NEW YORK, Aug. 17, 2023 /PRNewswire/ -- The global hearing aid market size is estimated to increase by USD 3,652.5 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 7.24%. Discover some insights on market size historic period (2017 to 2021) and forecast market size (2023 to 2027) before buying the full report -Request a sample report
Hearing aid market – Company Analysis
Company Landscape - The global hearing aid market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer hearing aid in the market are Advin Health Care, Amplifon SpA, Arphi Electronics Pvt. Ltd., Audicus Inc., Audina Hearing Instruments Inc., Beltone, Bernafon AG, Cochlear Ltd., Demant AS, GN Store Nord AS, Lisound Hearing Aid Fuzhou Co. Ltd., MED EL Elektromedizinische Gerate GmbH, Oticon Inc., RION Co. Ltd., SeboTek Hearing Systems LLC, Sonova AG, Starkey Laboratories Inc., Widex AS, WS Audiology AS, and Zounds Hearing Inc. and others.
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Company Offerings -
- Advin Health Care - The company offers hearing aid such as 11M01, and Pocket hearing aids.
- Amplifon SpA - The company offers hearing aid such as Phonak Virto titanium, Evoke fusion 2 440, ample energy R 5, and ample connect B 5.
- Arphi Electronics Pvt. Ltd. - This segment focuses on manufacturing indigenous hearing aids and audiometers.
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Hearing Aid Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on Product (Hearing devices and Hearing implants), End-user (Adults and Pediatricians), and Geography (Europe, North America, Asia, and Rest of World (ROW)).
- The hearing aids market share growth by the hearing devices segment will be significant during the forecast period. Hearing devices are of different types, such as receiver-in-the-ear (RITE), behind-the-ear (BTE), in-the-ear (ITE), and canal hearing aids. BTE hearing aids are likely to gain higher popularity in the market than other hearing devices, as they are ideal for most people with hearing problems during the forecast period. The greater distance between the receiver and the microphones lowers the problem of feedback. However, In specific types of hearing devices, earmolds need regular re-tubbing to maintain optimum sound quality. This is likely to incur further costs for end-users of hearing devices. Therefore, such factors are expected to boost the growth of the hearing devices segment of the global market during the forecast period.
Geography Overview
By geography, the global hearing aid market is segmented into Europe, North America, Asia, and Rest of World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global hearing aid market.
- Europe is estimated to account for 35% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Market growth is caused by factors including the rise in the aging population and the prevalence of hearing loss in the region. In countries across Europe, the risk of developing problems related to hearing loss is more prevalent among the geriatric population. Thus, this will expand the demand for all kinds of hearing aids, including hearing implants and hearing devices, which will therefore drive market growth. Similarly, several new products are being launched in the market, which include SONNET 2 and fitting software named MAESTRO 8 by MED-EL. The easy accessibility and availability of such devices are expected to drive the market's growth in Europe. Therefore, the rise in the adoption of binaural hearing aids is expected to fuel market growth during the forecast period.
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Hearing Aid Market – Market Dynamics
Leading Drivers -
The growth in the use of binaural hearing aids is the major factor driving the hearing aids market growth. Generally, binaural hearing aids are used by individuals who have bilateral hearing loss, which refers to hearing loss in both ears. The use of binaural hearing aids helps an individual with a hearing disability to hear naturally and these hearing aids deliver better hearing from all directions and are more efficient than single hearing aids.
However, this device delivers a more comprehensive hearing range, improved sound identification, and a better understanding of speech by selective listening. The use of binaural hearing aids helps in lowering Tinnitus among individuals. Thus, the rise in the application of binaural hearing aids is anticipated to drive the growth of the global market during the forecast period.
Key Trends -
The growth of the Internet of Things (IoT)-integrated devices with added features are major trends in the hearing aids market. Globally, the market is seeing an increasing demand for IoT-integrated devices. The rising popularity of smartphones has allowed users from all industries to choose from devices that can be easily connected to their smart devices. Smartphone connectivity provides users with better monitoring abilities and improved connectivity. For instance, an IoT-integrated hearing aid device could smoothly establish a connection with a smartphone via Bluetooth, which transmits the sound directly to the earpiece. Such features eliminate the need for extra earphones. Thus, such factors are expected to fuel the growth of the global market during the forecast period.
Major challenges -
The prevalence of substitutes for hearing aids is a significant challenge hindering the hearing aids market growth. Hearing aids can be substituted by devices such as smart earbuds and there are wireless in-ear smart devices that provide additional attributes beyond the transmission of sound. For instance, smart earbuds are equipped with integrated microphones and a power source and include smart ambient noise control. Moreover, these devices function based on digital signal processing (DSP) and deliver a variety of advantages over traditional hearing aids.
Generally, these earbuds are used by customers for noise cancellation, workout monitoring, assuring audio quality during phone calls, and other applications. Furthermore, by integrating smart earbuds with these devices, users can listen to the news, stream music, listen to messages, and other applications. Thus, the availability of such devices with advanced technologies might reduce the demand for hearing aids, thereby affecting the growth of the global market during the forecast period.
What are the key data covered in this Hearing Aid Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Hearing Aid Market between 2023 and 2027
- Precise estimation of the size of the Hearing Aid Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Hearing Aid Market industry across Europe, North America, Asia, and Rest of World (ROW)
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Hearing Aid Market vendors
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Hearing Aid Market Scope |
|
Report Coverage |
Details |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.24% |
Market growth 2023-2027 |
USD 3652.5 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
5.46 |
Regional analysis |
Europe, North America, Asia, and Rest of World (ROW) |
Performing market contribution |
Europe at 35% |
Key countries |
US, Germany, France, UK, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advin Health Care, Amplifon SpA, Arphi Electronics Pvt. Ltd., Audicus Inc., Audina Hearing Instruments Inc., Beltone, Bernafon AG, Cochlear Ltd., Demant AS, GN Store Nord AS, Lisound Hearing Aid Fuzhou Co. Ltd., MED EL Elektromedizinische Gerate GmbH, Oticon Inc., RION Co. Ltd., SeboTek Hearing Systems LLC, Sonova AG, Starkey Laboratories Inc., Widex AS, WS Audiology AS, and Zounds Hearing Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents
1 Executive Summary
- 1.1 Market Overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
- Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (USD million)
- Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (USD million)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Global hearing aid market 2017 - 2021
- Exhibit 18: Historic Market Size – Data Table on Global hearing aid market 2017 - 2021 (USD million)
- 4.2 Product Segment Analysis 2017 - 2021
- Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 (USD million)
- 4.3 End-user Segment Analysis 2017 - 2021
- Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 (USD million)
- 4.4 Geography Segment Analysis 2017 - 2021
- Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (USD million)
- 4.5 Country Segment Analysis 2017 - 2021
- Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (USD million)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 29: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by Product
- 6.1 Market segments
- Exhibit 30: Chart on Product - Market share 2022-2027 (%)
- Exhibit 31: Data Table on Product - Market share 2022-2027 (%)
- 6.2 Comparison by Product
- Exhibit 32: Chart on Comparison by Product
- Exhibit 33: Data Table on Comparison by Product
- 6.3 Hearing devices - Market size and forecast 2022-2027
- Exhibit 34: Chart on Hearing devices - Market size and forecast 2022-2027 (USD million)
- Exhibit 35: Data Table on Hearing devices - Market size and forecast 2022-2027 (USD million)
- Exhibit 36: Chart on Hearing devices - Year-over-year growth 2022-2027 (%)
- Exhibit 37: Data Table on Hearing devices - Year-over-year growth 2022-2027 (%)
- 6.4 Hearing implants - Market size and forecast 2022-2027
- Exhibit 38: Chart on Hearing implants - Market size and forecast 2022-2027 (USD million)
- Exhibit 39: Data Table on Hearing implants - Market size and forecast 2022-2027 (USD million)
- Exhibit 40: Chart on Hearing implants - Year-over-year growth 2022-2027 (%)
- Exhibit 41: Data Table on Hearing implants - Year-over-year growth 2022-2027 (%)
- 6.5 Market opportunity by Product
- Exhibit 42: Market opportunity by Product (USD million)
7 Market Segmentation by End-user
- 7.1 Market segments
- Exhibit 43: Chart on End-user - Market share 2022-2027 (%)
- Exhibit 44: Data Table on End-user - Market share 2022-2027 (%)
- 7.2 Comparison by End-user
- Exhibit 45: Chart on Comparison by End-user
- Exhibit 46: Data Table on Comparison by End-user
- 7.3 Adults - Market size and forecast 2022-2027
- Exhibit 47: Chart on Adults - Market size and forecast 2022-2027 (USD million)
- Exhibit 48: Data Table on Adults - Market size and forecast 2022-2027 (USD million)
- Exhibit 49: Chart on Adults - Year-over-year growth 2022-2027 (%)
- Exhibit 50: Data Table on Adults - Year-over-year growth 2022-2027 (%)
- 7.4 Pediatricians - Market size and forecast 2022-2027
- Exhibit 51: Chart on Pediatricians - Market size and forecast 2022-2027 (USD million)
- Exhibit 52: Data Table on Pediatricians - Market size and forecast 2022-2027 (USD million)
- Exhibit 53: Chart on Pediatricians - Year-over-year growth 2022-2027 (%)
- Exhibit 54: Data Table on Pediatricians - Year-over-year growth 2022-2027 (%)
- 7.5 Market opportunity by End-user
- Exhibit 55: Market opportunity by End-user (USD million)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 57: Chart on Market share by geography 2022-2027 (%)
- Exhibit 58: Data Table on Market share by geography 2022-2027 (%)
- 9.2 Geographic comparison
- Exhibit 59: Chart on Geographic comparison
- Exhibit 60: Data Table on Geographic comparison
- 9.3 Europe - Market size and forecast 2022-2027
- Exhibit 61: Chart on Europe - Market size and forecast 2022-2027 (USD million)
- Exhibit 62: Data Table on Europe - Market size and forecast 2022-2027 (USD million)
- Exhibit 63: Chart on Europe - Year-over-year growth 2022-2027 (%)
- Exhibit 64: Data Table on Europe - Year-over-year growth 2022-2027 (%)
- 9.4 North America - Market size and forecast 2022-2027
- Exhibit 65: Chart on North America - Market size and forecast 2022-2027 (USD million)
- Exhibit 66: Data Table on North America - Market size and forecast 2022-2027 (USD million)
- Exhibit 67: Chart on North America - Year-over-year growth 2022-2027 (%)
- Exhibit 68: Data Table on North America - Year-over-year growth 2022-2027 (%)
- 9.5 Asia - Market size and forecast 2022-2027
- Exhibit 69: Chart on Asia - Market size and forecast 2022-2027 (USD million)
- Exhibit 70: Data Table on Asia - Market size and forecast 2022-2027 (USD million)
- Exhibit 71: Chart on Asia - Year-over-year growth 2022-2027 (%)
- Exhibit 72: Data Table on Asia - Year-over-year growth 2022-2027 (%)
- 9.6 Rest of World (ROW) - Market size and forecast 2022-2027
- Exhibit 73: Chart on Rest of World (ROW) - Market size and forecast 2022-2027 (USD million)
- Exhibit 74: Data Table on Rest of World (ROW) - Market size and forecast 2022-2027 (USD million)
- Exhibit 75: Chart on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
- Exhibit 76: Data Table on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
- 9.7 US - Market size and forecast 2022-2027
- Exhibit 77: Chart on US - Market size and forecast 2022-2027 (USD million)
- Exhibit 78: Data Table on US - Market size and forecast 2022-2027 (USD million)
- Exhibit 79: Chart on US - Year-over-year growth 2022-2027 (%)
- Exhibit 80: Data Table on US - Year-over-year growth 2022-2027 (%)
- 9.8 Germany - Market size and forecast 2022-2027
- Exhibit 81: Chart on Germany - Market size and forecast 2022-2027 (USD million)
- Exhibit 82: Data Table on Germany - Market size and forecast 2022-2027 (USD million)
- Exhibit 83: Chart on Germany - Year-over-year growth 2022-2027 (%)
- Exhibit 84: Data Table on Germany - Year-over-year growth 2022-2027 (%)
- 9.9 France - Market size and forecast 2022-2027
- Exhibit 85: Chart on France - Market size and forecast 2022-2027 (USD million)
- Exhibit 86: Data Table on France - Market size and forecast 2022-2027 (USD million)
- Exhibit 87: Chart on France - Year-over-year growth 2022-2027 (%)
- Exhibit 88: Data Table on France - Year-over-year growth 2022-2027 (%)
- 9.10 UK - Market size and forecast 2022-2027
- Exhibit 89: Chart on UK - Market size and forecast 2022-2027 (USD million)
- Exhibit 90: Data Table on UK - Market size and forecast 2022-2027 (USD million)
- Exhibit 91: Chart on UK - Year-over-year growth 2022-2027 (%)
- Exhibit 92: Data Table on UK - Year-over-year growth 2022-2027 (%)
- 9.11 Japan - Market size and forecast 2022-2027
- Exhibit 93: Chart on Japan - Market size and forecast 2022-2027 (USD million)
- Exhibit 94: Data Table on Japan - Market size and forecast 2022-2027 (USD million)
- Exhibit 95: Chart on Japan - Year-over-year growth 2022-2027 (%)
- Exhibit 96: Data Table on Japan - Year-over-year growth 2022-2027 (%)
- 9.12 Market opportunity by geography
- Exhibit 97: Market opportunity by geography (USD million)
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 98: Impact of drivers and challenges in 2022 and 2027
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 99: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 100: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 101: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 102: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 103: Matrix on vendor position and classification
- 12.3 Advin Health Care
- Exhibit 104: Advin Health Care - Overview
- Exhibit 105: Advin Health Care - Product / Service
- Exhibit 106: Advin Health Care - Key offerings
- 12.4 Amplifon SpA
- Exhibit 107: Amplifon SpA - Overview
- Exhibit 108: Amplifon SpA - Business segments
- Exhibit 109: Amplifon SpA - Key news
- Exhibit 110: Amplifon SpA - Key offerings
- Exhibit 111: Amplifon SpA - Segment focus
- 12.5 Arphi Electronics Pvt. Ltd.
- Exhibit 112: Arphi Electronics Pvt. Ltd. - Overview
- Exhibit 113: Arphi Electronics Pvt. Ltd. - Product / Service
- Exhibit 114: Arphi Electronics Pvt. Ltd. - Key offerings
- 12.6 Audicus Inc.
- Exhibit 115: Audicus Inc. - Overview
- Exhibit 116: Audicus Inc. - Product / Service
- Exhibit 117: Audicus Inc. - Key offerings
- 12.7 Audina Hearing Instruments Inc.
- Exhibit 118: Audina Hearing Instruments Inc. - Overview
- Exhibit 119: Audina Hearing Instruments Inc. - Product / Service
- Exhibit 120: Audina Hearing Instruments Inc. - Key offerings
- 12.8 Beltone
- Exhibit 121: Beltone - Overview
- Exhibit 122: Beltone - Product / Service
- Exhibit 123: Beltone - Key offerings
- 12.9 Cochlear Ltd.
- Exhibit 124: Cochlear Ltd. - Overview
- Exhibit 125: Cochlear Ltd. - Business segments
- Exhibit 126: Cochlear Ltd. - Key offerings
- Exhibit 127: Cochlear Ltd. - Segment focus
- 12.10 Demant AS
- Exhibit 128: Demant AS - Overview
- Exhibit 129: Demant AS - Business segments
- Exhibit 130: Demant AS - Key offerings
- Exhibit 131: Demant AS - Segment focus
- 12.11 GN Store Nord AS
- Exhibit 132: GN Store Nord AS - Overview
- Exhibit 133: GN Store Nord AS - Business segments
- Exhibit 134: GN Store Nord AS - Key offerings
- Exhibit 135: GN Store Nord AS - Segment focus
- 12.12 Lisound Hearing Aid Fuzhou Co. Ltd.
- Exhibit 136: Lisound Hearing Aid Fuzhou Co. Ltd. - Overview
- Exhibit 137: Lisound Hearing Aid Fuzhou Co. Ltd. - Product / Service
- Exhibit 138: Lisound Hearing Aid Fuzhou Co. Ltd. - Key offerings
- 12.13 MED EL Elektromedizinische Gerate GmbH
- Exhibit 139: MED EL Elektromedizinische Gerate GmbH - Overview
- Exhibit 140: MED EL Elektromedizinische Gerate GmbH - Product / Service
- Exhibit 141: MED EL Elektromedizinische Gerate GmbH - Key offerings
- 12.14 RION Co. Ltd.
- Exhibit 142: RION Co. Ltd. - Overview
- Exhibit 143: RION Co. Ltd. - Product / Service
- Exhibit 144: RION Co. Ltd. - Key offerings
- 12.15 Sonova AG
- Exhibit 145: Sonova AG - Overview
- Exhibit 146: Sonova AG - Business segments
- Exhibit 147: Sonova AG - Key offerings
- Exhibit 148: Sonova AG - Segment focus
- 12.16 Starkey Laboratories Inc.
- Exhibit 149: Starkey Laboratories Inc. - Overview
- Exhibit 150: Starkey Laboratories Inc. - Product / Service
- Exhibit 151: Starkey Laboratories Inc. - Key offerings
- 12.17 WS Audiology AS
- Exhibit 152: WS Audiology AS - Overview
- Exhibit 153: WS Audiology AS - Product / Service
- Exhibit 154: WS Audiology AS - Key offerings
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 155: Inclusions checklist
- Exhibit 156: Exclusions checklist
- 13.3 Currency conversion rates for USUSD
- Exhibit 157: Currency conversion rates for USUSD
- 13.4 Research methodology
- Exhibit 158: Research methodology
- Exhibit 159: Validation techniques employed for market sizing
- Exhibit 160: Information sources
- 13.5 List of abbreviations
- Exhibit 161: List of abbreviations
About US
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.
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Technavio Research
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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