Global Hearing Aids Market – Transforming Hearing Health
written by Medi-Tech Insights, Tuesday, August 23rd, 2022
The Global Hearing Aids Market is expected to witness a growth rate of 5% in the next five years. The rising geriatric population, technological advancements, increasing adoption of smart hearing aids, rising incidence of noise-induced hearing loss, favorable reimbursement in developed markets, growing awareness, and improving access to healthcare in emerging markets are some of the key factors driving the global Hearing Aids market.
However, the lack of trained health personnel, educational facilities, and necessary data to address the needs of those living with hearing problems are likely to hamper the market growth.
Hearing loss is the reduction in one’s ability to hear certain sounds. According to the World Health Organization (WHO), about 15% of the world’s population is affected by hearing loss. Over 5% of the world’s population (~466 million people) has disabling hearing loss and this number is expected to be over 900 million by 2050 people.
Underserved Low- and Middle-Income Countries Offer Ample Growth Opportunities
The global hearing aids market in low- and middle-income countries remain largely untapped as people often have little or no access to audiological services. The prevalence rate of disabling hearing loss in regions such as South Asia, Asia Pacific, and Sub-Saharan Africa is almost four times that of higher-income regions. As per WHO, the global hearing aid production meets only around 3% of the need in these countries. However, growing awareness about hearing aids and rising affluence in these regions is expected to open up substantial growth opportunities.
“As per WHO, approximately 90% of the people with disabling hearing loss live in low- and middle-income countries. A large population base, growing awareness & spending power, and a strong focus of hearing manufacturers on increasing access to hearing care in low- and middle-income countries, especially for children is expected to open growth opportunities in low- and middle-income countries.”-Director, Leading Hearing Aids Device Manufacturer, United States
Digital Solutions Offered By Players Spurs the Adoption of Hearing Aids Market
The leading players operating in the hearing aids market are increasingly offering digital solutions that congregate the healthcare providers and the consumers in real-time through all stages of the hearing journey. The digitally networked solutions provide consumers a higher degree of control and autonomy as they get access to online-based histories, customer support, remote adjustments, and optimization under real-life conditions. The digital solutions allow audiologists to directly capture data on the specific audiological situation of the user and provide immediate assistance. Moreover, users get more targeted advice due to continuous data monitoring and statistical analysis of their listening situations.
- The Sonova brand Phonak offers myPhonak app, which gives users an enhanced and personalized hearing experience. Remote support, fitting and control, a hearing diary, and advanced customization options such as noise reduction and speech focus are some of the highlights of the platform.
Technological Advancements are driving the Hearing Aids Market
The hearing aids market is technology-driven and is marked by constant product enhancements/innovations. For instance,
- In July 2022, Audientes A/S announced the addition of a new product to its portfolio with Companion by Audientes. Companion by Audientes is a situational hearing device in the advanced hearables category. It is a new consumer electronics device, which also includes Bluetooth streaming functionality.
- In May 2022, Chinese tech company iFLYTEK launched iFLYTEK Smart Hearing Aids. The pair of hearing aid comes in two models Pleasure and Privilege, both having core functions such as digital multi-channel, autonomous app fitting, and adaptive scene recognition.
- In October 2021, Audibel (A brand of Starkey Hearing Technologies) launched “Arc AI” Hearing Aid Line. The “Effortless” hearing aid uses artificial intelligence to adjust to the wearer’s environment.
China Expected to be a Major Growth Engine in Hearing Aids Market
Hearing-aid usage in China is on the rise. A rising aging population, increasing cases of hearing loss, growing awareness regarding hearing loss & its treatment options among consumers, continuous training of audiologists/experts who can treat hearing loss problems by hearing aid manufacturers, availability and acceptability of more advanced and sophisticated hearing aid products, economic growth, expanding basic health insurance coverage, and presence of key players in the country are some of the key factors that are expected to drive the Chinese hearing aid market.
According to the World Health Organization (WHO), in China alone, the number of people with hearing loss has been steadily increasing from 74 million in 2008 to 96 million in 2018.
Citing the lucrative prospects of the Chinese market, several players are striving to establish their foothold in the market. For instance,
- In June 2022, Demant completed the full acquisition of ShengWang, the Chinese hearing aid chain of some 500 stores. The acquisition provides Demant full ownership of the leading network of hearing aid clinics in China.
Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in Hearing Aids Market
The hearing aids market is marked by the presence of both established and new players. Players operating in the market adopt both organic and inorganic growth strategies such as acquisitions, and new product launches to garner market share. For instance,
- In April 2022, medical device and consumer electronics manufacturer, Nuheara Limited entered into a global trademark license agreement for use of certain HP trademarks on Nuheara’s hearing aids, personal sound amplification devices, and accessories.
- In October 2021, Signia announced the general availability of its Insio Charge&Go AX custom hearing aids, the newest revolutionary device built upon Signia’s pioneering Augmented Xperience (AX) platform. The Insio Charge&Go AX is the world’s first custom hearing aids with contactless charging, bluetooth, and streaming to android and apple ios devices.
Future Outlook of Hearing Aids Market
The global hearing aids market is expected to gain further momentum in the coming years due to the hearing aid sales recovery from Covid-19 pandemic, potential implementation of the ‘Over-the-Counter Hearing Aid Act’, aging population, technological advancements in hearing aid devices, better awareness & healthcare reimbursement coverage in high-income countries, and potential opportunities in under-penetrated low- and middle-income countries.
Competitive Landscape Analysis: Hearing Aids Market
The global hearing aids market is marked by the presence of established market players such as Sonova Group, Demant, Starkey, Cochlear, GN Store Nord, MED-EL, RION, SeboTek Hearing Systems, audifon, Audina Hearing Instruments, among others.
TABLE OF CONTENTS
Key Strategic Questions Addressed
- What is the market size & forecast of the hearing aids market?
- What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the hearing aids market?
- What are the key trends defining the hearing aids market?
- What are the major factors impacting the hearing aids market?
- What are the opportunities prevailing in the hearing aids market?
- Which region has the highest share in the global market? Which region is expected to witness the highest growth rate in the next 5 years?
- Who are the major players operating in the hearing aids market?
- What are the key strategies adopted by players operating in hearing aids market?
The study has been compiled based on the extensive primary and secondary research.
Secondary Research (Indicative List)
To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand side stakeholders.
Supply Side Stakeholders:
- Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers
- Mid-Management Level: Product Managers, Sales Managers, Brand Managers, R&D Managers, Business Development Managers, Consultants
Demand Side Stakeholders:
- Stakeholders in Hospitals, ENT Clinics, Homecare and Other End Users.
Breakdown of Primary Interviews
Market Size Estimation
The market size was derived based on extensive secondary research further validated through expert interviews.
Research findings derived through secondary sources & internal analysis were validated with primary interviews and an internal knowledge repository.
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