The global hearing aids market is projected to be worth US$8,973.1 million in 2024. Through 2034, the market is expected to expand at a respectable 5.3% CAGR. By 2034, the market is expected to grow to a size of US$ 15,053.2 million.
As the number of people suffering from hearing impairments rises, hearing loss and other related issues are becoming more widespread. This makes wearing hearing aids necessary. The increased prevalence of hearing impairments and the increased use of hearing aids are both directly attributed to noise pollution.
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Different specifications are used in the manufacturing of hearing aids. Hearing aids with varying degrees of strength are being designed by manufacturers in recognition of the wide range of needs of the customer base. The market is able to attract a wider range of customers, including adults and children, thanks to diversity.
The usage of hearing aids is still viewed negatively in many circles. Many young individuals believe that using hearing aids is a sign of weakness or old age. As a result, the market for hearing aids faces challenges.
“Hearing aids' integration of technology is a major factor in the market's optimistic outlook. The market is being given a contemporary structure by technologies like AI, background noise reduction, and smartphone connectivity. Therefore, technological developments have a lot of market potential,” says a Fact.MR analyst.
Key Takeaways from Market Study
- Through2034, the global market for hearing aids is anticipated to grow at a CAGR of 5.3%.
- From 2024 to 2034, the East Asian hearing aid market is projected to expand at a compound annual growth rate (CAGR) of 6.2%.
- Throughout the course of the forecast period, the Chinese hearing aid market is anticipated to grow at a CAGR of 7.1%.
- Through 2034, the hearing aid market in the US is predicted to grow at a compound annual growth rate of 6.1%.
- With an anticipated market share of 82.2% in 2024, receiver-in-the-ear (RIE) hearing aids are the most popular product type in the industry.
Key Companies Profiled in This Report:
- Audina Hearing Instruments
- Inc., Audina Hearing Instruments, Inc.
- Starkey Laboratories, Inc.
- Demant A/S
- BHM-Tech Produktionsgesellschaft GmbH
- GN Hearing
- Microson
- Sonova Holding AG
- WS Audiology A/S
- Eargo Inc.
Companies in the Market Focus on the Introduction of New Products, in Line with Advancing Technology
The market for hearing aids is competitive, with room for both industry titans and smaller, regional firms. One of the main concerns for market participants is the launch of new items to make sure the product line does not fall behind obsolete technology. Among the well-known businesses in the industry are Demant A/S, Starkey Laboratories, Inc., and Audina Hearing Instruments, Inc.
Some of the recent developments in the market are:
- In October 2023, Jinghao Medical announced the approval of the FDA for its self-fitting over-the-counter hearing aids.
- In March 2023, USound announced it was collaborating with ASE Chung-Li and OBO Pro2 for an advanced over-the-counter hearing aids.
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Country-wise Insights
Why is the Demand for Hearing Aids Increasing in the United States?
“Surge of Over-the-Counter Hearing Aids in the United States”
The hearing aids market in the United States is expected to grow at a promising Compound Annual Growth Rate (CAGR) of 6.1% by 2024, when it is estimated to be worth US$ 2,836.0 million. It is projected that the market will be valued US$ 5,117.0 million by 2034.
Over-the-counter (OTC) hearing aids are becoming more and more popular in the US since they provide consumers with an affordable option without sacrificing technological advantages. For example, Sennheiser released the All-Day Clear and All-Day Slim in June 2023. These models use technology to improve communication and can be easily connected to mobile devices.
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