Hearing Aids Market To Generate Revenue worth $12,541.9 Million by 2030
- Published: February 2024
The global hearing aids market generated revenue of USD 8,210.5 million in 2023, which is expected to witness a CAGR of 6.4% during 2024–2030, reaching USD 12,541.9 million by 2030. This can be ascribed to the increasing prevalence of hearing loss, rising geriatric populations at a high risk for hearing disorders, growing knowledge of technologically enhanced tools for the treatment of hearing loss and deafness, as well as surging binaural fitting rate. Additionally, the emergence of advanced technologies, such as devices sharing a wireless connection with smartphones, are expected to impact the market positively.
Moreover, the demand for cochlear implants is steadily rising among children. Furthermore, the growing awareness of hearing loss and hearing aids is expected to fuel the expansion of market. Around the world, governments, international organizations, and healthcare firms have launched numerous initiatives and campaigns to raise awareness of hearing loss and the various treatments available.
Growing Prevalence of Hearing Loss
Among the most-prevalent medical conditions, particularly in developing nations, is hearing loss. According to the WHO, a staggering 466 million people, or nearly 6.1% of the world's population, suffer from hearing loss that is incapacitating. Moreover, this number is predicted to reach 1.5 billion by 2050, mostly as a result of the rise in the elderly population. In addition, long-term inflammation, vascular issues, exposure to noise, hereditary predisposition, and physiological aging of the ear can all result in hearing loss.
Since this aspect could result in an increase in the number of people with hearing loss throughout the world, the sales of these devices will surge. Over 17.05 million hearing devices were distributed globally in 2019, up by 6.4% from the previous year, according to the EHIMA's annual global sales data. The market is, thus, expected to experience significant expansion as a result of the rising number of hearing device users.
Digital Hearing Aids Holds Larger Share
The hearing aids category is accounted for the larger revenue share, of 80%, in 2023, and it is further expected to maintain its dominance during the forthcoming period, with a robust CAGR. This is due to the ability of these devices to automatically adapt to changing listening requirements, which eliminates the need for manual volume adjustments. Moreover, these devices are widely prescribed and recommended by doctors to patients with a hearing disability as they are considered the first-line treatment for such conditions.
Furthermore, conventional hearing aids will show the faster growth during the forecast period, ascribed to their improved sound quality due to selective sound amplification.
APAC Is Expected To Be Fastest-Growing Region
The APAC market is expected to grow at the highest CAGR during the forecast period, driven by the advancement of the healthcare infrastructure, positivity of the outcomes of related research, enhancement of medical technologies, rapid increase in the awareness of hearing issues, and growth of the geriatric population. Additionally, the growing medical tourism sector and swift economic prosperity, especially in China and India, Propel the market.
Further, these countries have a larger patient pool, which is why the healthcare expenditure in the region is continuously increasing. Moreover, this region has favorable government policies for people with a hearing disability, and the presence of key players.
Moreover, India is witnessing significant growth in this market due to the large patient pool of people with impaired hearing, rising noise pollution, adoption of technologically advanced approaches for treating deafness, awareness-raising initiatives of the government, and developing healthcare infrastructure in the country.
Some of the major market players are Audina Hearing Instruments Inc., Amplifon SpA, GN Group, Horentek Hearing Diagnostics, Cochlear Ltd., Abbott Laboratories, Sonova Holding AG, Sivantos Group, EunSung, and Arphi Electronics Private Limited.