Global Hearing Aids Market to Reach $16.3 Bn by 2028

Monday 3 June 2019, Amsterdam

According to the new market intelligence report, titled “Global Hearing Aids Market-Analysis and Forecast, 2019-2028”, the global hearing aids market was estimated at $8.3 billion in 2018 and is estimated to reach $16.3 billion by 2028. The global hearing aids market is expected to witness a robust growth rate between 2019 and 2028 aided by the impressive growth of technological advancements in the medical device industry and increased product launches.

Over a period, the demand for the use of hearing aids have increased rapidly across the globe. Increasing prevalence of hearing loss and growing number of self-reported hearing loss cases are the primary reasons attributing to the increased sales of hearing aids. However, the limited reimbursement available in the market is one of the critical challenges encountered in the global hearing aids market. Every year, more than 90% of the hearing-impaired population comprises adults. In 2018, it was estimated by the World Health Organization that about 466 million individuals suffered from hearing loss. With the evolution of hearing aids, there is a rise in demand for the advanced hearing aid products. Hearing aids have witnessed transformation from a basic hearing aid to a smartphone compatible hearing aid product. The market is constantly witnessing launch of new product with extensive research and development carried out by the key players in the market. Collaborations, partnerships, agreements, and acquisitions are some of the common strategies adopted by these companies in order to sustain the competition in the global hearing aids market. Furthermore, there are manufacturers such as William Demant Holding A/S, Sonova Holding AG, and Widex A/S who are engaged in extensive research for the introduction of advanced hearing aids. Product launches and increased awareness about the use of hearing aids are constantly propelling the growth of this market. Moreover, technological advancements and increased R&D expenditure are some of the crucial drivers that are expected to advance the growth of the hearing aids market during the forecast period between 2019 and 2028.

According to Nidhi Srivastava, an analyst. “North America is currently the leading contributor to the global hearing aids market. The North America hearing aids market was valued at $3.02 billion in 2018. Factors, such as increasing incidence of hearing in aging population and infants, changing reimbursement policies, and established healthcare infrastructure are driving the growth of the hearing aids market in North America. Within North America, the U.S. itself is expected to witness 69.50% of the hearing aids market share in the region”.

Research Highlights:

• Hearing aids have helped in increasing awareness about hearing loss and its severity. The number of hearing aids sold in the market have increased substantially with the growing awareness programs in the developing economies such as India and South Africa. The market in developed economies such as the U.S., the U.K., and Germany is mainly driven by the favorable reimbursement policies and a wide range of products approved in the regional market.
• Based on product type, hearing aid devices contributed to the highest market share in the global hearing aids market in 2018. However, hearing implants is expected to witness the highest growth rate of 11.05% during the forecast period between 2019 and 2028.
• The market has witnessed about 31 different product launches and enhancements, as of 2018. In March 2019, William Demant Holding A/S also launched Philips-branded hearing aid solutions under premium hearing aids. The premium hearing aid solutions by Philips have been introduced in the North America and European hearing aid market in the first quarter of FY2019.
• Based on distribution channel, audiology and ENT clinics contributed to the highest market share of approximately 55.0% in 2018, whereas pharmacies distribution channel is expected to witness much higher growth rate as compared to audiology and ENT clinics.
• Prominent quotations from leading industry sources include:
  • “Starkey Hearing Technologies introduced Livio AI- world’s first Healthable hearing aid, which is the first device to track physical activity and cognitive health as measured by hearing aid use.”
  • “Starkey Hearing Technologies introduced the new mobile application - Thrive Hearing, for hearing-disabled patients”
  • “The merger between Widex A/S and Sivantos will give us new and unique opportunities to create innovative devices.”

This market intelligence report provides a multidimensional view of the global hearing aids market in terms of market size and growth potential. This research report aims at answering various aspects of the global hearing aids market with the help of the key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion.

Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches and enhancements, regulatory, partnerships, collaborations, business expansions as well as mergers and acquisitions. The research report provides a comprehensive analysis of the product sales, and manufacturers and trend analysis by segments and demand analysis by various regions.

This report is a meticulous compilation of research on more than 30 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 20 leading companies, market participants, and vendors. The report also profiles 14 companies including several key players, including Cochlear Limited, GN Store Nord A/S, MED-EL, Sonova Holding AG, Starkey Hearing Technologies, Widex A/S, William Demant Holding A/S, Microson, RION Co. Ltd., and Audina Hearing Instruments Inc., among others.

Key questions answered in the report:

• What are the key features of hearing aids which make them suitable for the hearing loss patients worldwide?
• What are the advantages of hearing aid devices over hearing implants?
• How did the hearing aids market evolve, and what is its scope in the future?
• What are the major market drivers, challenges, and opportunities in the global hearing aids market?
• What are the key development strategies which are implemented by the key players to stand out in this market?
• Which are the leading companies dominating the global hearing aids market?
• How many types of hearing aid devices are available in the market, and which are the companies offering hearing aid devices?
• Based on product type, which hearing aids type is anticipated to witness massive rise in the demand in the forecast period and in which region?
• What are the different hearing implants available in the market? Which type of hearing implants is expected to witness high demand in the forecast period?
• What are investors’ perceptions about the global hearing aids market? Also, what is the reimbursement scenario of the market?
• What are the key companies which made substantial investments to aid technological advancements in the market?
• What are the regulations pertaining to the global hearing aids market? What are the initiatives implemented by different government bodies to overcome the shortage of hearing aids in the developing economies?
• What was the market value of the leading segments and sub-segments of the global hearing aids market?
• How will each segment of the global hearing aids market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2028?
• How will the industry evolve during the forecast period 2019-2028?
• Which region carries the potential for the significant expansion of key companies for different hearing aid product types?