Hearing Aid Market size is set to grow by USD 3.17 billion from 2024-2028, Global rise in number of patients with hearing loss boost the market, Technavio

NEW YORK, July 9, 2024 /PRNewswire/ -- The global hearing aid market is poised to grow by USD 3.17 billion from 2024-2028, with a projected CAGR of nearly 6.1%. This growth is driven by a global rise in patients with hearing loss and increased development of new products. However, challenges such as battery concerns for hearing aids persist. Among key players like Advin Health Care, Amplifon SpA, and Cochlear Ltd., Sonova AG stands out as a market leader, known for its innovative solutions in hearing technology and strong market presence.

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Market Driver

The global hearing aid market is witnessing significant growth due to continuous product innovations by key players. In February 2024, Oticon introduced Oticon Intent, an advanced hearing aid with 4D sensor technology, offering seamless listening support and reducing background noise. GN expanded its ReSound Nexia range in the same month, introducing new styles with Bluetooth connectivity and superior hearing quality in noisy environments. In September 2023, Beltone launched the weatherproof and sweatproof Beltone Serene, a tiny hearing aid suitable for single-sided deafness, enabling hands-free phone and video calls. These new product launches and upgrades demonstrate vendors' commitment to investing in R&D, driving market growth by expanding the range of available hearing aids and encouraging competition. 

The hearing aid market is experiencing significant growth due to the rising prevalence of auditory impairment, particularly among the geriatric population. Novel products like invisible aids, smart linked aids, and AI-enabled aids are trending, catering to patients' preferences for discreet and advanced solutions. Developing economies, privatization, and education and awareness initiatives are driving market expansion. The COVID-19 outbreak has accelerated the shift towards e-commerce sales, with players like EssilorLuxottica, Nuance Hearing, and Distributed Ventures leading the way. Regulatory scrutiny and regional expansion are key challenges. Product types include digital and analog hearing aids, with behind-the-ear and canal aids popular. Technology insights include direct streaming capabilities, sound processing algorithms, and smartphone compatibility. User experience, quality of hearing, and sound processing are crucial factors. Wireless options and remote programming are essential features. Hearing Choices, Lucid Hearing, and various governments are investing in this sector. Noise-induced and sensorineural hearing loss continue to fuel demand. 

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Market Challenges

•         Hearing aid batteries have been identified as a significant challenge in the hearing aid market. Advanced hearing aids, which offer multiple features, often experience shorter battery life due to increased power consumption. The battery life is influenced by several factors, including the milliamp-hour (mAh) rating, signal intensity, gain control, sound input, and discharge voltage level. For instance, higher gain control and battery current consumption result in a shorter battery life. Similarly, high-output power hearing aids for patients with complete hearing loss and high discharge voltage levels can negatively impact battery life. Environmental factors, such as temperature, humidity, and the use of dry-aid kits, also affect battery life. Low humidity can cause batteries to drain faster, while high humidity can lead to moisture-related issues, such as leakage and swelling, reducing battery life. These concerns may negatively impact the global hearing aid market during the forecast period.

•         The hearing aid market faces several challenges. Sound processing algorithms require continuous advancements to enhance user experience and improve quality of hearing. Smartphone compatibility and remote programming are essential features for modern users. EssilorLuxottica and Nuance Hearing are major players, but regulatory scrutiny poses challenges for market expansion. Sales channels include retail stores, e-pharmacy sales, and distributed ventures like Distributed Ventures and Elements Health Ventures. Product types include digital and analog hearing aids, with digital gaining popularity. Behind-the-ear and canal hearing aids cater to various user needs. Technology insights drive innovation in wireless options and hearing implants like Oticon More. Hearing loss, including noise-induced and sensorineural, creates a large geriatric patient pool. Costs of surgical procedures, diagnostic tests, and lack of reimbursements impact market growth. Manufacturing costs and competition from surgical interventional procedures also pose challenges. Hearing Choices, Lucid Hearing, and governments in India and Australia are addressing these challenges through initiatives and policies.

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Segment Overview 

This hearing aid market report extensively covers market segmentation by  

1. End-user 
• 1.1 Adults
• 1.2 Pediatricians
2. Product 
• 2.1 Hearing devices
• 2.2 Hearing implants
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Adults-  The adult segment is projected to experience the greatest growth in the hearing aid market due to the rising prevalence of hearing loss among this demographic. Hearing loss, a common issue among older adults, can be caused by age-related problems or earwax buildup in the middle ear. If left untreated, it can lead to communication difficulties, dementia, and depression. Adults with self-perceived hearing loss are more likely to seek help and adopt hearing amplification solutions. However, only a fraction of adults over 50 use hearing aids for their hearing impairments. Commonly used hearing aids for adults are CIC and ITC models, which fit inside the ear canal and address mild to moderate hearing loss. Major vendors, such as Oticon, are introducing super-powered hearing aids like the Sumo Super Power, offering enhanced low-frequency power, to cater to the growing demand for effective hearing solutions among adults.

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Research Analysis

The hearing aid market is experiencing significant growth due to the increasing prevalence of auditory impairment, particularly among the geriatric population. Novel products, such as invisible aids, smart linked aids, and AI-enabled aids, are driving innovation in the industry. Patients' experiences and feedback play a crucial role in shaping market trends. Developing economies present new opportunities for growth, but privatization and regulatory scrutiny pose challenges. Education and awareness campaigns are essential to increase adoption rates. Clinics and audiology shops serve as key sales channels, while EssilorLuxottica and Nuance Hearing are notable industry players. Direct streaming capabilities, sound processing algorithms, Bluetooth enabled aids, and smartphone compatibility are desirable features for modern hearing aids. Remote programming and regional expansion are also important trends in the market.

The hearing aid market is witnessing significant growth due to the increasing prevalence of auditory impairment, particularly among the geriatric population. Novel products such as invisible aids, smart linked aids, and AI-enabled aids are gaining popularity. Patients' experiences and technological advancements, including Bluetooth enabled aids, direct streaming capabilities, and sound processing algorithms, are driving demand. Developing economies are witnessing privatization and expansion of sales channels, including clinics, audiology shops, retail stores, and e-pharmacy sales. The COVID-19 outbreak has accelerated the adoption of telehealth and remote programming. Essential hearing aid types include behind-the-ear, canal, and digital hearing aids, as well as analog and Oticon More models. Regulatory scrutiny and regional expansion are key trends, with investments from firms like Distributed Ventures and Elements Health Ventures. Hearing loss disorders, including noise-induced and sensorineural hearing loss, impact adults and require diagnostic tests and potential surgical interventions, such as cochlear implants. The market faces challenges such as lack of reimbursements, high surgical procedure costs, and medical tourism. Hearing Choices, Lucid Hearing, and the Indian and Australian governments are addressing these challenges through education and awareness initiatives.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Adults
• Pediatricians
• Product
• Hearing Devices
• Hearing Implants
• Geography
• Europe
• North America
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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