Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Hearing Aids Market size was valued at USD 11.76 billion in 2024 and is likely to cross USD 33.04 billion by the end of 2037, expanding at more than 8.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of hearing aids is estimated at USD 12.54 billion.
The growth of the market can primarily be accounted to the growing unsafe listening practices, such as listening to music at high volume via earphones, gaming, noise pollution and others resulting in the higher cases of deafness across the globe. As per the data released by the World Health Organization (WHO), it was noticed that more than 1 billion adults are projected to be at a permanent avoidable hearing loss on account of unsafe listening practices.
The global hearing aids market trends such as, a higher number of untreated hearing disabilities boosting the demand for hearing rehabilitation, and growing government initiatives to promote the upcoming technological innovation to improve hearing loss are projected to influence the growth of the market positively over the forecast period. For instance, approximately 2.4 billion people are expected to show symptoms of hearing loss, and about 650 million people are projected to be in the need of hearing rehabilitation by the year 2050. Moreover, hearing aids are electronic devices to be worn in or behind the person’s year. Hearing aids are helpful for deaf people since they are designed to transmit sound from the environment into the ear by making it louder. Hence, such factors are projected to hike the growth of the market over the forecast period.
Hearing Aids Sector: Growth Drivers and Challenges
Growth Drivers
- Growing Prevalence of Hearing Loss Globally - World Health Organization (WHO) stated that nearly 430 million individuals across the globe live with hearing disabilities, out of which, 34 million of them are children.
- Increasing Geriatric Population with Significant Hearing Disability- World Bank released a set of data demonstrating that the geriatric population reached 747,238,580 in 2021 worldwide.At a certain age, the hearing sensitivities and speech understanding of people fade away. Age-related hearing loss or also known as Presbycusis, is a natural phenomenon that occurs as a person grows old. Hearing loss generally occurs due to the changes in the auditory nerve and inner ear that causes a person to be intolerant to loud sounds. Hence, higher demand for hearing aids emerges in the market on the back of growing geriatrics over the forecast period.
- Rising Adoption of Hearables Hardware - As of 2020, the total number of hearables hardware installed was projected to reach nearly 250 million units which are further forecasted to hit approximately 950 units installed by the year 2024.
- Spiking Penetration of Personal Audio Devices- It is estimated that more than 50% of the global population aged between 10 to 35 is going to be exposed to unsafe degrees of hearing loss on account of the higher utilization of personal audio devices.
Challenges
- Higher Cost Associated with the Hearing Aids
- Hearing aids are developed and designed using mini particles that are expensive, such as speakers, amplifiers, microphones, and others. It also increases the selling price of hearing aids, hence, this factor is estimated to hamper the market growth over the forecast period.
- Lack of Awareness and the Skilled Medical Professionals
- Requirement for Higher Initial Investment
Hearing Aids Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
8.2% |
|
Base Year Market Size (2024) |
USD 11.76 billion |
|
Forecast Year Market Size (2037) |
USD 33.04 billion |
|
Regional Scope |
|
Hearing Aids Segmentation
Hearing Loss (Conductive, Sensorineural)
The global hearing aids market is segmented and analyzed for demand and supply by hearing loss into conductive and sensorineural, out of which, the sensorineural segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the higher prevalence of sensorineural hearing loss coupled with the higher utilization of electronics and the growing geriatric population across the globe. Based on the data provided by the National Library of Medicine (NLM), it was demonstrated that sudden SNHL accounts for 5-27 per 100,000 individuals each year in the USA alone.
Our in-depth analysis of the global hearing aids market includes the following segments:
|
By Aids Type |
|
|
By Implants |
|
|
By Patients Type |
|
|
By Hearing Loss |
|
Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.
Customize this ReportHearing Aids Industry - Regional Synopsis
North American Market Forecast
The North America hearing aids market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The growth of the market can be ascribed to the rising cases of hearing loss and exponential growth in the geriatric population coupled with the technological advancement in hearing aid designs. For instance, it has been observed that around 45 million Americans live with hearing disabilities, additionally, in every 5 people, 1 person wears a hearing aid. Moreover, the presence of highly developed healthcare infrastructure and the noteworthy penetration of major key players in the region is further expected to hike the growth of the market over the forecast period
Companies Dominating the Hearing Aids Landscape
- Foshan Vohom Technology Co., Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Sonova AG
- Demant A/S
- audifon GmbH & Co. KG
- Cochlear Ltd.
- Lively Hearing Corporation
- Rion Co., Ltd.
- Earlens Corporation
- Zhejiang Nurotron Biotechnology Co., Ltd.
- SeboTek Hearing Systems, LLC.
In the News
-
Sonova AG, prestigiously known for providing hearing care solutions, introduces its new Lumity platform. The Lumity platform is mainly designed for reducing listening efforts by improving speech understanding. This new innovation is built upon Paradise and Marvel platforms and is expected to power the next series of Phonak hearing instruments.
-
Cochlear Ltd. to unveil the next phase in the development of cochlear implants. The company has collaborated with several leading hearing health experts to release a multi-center, randomized controlled trial (RCT) associated with a cochlear implant.
Author Credits: Radhika Pawar
- Report ID: 4432
- Published Date: Oct 11, 2024
- Report Format: PDF, PPT
