Rising Geriatric Population is Boosting the Growth of the Hearing Aids Market

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The hearing aids market has witnessed significant growth over the past few years owing to the rising geriatric population globally. Hearing aids are small electronic devices that are designed to amplify and modulate sounds to aid people with hearing loss. The devices are available in different designs including Behind-The-Ear (BTE), In-The-Ear (ITE), In-The-Canal (ITC), Completely-In-Canal (CIC) and Receiver-In-The-Ear (RITE) models. Hearing aids help improve hearing ability, increase clarity of sound and amplify important sounds to focus on. They are suitable for people of all ages with perceived mild to severe hearing impairment. The global hearing aids market is estimated to be valued at US$ 10,107.8 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the hearing aids market are 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., and Zounds Hearing. Sonova and GN Hearing currently hold a significant market share owing to their wide product portfolio and strong global presence.

The key opportunities in the market include rise in adoption of technologically advanced wireless and smartphones compatible hearing aids. Increasing investments by manufacturers in R&D of innovative devices is also providing growth opportunities.

Global expansion remains a top priority for leading players in the market. Major companies are focusing on business partnerships and acquisitions to strengthen their presence across international markets such as Asia Pacific, Europe, Latin America and Middle East & Africa.

Market Drivers

Rising geriatric population: Growing global aging population significantly contributes to the high demand for hearing aids. Age-related hearing loss is a common condition affecting over 90% of people over the age of 65 years.

Technological advancements: Launch of innovative wireless and rechargeable hearing aids integrated with smartphones and other devices enhances user experience. Development of artificial intelligence-based hearing aids is improving sound quality further.

Market Restrains
High cost of devices: Premium hearing aids incorporating latest features are costly which limits sales in price-sensitive markets. Lack of reimbursement coverage also increases the cost burden on consumers.

Social stigma attached to hearing loss: Despite growing awareness, many people hesitate to use hearing aids due to perceived negative perception. This restricts market potential partly.

Segment Analysis
The hearing aids market is divided into four main segments based on product- Hearing devices, hearing implants, diagnostic instruments, and other hearing aid accessories. The hearing devices segment accounts for the major market share currently. This segment is further divided into receiver-in-the-ear hearing aids, behind-the-ear hearing aids, canal hearing aids, and in-the-ear hearing aids. Of these, the behind-the-ear hearing aids segment dominates owing to its flexibility of use, amplified sound, and high-quality features for improved hearing. It provides more advanced functionality than other device types.

Regional Analysis
Geographically, the North American region holds the largest share in the hearing aids market currently. This can be attributed to the presence of major market players and growing geriatric population in the US and Canada. Europe follows North America with developed nations like Germany, UK, France contributing significantly to market growth. However, the Asia Pacific region is estimated to grow at the fastest pace during the forecast period owing to increasing awareness, large patient pool, and government support programs in developing countries like India and China. Factors like rising cases of hearing impairment, improving healthcare infrastructure, and rising disposable incomes are expected to drive the regional market during the coming years.

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