Hearing Care Devices Market Expected to Reach $12.5 Billion by 2030—Allied Market Research

The Hearing Care Devices Market size was valued at $7.5 billion in 2020, and is estimated to reach $12.5 billion by 2030, growing at a CAGR of 5.08% from 2021 to 2030. Hearing care devices restore hearing function in patients suffering from hearing impairment. The market has witnessed significant growth in the recent past due to development of new types of hearing aids and implants.

Growth in geriatric population susceptible to hearing disorders, rise in prevalence of hearing loss, and increase in binaural fitting rate are expected to drive the market growth. Moreover, rise in adoption of technically advanced hearing care devices, such as cochlear implants supplement the market growth. However, high cost of the devices and surge in drop-out rates of the patients are anticipated to hamper the market growth.

The Hearing Care Devices Market growth is projected to dominate the market owing to its rise in demand and prevalence of hearing disorders. High cost of treatment is the major concern for majority of people with hearing loss living in low- or middle-income countries, which leaves them with little or no access to hearing care. Therefore, hearing care device manufacturers have potential growth opportunities in the developing economies of the world. This has led to increased demand for hearing care devices. Therefore, increase in incidence of disorders is expected to drive the growth of hearing care devices market.

Hearing loss has become the most common disorder in patients, especially in industrialized countries. According to the WHO, the number of people living with disabling hearing loss is anticipated to reach over 900 million by 2050. Besides, chronic inflammation, vascular disorder, noise exposure, genetic susceptibility, and physiological aging of the ear may also cause hearing loss among people. This may lead to an increased number of hearing impairment patient populations globally, thereby increasing sales of these devices.

In the past decade, there has been a tremendous advancement in the field of hearing aids. The incorporation of smart technologies and the emergence of digital platforms in the mini device have helped overcome multiple patients' difficulties and have improved their hearing experience. Digital hearing aids are being introduced to the market. Features such as smartphone compatibility, Bluetooth connectivity, high sound processing, AI, rechargeable batteries, and the latest tinnitus masking have leveraged the hearing device's potential to no bounds.

The hearing healthcare devices market in this report is studied on the basis of product, type of hearing loss, end user, and region. On the basis of product, the market is divided into hearing aids and hearing implants. Hearing aids is further divided into type and technology. On the basis of type of hearing aids, it is further divided into behind-the-ear (BTE) aids, in-the-ear aids, receiver-in-the-ear (RITE), and canal hearing aids. On the basis of technology of hearing aids, it is further divided into analog hearing aids, and digital hearing aids. On the basis of hearing implants, the market is classified into cochlear implants, bone-anchored hearing systems, auditory brainstem implants, and middle ear implants.

Among these, the hearing aids segment currently dominates the global hearing care devices industry and is expected to continue during the forecast period owing to the rising burden of hearing loss, technological advancements in hearing aids, and rising awareness.

On the basis of type of hearing loss, sensorineural hearing loss, and conductive hearing loss. The conductive hearing loss segment dominated the global Hearing Care Devices market in 2020 and is anticipated to be dominant in the market owing to technological developments in the medical treatments like extraction of earwax, antibiotics or surgical procedures.

On the basis of end user, the market is segregated into hospitals and clinics, home setting, and ambulatory surgical centers (ASCs). The home-use segment currently dominates the global Hearing Care Devices market and is expected to continue during the forecast period owing to the rise in the demand for home hearing test and hearing aids.

North America accounted for a majority of the global Hearing Care Devices market share in 2020 and is anticipated to rise in prevalence of nasal and hearing disorders, high adoption rate of technologically advanced devices, and presence of highly sophisticated healthcare infrastructure, favorable reimbursement framework, and increased patient awareness about the availability of treatment options for hearing disorders. However, Asia-Pacific region is expected to witness considerable market growth during the forecast period, due to growing demand for sophisticated hearing care devices, large number of healthcare reforms, high prevalence of hearing disorders, and increased focus of key players for developing technologically advanced cost-effective devices. Moreover, India and Japan are expected to grow at high CAGR in the Asia-Pacific Hearing Care Devices market.

According to Onkar Sumant, Manager, Healthcare at Allied Market Research, “growth in incidence of hearing disorders, technological advancements, rise in geriatric population, and increase in binaural fitting rate drive the growth of the hearing care devices market.”

KEY FINDINGS OF STUDY

• By product, the hearing aids segment currently dominates the global Hearing Care Devices market and is expected to continue during the forecast period owing to rising burden of hearing loss, technological advancements in hearing aids, and rising awareness.
• By type of hearing loss, the conductive hearing loss segment dominated the global Hearing Care Devices market in 2020 and is anticipated to be dominant in the market owing to technological developments in the medical treatments like extraction of earwax, antibiotics or surgical procedures.
• By end user, the home-use segment currently dominates the global Hearing Care Devices market and is expected to continue during the forecast period owing to demand for home hearing test and hearing aids.
• On the basis of region, in 2020, North America dominated the market in 2020, owing to rise in prevalence of nasal and hearing disorders, high adoption rate of technologically advanced devices, and presence of highly sophisticated healthcare infrastructure, favorable reimbursement framework, and increased patient awareness about the availability of treatment options for hearing disorders. However, Asia-Pacific region is expected to witness considerable market growth during the forecast period, due to growing demand for sophisticated hearing care devices, large number of healthcare reforms, high prevalence of hearing disorders, and increased focus of key players for developing technologically advanced cost-effective devices.