The global hearing aids market revenue was around US$ 11.43 billion in 2022 and is estimated to reach US$ 20.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.91% during the forecast period from 2023 to 2031.
A hearing aid is an electronic device made to improve hearing in people who have hearing loss or damaged auditory nerves. Hearing device use is anticipated to increase with the rising prevalence of hearing loss. For instance, 1.1 billion young people (aged 12-35) are at risk of hearing loss as a result of exposure to noise in recreational contexts, according to 2020 WHO publications on deafness and hearing loss.
Market Driving Factors
Regional Analysis
Europe dominated the market in terms of the largest revenue. This is due to the rising geriatric populations, longer life expectancies, and an associated rise in the prevalence of hearing loss could all be considered contributing factors to the market expansion. Furthermore, several businesses' strategic presence in the area, including Senovo, WS Audiology, Demant A/S, and GN Store Nord A/S boosted the market growth.
Segmentation Insights
Technology Insights
The digital segment dominated the market in terms of revenue and is predicted to increase at the fastest annual growth rate during the projection period. Analog gadgets are quickly approaching obsolescence because they advance at a far slower rate than their electronic equivalent. Despite this, manufacturers work to provide analog hearing aids due to their low cost and the limited number of consumers who are unwilling to move to digital technology. The purpose of analog circuits is to boost the power of ongoing sound waves. All sounds, including voice and noises, are enhanced equally by these gadgets.
Sales Channel Insights
The retail sales segment dominated the market in terms of revenue share during the forecast period. This is attributed due to the huge number of retail establishments, an increase in manufacturing companies entering the retail sales market, and a high sales margin. Due to the market's low barriers to entry for new retailers, strong profit margins, and extensive consumer interaction, independent retail stores predominated. Costo, Walmart, and CVS are important players in independent retail sales.
E-commerce is anticipated to expand at a profitable rate during the projected period. This is due to the profitable sales channel for hearing aids is thought to be online shopping. For young adults and millennials in particular, the Internet is an important resource for decision-making and gathering information regarding hearing aids. E-commerce sales platforms also contribute to the affordability and availability of hearing aids internationally by offering premium payment plans to users.
Prominent Companies
Segmentation Outline
The global hearing aids market segmentation focuses on Type, Application, Type of Hearing Loss, Technology, Patient Type, Sales Channel, and Region.
By Type
By Application
By Type of Hearing Loss
By Technology
By Patient Type
By Sales Channel
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL HEARING AIDS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: HEARING AIDS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL HEARING AIDS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE MODEL
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL HEARING AIDS MARKET, BY TYPE
5.1 OVERVIEW
5.2 HEARING DEVICES
5.2.1 BEHIND-THE-EAR (BTE)
5.2.2 IN THE EAR (ITE)
5.2.3 RECEIVER IN THE CANAL (RIC)
5.2.4 COMPLETELY IN THE CANAL (CIC)
5.2.5 OTHERS (INVISIBLE IN THE CANAL, AND OTHERS)
5.3 HEARING IMPLANTS
5.3.1 COCHLEAR IMPLANTS
5.3.2 BONE ANCHORED IMPLANTS
6 GLOBAL HEARING AIDS MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 BODY AREA SENSOR NETWORKS
6.3 WIRELESS SENSOR NETWORKS
7 GLOBAL HEARING AIDS MARKET, BY TYPE OF HEARING LOSS
7.1 OVERVIEW
7.2 SENSORINEURAL HEARING LOSS
7.3 CONDUCTIVE HEARING LOSS
8 GLOBAL HEARING AIDS MARKET, BY TECHNOLOGY
8.1 OVERVIEW
8.2 ANALOG
8.3 DIGITAL
9 GLOBAL HEARING AIDS MARKET, BY PATIENT TYPE
9.1 OVERVIEW
9.2 ADULTS
9.3 PEDIATRICS
10 GLOBAL HEARING AIDS MARKET, BY SALES CHANNEL
10.1 OVERVIEW
10.2 RETAIL SALES
10.3 GOVERNMENT PURCHASES
10.4 E-COMMERCE
11 GLOBAL HEARING AIDS MARKET, BY GEOGRAPHY
11.1 OVERVIEW
11.2 NORTH AMERICA
11.2.1 NORTH AMERICA MARKET SNAPSHOT
11.2.2 U.S.
11.2.3 CANADA
11.2.4 MEXICO
11.3 EUROPE
11.3.1 EUROPE MARKET SNAPSHOT
11.3.2 WESTERN EUROPE
11.3.2.1 THE UK
11.3.2.2 GERMANY
11.3.2.3 FRANCE
11.3.2.4 ITALY
11.3.2.5 SPAIN
11.3.2.6 REST OF WESTERN EUROPE
11.3.3 EASTERN EUROPE
11.3.3.1 POLAND
11.3.3.2 RUSSIA
11.3.3.3 REST OF EASTERN EUROPE
11.4 ASIA PACIFIC
11.4.1 ASIA PACIFIC MARKET SNAPSHOT
11.4.2 CHINA
11.4.3 JAPAN
11.4.4 INDIA
11.4.5 AUSTRALIA & NEW ZEALAND
11.4.6 ASEAN
11.4.7 REST OF ASIA PACIFIC
11.5 MIDDLE EAST & AFRICA
11.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
11.5.2 UAE
11.5.3 SAUDI ARABIA
11.5.4 SOUTH AFRICA
11.5.5 REST OF MEA
11.6 SOUTH AMERICA
11.6.1 SOUTH AMERICA MARKET SNAPSHOT
11.6.2 BRAZIL
11.6.3 ARGENTINA
11.6.4 REST OF SOUTH AMERICA
12 GLOBAL HEARING AIDS MARKET COMPETITIVE LANDSCAPE
12.1 OVERVIEW
12.2 COMPANY MARKET RANKING
12.3 KEY DEVELOPMENT STRATEGIES
12.4 COMPETITIVE DASHBOARD
12.5 PRODUCT MAPPING
12.6 TOP PLAYER POSITIONING, 2022
12.7 COMPETITIVE HEATMAP
12.8 TOP WINNING STRATEGIES
13 COMPANY PROFILES
13.1 DEMANT A/S
13.1.1 OVERVIEW
13.1.2 FINANCIAL PERFORMANCE
13.1.3 PRODUCT OUTLOOK
13.1.4 KEY DEVELOPMENTS
13.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.2 STARKEY LABORATORIES, INC.
13.2.1 OVERVIEW
13.2.2 FINANCIAL PERFORMANCE
13.2.3 PRODUCT OUTLOOK
13.2.4 KEY DEVELOPMENTS
13.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.3 COCHLEAR LTD.
13.3.1 OVERVIEW
13.3.2 FINANCIAL PERFORMANCE
13.3.3 PRODUCT OUTLOOK
13.3.4 KEY DEVELOPMENTS
13.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.4 RION CO LTD
13.4.1 OVERVIEW
13.4.2 FINANCIAL PERFORMANCE
13.4.3 PRODUCT OUTLOOK
13.4.4 KEY DEVELOPMENTS
13.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.5 MICROSON
13.5.1 OVERVIEW
13.5.2 FINANCIAL PERFORMANCE
13.5.3 PRODUCT OUTLOOK
13.5.4 KEY DEVELOPMENTS
13.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.6 GN STORE NORD A/S
13.6.1 OVERVIEW
13.6.2 FINANCIAL PERFORMANCE
13.6.3 PRODUCT OUTLOOK
13.6.4 KEY DEVELOPMENTS
13.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
13.7 SONOVA GROUP
13.7.1 OVERVIEW
13.7.2 FINANCIAL PERFORMANCE
13.7.3 PRODUCT OUTLOOK
13.7.4 KEY DEVELOPMENTS
13.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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