The global Hearing Aids Market is estimated to be valued at US$ 10,107.8 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hearing aids are small electronic devices that are designed to help people hear better by amplifying sound. They help improve communication and quality of life. Hearing aids can be fitted externally or implanted surgically and help those who suffer from mild to severe hearing loss. They come in different sizes and styles including behind-the-ear, in-the-ear, and completely-in-canal models. Hearing aids make use of modern technologies like Bluetooth connectivity to help users stream audio from TVs, phones and other devices directly to their hearing aids.
Market key trends:
One of the key trends in the hearing aids market is the growing preference for invisible or nearly invisible hearing aids. Manufacturers are focusing on developing extremely small and comfortable devices that are barely noticeable when worn. For instance, Eargo has launched nearly invisible rechargeable hearing aids that are placed deep in the ear canal. Another trend is the rise of wireless and connectivity features in hearing aids. Major players are launching devices compatible with smart assistants like Siri and compatible accessories to stream audio directly to hearing aids from external audio sources. This improves functionality for users. Connected hearing aids are gaining traction due to enhanced user experience offered.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the hearing aids market as it requires high R&D investments and established distribution channels.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many global players operating in the market providing a variety of product options at different price points.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many component suppliers and established supply chain in the market.
Threat of new substitutes: The threat of new substitutes is moderate as cochlear implants can be used for severe hearing loss but are not substitutes for conventional hearing aids used for mild to moderate hearing loss.
Competitive rivalry: The competitive rivalry is high among the leading players to gain higher market share.
Key Takeaways
The global hearing aids market size was valued at US$ 10,107.8 Mn in 2023 and is expected to reach US$ 15,936.4 Mn by 2030, exhibiting a CAGR of 6.9% during the forecast period. Rise in the geriatric population suffering from hearing loss is a major driver fueling the market growth.
Regional analysis: North America dominated the global market in 2023 and is expected to maintain its lead over the forecast period. Asia Pacific is anticipated to witness the fastest growth rate, growing at a CAGR of over 7.5% during 2023 - 2030. Rising awareness regarding hearing aids and growing disposable income in countries like China and India is boosting the APAC market.
Key players: 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 is the global market leader with over 18% revenue share.
