by The global Hearing Aids Market is estimated to be valued at US$ 10805.24 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 devices used to amplify sound for the wearer with hearing loss. They are small electronic instruments that are designed to be worn in or behind the ear. Basic hearing aids amplify all frequencies to make many sounds audible to users with mild to moderate hearing loss. Advanced models use artificial intelligence (AI) and wireless technology to filter and amplify sound differently based on the hearing needs of each ear. They help improve speech understanding, especially in noisy environments. With rising geriatric population and increasing prevalence of hearing loss, demand for technologically advanced hearing aids is growing.
Market key trends:
One of the key trends in the hearing aids market is growing adoption of AI-powered hearing aids. AI provides capabilities like noise reduction, speech recognition in complex environments, and real-time hearing ability adjustment based on environment. For example, Widex Evoke hearing aids use deep neural networks trained on thousands of voice recordings to recognize speech patterns and enhance speech intelligibility. Oticon OPN S uses AI to understand 30 different sound categories and optimize settings automatically based on listening environment and hearing needs. AI is expected to make hearing aids more effective and offer a seamless, natural hearing experience to users. This will drive the demand for next-gen hearing aids significantly over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the hearing aids market. Significant capital investments are required to establish manufacturing facilities and obtaining regulatory approvals adds barriers for new entrants.
Bargaining power of buyers: The bargaining power of buyers is high as the market is fragmented with numerous local and global players. Buyers can negotiate on price easily by comparing product features and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components for hearing aids such as microphones and receivers are available from a few specialized manufacturers globally.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives available for assisting hearing loss compared to conventional hearing aids.
Competitive rivalry: The competitive rivalry is high among the major players operating in the global market due to their wide distribution networks and continuous innovation in product technology.
Key Takeaways
The Global Hearing Aids Market Size is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing geriatric population globally suffering from hearing loss. The age-related hearing loss affects over 900 million people worldwide.
Regional analysis: North America dominates the global hearing aids market followed by Europe. This is attributed to developed healthcare infrastructure, favorable reimbursement policies, and rise in geriatric population in these regions. Asia Pacific exhibits the fastest growth fueled by improving access to healthcare facilities and increasing awareness.
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. Key players focus on new product launches, technological advancements for enhanced connectivity, miniaturization, and expanding geographical presence especially in developing regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
