Market Report Summary
- Market – Hearing Aids Market
- Market Value – US$ 10,908.4 Million in 2024
- Market CAGR Value – 3.9% in 2024
- Market Forecast Year – 2020 to 2030
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A hearing aid is a device that is designed to help a person with hearing loss by making sound audible for them. Early devices are being replaced with modern hearing aids that are easy-to-use and compact. New technology is being introduced to offer a natural quality of sound without any disturbance. Next-generation of hearing aids are being developed to tackle the common problem of current hearing aids.
New hearing aids equipped with smart sensors are being introduced offer convenience to the user. Wireless hearing aids are developed by companies are gaining popularity in the global hearing aid market. The voice is transferred directly to the hearing aid by eliminating background noise.
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- William Demant Holdings
- GN Resound
- Amplifon S.p.A
- Cochlear Ltd
- Starkey Hearing Technologies, Inc.
- Sivantos Pte. Ltd.
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People are looking for more powerful and efficient devices with advanced functions. With increasing number of people using Bluetooth enabled devices, companies are introducing hearing aids that are compatible with Bluetooth. This is helping users to send audio signal directly to the processor in hearing aid. Moreover, a person can easily attend a phone call and stream audio from various applications.
Hearing aids with pocket-size remote controls have also gained traction allowing a person to adjust the volume. Advanced hearing aids with noise reduction technology is also being focused on. The two most common problems being faced by people with the hearing problem is hearing speech in noisy environment and hearing in wind.
As per the report by Persistence Market Research (PMR), the global hearing aids market is likely to see a sluggish growth during 2017-2024. The global market for hearing aids is estimated to surpass US$ 10,000 Million revenue by 2024 end.
Behind the Ear Hearing Aids to be Highly Preferred in the Global Hearing Aids Market
On the basis of the product type, Behind-The-Ear (BTE) hearing aids are expected to be the most preferred hearing aids product during 2017-2024. Behind-The-Ear (BTE) hearing aids are estimated to bring in more than US$ 4,000 Million revenue by the end of 2024. Meanwhile, Receiver-In-the-Ear (RIE) Hearing Aids are also anticipated to gain popularity in the coming years.
Based on the technology, compared to the conventional hearing aids, digital hearing aids are likely to witness the highest growth in the global market for hearing aids. Towards the end of 2024, digital hearing aids are projected to exceed US$ 10,000 Million in terms of revenue.
In terms of the end user, audiology clinics are likely to be the largest users of hearing aids between 2017 and 2024. Audiology clinics are estimated to surpass US$ 5,000 Million revenue by 2024 end.
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North America to Dominate the Global Hearing Aids Market through 2024
Region-wise, North America is expected to lead the global market for hearing aids. By 2024 end, North America is estimated to bring in more than US$ 4,000 Million revenue. In the U.S. and Canada, hearing loss is becoming a common problem among children and adolescents.
Hence, the increasing number of people are using hearing aids. As per the data collected by Centers for Disease Control and Prevention (CDC) in 2014, revealed that around 97% of newborns were screened for hearing loss in the U.S. Also, more than 90% of children are born deaf to parents with hearing ability, according to the National Institute of Deafness and Other Communication Disorders. Hence, the majority of the companies are launching hearing aids in North America.
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