The global hearing aids market is projected to reach USD 10.2 billion by 2026 from USD 7.5 billion in 2021, at a CAGR of 6.4% during the forecast period. Growth in this market is mainly driven by factors such as the growing prevalence of hearing loss, technological advancements in hearing aids, and the increasing adoption of smart hearing aids due to the rising incidence of noise-induced hearing loss. However, the high cost of hearing aids and the requirement of high capital investments are the major factors hampering the growth of this market.
The major players in this market are Sonova Group (Switzerland), Demant A/S (Denmark), GN Store Nord A/S (Denmark), Cochlear Ltd. (Australia), RION Co., Ltd. (Japan), Starkey (US), Nurotron Biotechnology Co., Ltd. (China), MED-EL (Austria), Audina Hearing Instruments, Inc. (US), Elkon Pvt. Ltd. (India), WS Audiology A/S (Denmark), Eargo, Inc. (US), Horentek (Italy), ZOUNDS Hearing Inc. (US), SeboTek Hearing Systems, LLC. (US), Arphi Electronics Private Limited (India), IN4 Technology Corporation (China), BHM-Tech Produktionsgesellschaft mbH (Austria), Nano Hearing Aids (US), LORECa s.r.o. (Turkey), Earlens Corporation (US), Austar Hearing Science and Technology (Xiamen) Co., Ltd. (China), Lively Hearing Corporation (US), audifon GmbH & Co. KG (Germany), and Foshan Vohom Technology Co., Ltd. (China).
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In 2020, Sonova Group held the leading position in the hearing aids market. The company has maintained a leading position in the market through its strong distribution networks across North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The company adopts inorganic growth strategies to increase its dominance in this market. For instance, in May 2021, the company acquired Sennheiser’s Consumer Division in order to expand its product offerings and enter new growth markets. This has helped the company significantly expand its product line and enhance its visibility in the hearing aids market. The company intends to partner with new businesses to complement its existing business segments. Such developments will enable Sonova Group to add innovative technologies and products to its portfolio, which, in turn, will strengthen its presence in the hearing aids market.
In 2020, Demant A/S accounted for the second-largest share of the hearing aids market. The company’s leading position in this market can be attributed to its strong sales and distribution network globally, enabling it to market its products in various countries effectively. In addition, Demant A/S invests a significant amount of its revenue on R&D. This enables the company to develop and launch new products in the market. In November 2020, the company launched a new hearing aid technology in all its hearing aid brands—Oticon, Philips Hearing Solutions, Bernafon, and Sonic. Additionally, in January 2021, the company launched Oticon More, a hearing aid built with an on-board deep neural network (DNN) to give people with mild-to-severe hearing loss a fuller, balanced, and effortless hearing experience.
GN Store Nord’s leading position in this market can be attributed to its strong sales and distribution network across the globe, which enables it to effectively market its products in various countries. It has a wide geographic presence that spans North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. To sustain its leading position in the market, the company pursues organic growth strategies. For instance, in August 2020, the company launched ReSound ONE, an entirely new class of hearing aids that offer an individualized hearing experience. Additionally, in February 2021, the company launched ReSound Key, a hearing aid line-up that provides greater access to its proven and award-winning hearing technology worldwide.
Hearing Aids Market by Product Type [Aids (Receiver,Behind the Ear, In the Canal, In the Ear Aids), Implants (Cochlear, Bone-anchored)], Type of Hearing Loss (Sensorineural, Conductive), Patient Type (Adults, Pediatrics), Region - Global Forecast to 2026
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