC hearing aids acts as one of the pivotal factors for a large share of retail sales. E-commerce and government purchases of these devices are expected to grow at a lucrative rate over the forecast period. The growth of the retail sales segment can be attributed to a large number of retail stores, a rising number of manufacturing companies entering retail sales, and a high sales margin. Retail sales of these products are further segmented into company-owned retail sales and independent retail stores. Independent retail stores dominated the market owing to the low entry barriers for new retail outlets, high-profit margin, and high level of interaction with customers. Key players operating in independent retail sales include Walmart, Costco, and CVS.

Figure 2: Hearing Aids Market, by Technology, 2023 & 2032 (USD Billion)Hearing Aids Market Size, Growth, Trends Report 2032 | MRFR (2)

Source: Secondary Research, Primary Research, MRFR Database and Analyst ReviewIn August 2023, a new rechargeable hearing aid, the Moxi V-RS, based on Unitron's Vivante platform, was introduced. According to Unitron, the Moxi V-RS's left and right earpieces were individually carefully crafted to ensure maximum comfort. The Moxi V-RS is equipped with a magnetic charging case that can be used to power up the device on the go. They can easily fine-tune the sound quality of their hearing aids in the moment with the help of the Remote Plus app.

In July 2022, Apple may be planning to improve the sector by releasing new, improved versions of its best-selling wireless earbuds. The addition of sophisticated hearing health functions is particularly noteworthy, as it enables AirPods to conduct a dedicated hearing test to evaluate the user's aural acuity. Apple is looking into ways to market the AirPods as a replacement for cumbersome and expensive hearing aids, among other uses. Apple is attempting to include hearing-aid-like functions into its wireless earphones in order to compete in the $10 billion annual hearing aid market.

Hearing Aids Products Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America stood at USD 3.66 billion in 2021. The increasing sales volume of hearing devices, coupled with the strong adoption of less noticeable devices for more aesthetic appeal and new product launches, are some of the primary factors attributable to this region's prominent position in the market, Hence, North America is anticipated to register the highest growth rate over the forecast period from 2024–2032.

Figure 3: HEARING AIDS MARKET SHARE BY REGION 2021 (%)Hearing Aids Market Size, Growth, Trends Report 2032 | MRFR (3)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe is anticipated to be the second-largest region in terms of share, attributed to strong government support and increased research for developing advanced hearing devices. Furthermore, several companies' strategic presence, such as GN Store Nord A/S, Senovo, Demant A/S, and WS Audiology in the region, is expected to boost growth. According to the National Institute for Health and Care Excellence (NICE), currently, around 1,260 people in England receive cochlear implants every year. It would also propel market growth.

Asia Pacific is projected to register the highest CAGR during the forecast period due to hearing implants' increasing penetration and the rising aging population. According to Hear-it.org, nearly 3.6BillionAustralians suffer from hearing loss, and the number of people is expected to touch 7.8Billionby 2060, surging the country's growth market.


Hearing Aids Products Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Hearing Aids Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the hair care products industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Hearing Aids Market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the hair care products industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the hair care products industry to benefit customers and expand the market sector. The Hearing Aids Market has recently given medicine some of the most important advantages. Major hair care product market players, including Johnson and Johnson, L'Oreal SA, Unilever, Henkel AG & Co. KGaA, Procter & Gamble, and others, are attempting to increase market demand by funding R&D initiatives.

Sonova is a leader in innovative hearing care solutions: from personal audio devices and wireless communication systems to audiological care services, hearing aids and cochlear implants. The Group was founded in 1947 and is headquartered in Stäfa, Switzerland. Sonova operates through four businesses – Hearing Instruments, Audiological Care, Consumer Hearing and Cochlear Implants – and the core brands Phonak, Unitron, AudioNova, Sennheiser (under license) and Advanced Bionics as well as recognized regional brands. The Group’s globally diversified sales and distribution channels serve an ever-growing consumer base in more than 100 countries. In the 2021/22 financial year, the Group generated sales of CHF 3.4 billion, with a net profit of CHF 664Billion. Over 16,500 employees are working on achieving Sonova's vision of a world where everyone enjoys the delight of hearing.

Also, GN Store Nord A/S is a Denmark-based company offering audio solutions. The Company is focused on human auditory system, sound and speech, wireless technologies, and software development linking insight and knowledge from both the hearing aid and the headset industries. The Company's segments include GN Hearing, GN Audio and Other GN. The GN Audio segment is engaged in selling hands free communications solutions in the form of headsets for mobile phones and traditional phones. The GN Hearing segment operates within the hearing instrument industry, primarily producing and selling hearing instruments and related products. GN Hearing is a wholesale manufacturer. It offers a portfolio of medical, professional and consumer audio solutions, and offers brands in the medical technology, hearables and audio fields. Its audio solutions are marketed by its brands ReSound and Jabra. It provides products and solutions to users in over 90 countries across the world.

Key Companies in the Hearing Aids Market includes



  • Sonova

  • Sivantos Pte. Ltd

  • GN Store Nord A/S

  • Cochlear Ltd

  • WIDEX INDIA PRIVATE LIMITED

  • Microson

  • Arphi Electronics Private Limited

  • Zounds Hearing

  • Audina Hearing Instruments, Inc.

  • Demant A/S

Hearing Aids Industry Developments

In February 2021:ReSound Key was launched by GN Hearing (Denmark). It is a hearing aid line-up that offers potential access to its award-winning and proven hearing technology across the globe.

January 2021:Harry's Labs introduced a new line of women's scalp care products, the incubator for Harry's Inc., as part of a plan to help its parent business become a conglomerate.


Hearing Aids Market Segmentation


Hearing Aids Products Technology Type Outlook



  • Digital Hearing Aids

  • Analog Hearing Aids


Hearing Aids Products Distribution Channel Outlook



  • Retail Stores

  • E-Commerce

  • Others


Hearing Aids Products Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America




Report Attribute/MetricDetails
Market Size 2023USD 12.15 billion
Market Size 2024USD 13.16 billion
Market Size 2032USD 25.37 Billion
Compound Annual Growth Rate (CAGR)8.55% (2024-2032)
Base Year2023
Market Forecast Period2024-2032
Historical Data2018 & 2020
Market Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments CoveredTechnology Type, Distribution Channel, and Region
Geographies CoveredNorth America, Europe, Asia Pacific, and Rest of the World
Countries CoveredThe U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies ProfiledSonova, Sivantos Pte. Ltd, GN Store Nord A/S, Cochlear Ltd, WIDEX INDIA PRIVATE LIMITED, Microson, Arphi Electronics Private Limited, Zounds Hearing, Audina Hearing Instruments, Inc., and Demant A/S
Key Market OpportunitiesThe growing awareness and initiatives about hearing aid devices
Key Market DynamicsRise in the Incidence of Hearing Loss

Hearing Aids Market Highlights:

Hearing Aids Market Size

Hearing Aids Market Trends

Hearing Aids Market Analysis

Hearing Aids Market Share

US Hearing Aids Market

Hearing Aids Companies

Frequently Asked Questions (FAQ) :

The Hearing Aids Market size was valued at USD 12.15 billion in 2023.

The market is projected to grow at a CAGR of 8.55% during the forecast period, 2024-2032.

North America had the largest share in the Hearing Aids Market.

The key players in the market are Sonova, Sivantos Pte. Ltd, GN Store Nord A/S, Cochlear Ltd, WIDEX INDIA PRIVATE LIMITED, Microson, Arphi Electronics Private Limited, Zounds Hearing, Audina Hearing Instruments, Inc., and Demant A/S.

The Digital Hearing Aids category dominated the market in 2021.

The Retail Stores based had the largest share in the market for hearing aids product.

Hearing Aids Market Size, Growth, Trends Report 2032 | MRFR (2024)

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