The hearing aids market is expected to register a CAGR of nearly 5.8% during the forecast period, with a revenue of approximately USD 7,825 million in 2020 and expected to reach 10,765 million by 2026.
COVID-19 negatively impacted the hearing aids market. The pandemic caused added challenges for hospital patients who are deaf or hard of hearing. The increased use of masks has negatively impacted those who rely on lip-reading and facial expressions to communicate. Due to social distancing, many hospitals have restricted interpreters and visitors, and are instead offering patients video conferencing with hearing aids to overcome the limitations of the market growth. Further, there are limitations associated with treatments, which restricted the growth of the studied market.
The propelling factors for the growth of the hearing aids market include the rising burden of hearing loss, technological advancements in hearing aids, the rise in the global geriatric population, and the growing trend for customized implants. In the United States, hearing loss is more likely to be caused, owing to genetic defects. For instance, according to the United Nations data of World Population Prospects for 2019, the number of people over the age of 65 would increase from 9% in 2019 to more than 16% of the total world’s population by 2050.
In developing countries, preventable medical issues are often the major factors for hearing loss, especially infections, such as rubella or syphilis, which can lead to congenital hearing loss. For instance, as per the data published by World Health Organization, in 2020, around 5% of the world's population accounted for nearly 466 million people has disabling hearing loss. And it is also estimated that by 2050 over 900 million people or one in every ten people will have disabling hearing loss. Thus, the increasing prevalence of hearing disorders and hearing loss problems among the population have led to the sales of a large number of hearing devices in the market.
Growing noise pollution throughout the world has also a significant impact on the hearing abilities of people. Noise emission in heavy-duty industries, as well as public carnivals, is expected to damage the hearing capacity of adults, thereby resulting in the increasing demand for hearing aids devices.
There are various opportunities, like the incorporation of lithium-ion batteries in hearing aids, which help in propelling this market's growth. Furthermore, technological developments related to the products that combine cochlear implants and hearing aid technology to overcome the high-frequency hearing loss in patients, are also found creating new opportunities for the players in the market. For instance, in 2020, GN Hearing launched ReSound ONE, that solves one of the most enduring challenges for people with hearing loss. This solution places an additional microphone inside the ear canal with a Microphone & Receiver-In-Ear design (M&RIE) that uses the unique shape of every individual’s ear to collect sound.
Key Market Trends
The Behind the Ear (BTE) Segment is Expected to Grow at a Good Rate Over the Forecast Period
The behind-the-ear hearing aid device segment held a significant market share, in terms of revenue, owing to better connectivity, high efficiency, and easy usage. It is also considered to be ideal for most people with hearing problems. BTE products, because of their wide range of applications and wider target patients, are expected to grow at a high rate over the forecast period.
However, there is a decline in the production of hearing aids, which is projected to hamper the segment’s growth. Wearing masks have become common practice during the COVID-19 pandemic. For people who use behind-the-ear (BTE) hearing aids, however, this may be uncomfortable. Thus, the pandemic has a negative impact on the segment studied.
BTE aids are used by people of all ages, and they are suitable for almost all types of hearing loss. The devices are available in various sizes, from small devices to large high powered instruments, which are streamlined and barely visible.
Continuous advancements in the product are also helping in driving the market’s growth. In 2018, Hansaton launched rechargeable BTE Hearing System. The model has a lithium-ion battery that guarantees users 24 hours of battery runtime.
Hence, due to the increasing number of hearing disorders and the advantages associated with BTE, the market is expected to witness growth at a rapid pace over the forecast period.
Asia-Pacific Expected to Have Better Growth Rate Over the Forecast Period
The deaf community around the region is affected especially hard by the COVID-19 pandemic. Coronavirus lockdown has made life especially tough for the region's hearing-impaired population. Thus, in countries such as India, in 2020, the World Health Organisation (WHO) has uploaded a course called Introduction to Covid-19 in Indian Sign Language (ISL) that offers authentic information on all matters related to the pandemic.
The Asia-Pacific region is expected to experience the fastest growth rate for hearing aid devices over the forecast period. There are factors, such as high noise pollution levels in countries, such as India, China, Japan, and other Asian countries that have a major impact on the growth of this market. According to hearit.org, among people living in the Delhi area in India, the overall prevalence of hearing loss was 26.9% among persons aged 5 years and over, for 2019.
Furthermore, South Korea and China are among the key destinations where most of the manufacturing outsourcing is happening due to low manufacturing cost, superior manufacturing expertise, and a strong presence of trained professionals.
Other contributing factors are a large patient pool, an upsurge in the aging population, and increasing healthcare infrastructure due to the involvement of private companies in research funding and services will also boost the regional growth over upcoming years.
The leading manufacturers of the hearing aids market are focused on market consolidation and expansion of their product portfolios. Due to the increased number of benefits, companies are also found focusing on providing advanced hearing aid devices with lithium-ion batteries. Companies offering advanced hearing aid devices are driving the market’s growth. For instance, 3D app from GN Hearing allows users to communicate with their hearing care professional and receive an adjustment without an office visit.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of Hearing Loss
4.2.2 Technological Advancements in Hearing Aid Devices
4.2.3 Growing Awareness and Initiatives About Hearing Aid Devices
4.3 Market Restraints
4.3.1 High Cost of Hearing Aids Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Behind the Ear (BTE)
5.1.2 Receiver in the Ear (RITE)/ Receiver in Canal (RIC)
5.1.3 In the Ear (ITE)
5.1.4 Completely-in canal (CIC)
5.1.5 Other Hearing Aid Devices
5.2 By Type of Hearing Loss
5.2.1 Sensorineural Hearing Loss
5.2.2 Conductive Hearing Loss
5.3 By Technology
5.3.1 Conventional Hearing Aids
5.3.2 Digital Hearing Aids
5.4 By Patient Type
5.5.1 North America
184.108.40.206 United States (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
220.127.116.11 Canada (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
18.104.22.168 Mexico (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
22.214.171.124 Germany (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
126.96.36.199 United Kingdom (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
188.8.131.52 France (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
184.108.40.206 Italy (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
220.127.116.11 Spain (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
18.104.22.168 Rest of Europe (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
22.214.171.124 China (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
126.96.36.199 Japan (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
188.8.131.52 India (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
184.108.40.206 Australia (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
220.127.116.11 South Korea (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
18.104.22.168 Rest of Asia-Pacific (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
5.5.4 Middle East and Africa
22.214.171.124 GCC (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
126.96.36.199 South Africa (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
188.8.131.52 Rest of Middle East and Africa (By Product Type, By Type of Hearing Loss, By Technology, and By Patient Type)
5.5.5 South America
184.108.40.206 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Amplifon SpA
6.1.2 Audina Hearing Instruments, Inc.
6.1.3 Benson Hearing
6.1.4 Demant AS
6.1.5 Cochlear Ltd
6.1.6 Eargo Inc.
6.1.8 GN Hearing AS (GN Store Nord)
6.1.9 Horentek Hearing Diagnostics
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.