Hearing Care Devices Market Research, 2030
The Hearing Care Devices Market size was valued at $7.5 billion in 2020, and is projected to reach $12.5 billion by 2030, growing at a CAGR of 5.08% from 2021 to 2030.
Hearing care devices are used to improve or restore hearing in individuals suffering from temporary or permanent hearing loss. Growth in geriatric population that is susceptible to hearing disorders, rise in prevalence of hearing loss, and increase in binaural fitting rate are expected to drive the growth of the global hearing care devices market. Moreover, rise in adoption of technically advanced hearing care devices, such as cochlear implants supplement the market growth. However, high cost of the devices and increase in drop-out rates of the patients from the treatment of hearing loss are anticipated to hamper the market growth
According to the estimates of National Institute on Deafness and Other Communication Disorders (NIDCD), in 2021, about 2 to 3 out of every 1,000 children in the U.S. are born with a detectable level of hearing loss. Increase in incidence of hearing loss and rise in pool of geriatric population contributes to the market growth.
Hearing Care Devices Industry have witnessed several technological advancements in the recent years. The cochlear implants available in the present scenario have speech recognition in difficult listening situations, which differentiate speech in noisy and reverberant situation, understand sound from television or telephone, and identify a specific sound from distance. In addition, hearing aids feature acoustic scene classifiers, which classify and identify any sound on the basis of background noise, speech in quiet or in noise, music, wind, and number of other parameters.
Hearing Healthcare Devices restore hearing function in patients suffering from hearing loss. Some of these devices (mainly implants) are expected to restore hearing function in profoundly deaf individuals. There are two types of hearing care devices, namely, hearing aids and hearing implants.
COVID-19 pandemic has adversely impacted the healthcare sector. Hospitals worldwide are getting filled with patients demanding urgent care, owing to which many hospitals are running out of resources. Millions of elective surgeries are being postponed or canceled to reallocate the resources to manage COVID-19 patients. This has also negatively affected the medical device sector. The demand for devices such as orthopedic implants, heart valves, intraocular lenses, and audiology diagnostics devices showcases the downward curve. This is also the case with the hearing devices market. Major players operating in the market have reported a decline in the sales of hearing aid devices. Moreover, the postponement of cochlear implantations procedures has witnessed decreased sales. According to the Hearing Industries Association (HIA) statistics, in the U.S., unit sales of hearing devices declined by 18.0% in 2020.The COVID-19 pandemic has boosted the adoption of tele-health among audiologists.
The hearing care devices market in this report is studied on the basis of product, type of hearing loss, end user, and region. On the basis of product, the market is divided by hearing aids and hearing implants. Hearing aids is further divided into type and technology. On the basis of type of hearing aids, it is further divided into behind-the-ear (BTE) aids, in-the-ear aids, receiver-in-the-ear (RITE), and canal hearing aids. On the basis of technology of hearing aids, it is further divided into analog hearing aids and digital hearing aids. On the basis of hearing implants, the market is classified into cochlear implants, bone-anchored hearing systems, auditory brainstem implants, and middle ear implants. On the basis of type of hearing loss, the market is bifurcated into sensorineural hearing loss and conductive hearing loss. On the basis of end user, the market is segregated into hospitals & clinics, home setting, and ambulatory surgical centers (ASCs). On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Product Segment
On the basis of product, the hearing aids segment currently dominates the global hearing care devices market and is expected to continue during the forecast period owing to rising burden of hearing loss, technological advancements in hearing aids, and rising awareness.
Type of hearing loss Segment
On the basis of type of hearing loss, the conductive hearing loss segment dominated the global Hearing Care Devices Market growth in 2020 and is anticipated to be dominant in the market owing to technological developments in the medical treatments like extraction of earwax, antibiotics or surgical procedures.
End User Segment
On the basis of end user, the home-use segment dominated the global hearing care devices market in 2020 and is anticipated to be dominant in the market owing to rise in the demand for home hearing test and hearing aids.
Region Segment
Region wise, North America dominated the market in 2020, owing to rise in prevalence of nasal and hearing disorders, high adoption rate of technologically advanced devices, and presence of highly sophisticated healthcare infrastructure, favorable reimbursement framework, and increased patient awareness about the availability of treatment options for hearing disorders. However, Asia-Pacific is expected to witness considerable market growth of hearing care devices market forecast, owing to growing demand for sophisticated hearing care devices, large number of healthcare reforms, high prevalence of hearing disorders, and increased focus of key players for developing technologically advanced cost-effective devices. Moreover, India and Japan are expected to grow at high CAGR in the Asia-Pacific Hearing Care Devices market.
The major companies profiled in this report include American Hearing Aids, Amplifon, Cochlear Ltd., GN Store Nord A/S, Intricon Corporation, Med-El, Sonova, Starkey, William Demant Holding A/S, and WS Audiology.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hearing care devices market analysis from 2020 to 2030 to identify the prevailing hearing care devices market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the hearing care devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hearing care devices market trends, key players, market segments, application areas, and market growth strategies.
Hearing Care Devices Market Report Highlights
| Aspects | Details |
 By End User |
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 By Product |
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 By Type |
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 By Region |
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 Key Market Players | IntriCon Corporation, Cochlear Ltd, starkey hearing technologies, SONOVA., GN Store Nord A/S, amplifon, med-electronics, inc., WS Audiology, William Demant Holding A/S, , American Hearing Aids |
Analyst Review
According to the analyst’s perspective, globally, the adoption of hearing care devices, such as hearing aids and hearing implants, is expected to increase in the near future, owing to the high prevalence rate of hearing care disorders and rise in geriatric population. The hearing care devices market has piqued the interest of healthcare providers owing to the benefits associated with these devices for the diagnosis and treatment of hearing care disorders. There have been remarkable technological advancements in hearing care devices to facilitate advanced treatment for disease management. Asia-Pacific and LAMEA are expected to offer lucrative opportunities to market players, as the markets in the developed nations are saturated with large number of hearing care devices providers.
According to the perspectives of CXOs of leading companies, the market is driven by factors such as growth in incidence of hearing disorders, new technological advancements in hearing care devices, and surge in geriatric population. However, market growth is hampered due to high cost of these devices (especially in developing nations) and high drop-out rates of the patients from treatment. Moreover, North America is expected to dominate the global hearing care devices during the forecast period, followed by Europe.
Hearing care devices are used to improve or restore hearing in individuals suffering from temporary or permanent hearing loss.
The total market value of Global Hearing Care Devices Market is $7,535.58 million in 2021.
The forecast period for Global Hearing Care Devices Market is 2021 to 2030.
The market value of Global Hearing Care Devices Market in 2030 is $11,932.57 million.
Intricon Corporation, American Hearing Aids, Amplifon, Cochlear Ltd. and William Demant Holding A/S held a high market position owing to the strong geographical foothold in different regions.
Conductive Hearing Loss segment dominates the global market, owing to technological developments in the medical treatments like extraction of earwax, antibiotics or surgical procedures.
The major factor for the growth of global Hearing Care Devices market are growth in incidence of hearing disorders, technological advancements, rise in geriatric population, and increase in binaural fitting rate.
Owing to rise in the geriatric population in the market. Furthermore, growth in incidence of hearing disorders.
The base year is 2020 in Global Hearing Care Devices Market.
Hearing Care Devices are used to improve or restore hearing in individuals suffering from temporary or permanent hearing loss.
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