hearing aids market is estimated to be valued at USD 8.10 Bn in 2024, exhibiting a CAGR of 6.4% over the forecast period 2024 - 2031. The demand for hearing aids is predominantly driven by growing prevalence of hearing loss disorders globally, especially among the geriatric population. Furthermore, introduction of innovative digital technologies in hearing aid devices is fuelling the market growth.
Market Dynamics:
Age-related hearing loss is the major factor contributing to high demand for hearing aids. Nearly two-thirds of people over 70 years of age experience some degree of hearing loss. This growing geriatric demographic is expected to drive the hearing aids market growth. Technological Advancements: Introduction of innovative features such as rechargeability, smartphone connectivity, Bluetooth, and water resistance in modern hearing aids has increased their desirability. Digitally programmable and customizable hearing aids are gaining popularity. Ongoing R&D aimed at miniaturization and improved functionalities will boost the hearing aids market growth.
Rise in Number of Hearing-Impaired Population
The number of people suffering from hearing loss is increasing significantly all over the world. According to the World Health Organization (WHO) February 2024 press release, around 430 million people worldwide have disabling hearing loss. This number is expected to rise further in the coming years due to various factors such as increasing noise pollution levels, aging population, rise in chronic diseases, and others. Growth in the hearing-impaired population is directly resulting in higher demand for hearing aid devices. This is a major factor driving the global hearing aids market growth.
Technological Advances in Hearing Aid Devices is Boosting their Adoption Rates
Continuous technological innovations are significantly enhancing the functionality and features of hearing aid devices. Manufacturers are increasingly focusing on developing miniaturized smart hearing aids with advanced capabilities. For instance, recent advances have led to the development of devices like invisible-in-the-canal, completely-in-the-canal and in-the-canal hearing aids which are smaller and less visible. Moreover, the integration of new technologies like Bluetooth connectivity and rechargeable batteries is making devices more user-friendly. Technological upgradations are improving user experience which boosts demand for advanced hearing aids across the world.
High Cost of Hearing Aids
On an average, hearing aid devices cost between US$ 1,000 to US$ 6,000 per piece depending on the technology and additional features used. Moreover, the cost of replacement, maintenance, and servicing also adds to the overall expense. For many people in developing regions, such high prices of hearing aids make them unaffordable. This acts as a major barrier in the growth of the hearing aids market globally. High cost remains one of the biggest challenges faced by industry players.
Dependency on Disposable Batteries Reduces Device Efficiency
Traditional hearing aids are powered by zinc-air or lithium-ion battery which needs to be replaced periodically. High rate of battery consumption not only increases the maintenance cost but also reduces the performance and lifespan of devices. Frequent replacement is inconvenient for users. Moreover, batteries have a tendency to leak and damage the internal electronics of hearing aids if not changed properly. Dependency on disposable batteries lowers the efficiency and reliability of devices. It acts as a major restraint in the growth of hearing aids industry.
Growing Middle Class Population in Emerging Countries
With rapid economic development and improving living standards, the middle-income population is proliferating in developing nations such as India, China, Indonesia, and others. This burgeoning middle-class demographic has greater affordability and purchasing power. Their increasing disposable income will allow them to spend more on personal healthcare and medical devices like hearing aids. Growing middle-income group poses lucrative opportunities for hearing aids manufacturers to expand their consumer base in emerging markets.
Technological Advancements in Connected Hearing Aids
Introduction of advanced technologies like Bluetooth connectivity, Artificial Intelligence (AI), cloud computing, and Internet of Things (IoT) are expected to bring innovative shifts in hearing aid devices. These smart hearing aids will be able to communicate wirelessly with smartphones and other devices. Integration of AI and IoT will enable real-time sound recognition, adjustment of settings, and remote programming by audiologists. The future of hearing aids lies in connected, customizable and automated devices. Rapid progress in these technologies presents attractive growth prospects for hearing aids market in the near future.
Link: https://www.coherentmarketinsights.com/market-insight/hearing-aids-market-415
Key Development
- On January 31, 2024, Lexie Hearing, a leader in over-the-counter hearing aids, launched its latest product, the Lexie B2 Plus Self-Fitting OTC Hearing Aids. Powered by Bose, it offers an improved in-app hearing test capability as well as a redesigned charging carrying case that can store one charge for up to 18 hours, extending battery life for customers on the go.
- On January 31, 2024, Eargo, Inc., a medical device company, announced the launch of two new over-the-counter (OTC) hearing wellness devices: Eargo SE and LINK by Eargo. The new devices add to the brand's portfolio of offerings, including a new earbud form factor and a completely-in-canal option focusing on Eargo signature essentials.
- On January 08, 2024, RCA Accessories, an established brands in the consumer electronics industry, announced the upcoming launch of three new improved premium hearing aids with advanced functionality, battery life, and volume control. The company is launching a top-tier protection plan for its consumers.
- In October 2022, Sony Electronics, a consumer electronics company, announced the launch of its first over-the-counter (OTC) hearing aids in the U.S. The CRE-C10 and CRE-E10 self-fitting OTC hearing aids are the first two products to be released as a result of the collaboration with WS Audiology ("WSA"), a recognized leader in hearing aid technology.
Key Players: Sonova, Starkey Laboratories Inc., GN Hearing, Oticon, Demant A/S, Cochlear Ltd., Eargo Inc., WS Audiology A/S, RION Co. Ltd., MED-EL (Medical Electronics), Amplifon S.p.A, Audina Hearing Instruments Inc., Sonic Innovations Inc., Zounds Hearing., Audicus, Horentek Hearing Diagnostics, SeboTek Hearing Systems, LLC
