- The global hearing aid market is set to reach $9.61 billion by 2024 from $7.05 billion in 2020.
- The global reach of hearing aid brands such as Stakley and Nano hearing aids have placed them in an optimal position to benefit from the worldwide market growth of hearing aids.
According to the “Global Hearing Aid Market Size, Share, Trends and Growth Analysis Report – Segmented By Hearing Loss (Sensorineural, Conductive), Product (In-The-Ear, Canal Hearing Aids, Receiver-In-The-Ear, Behind-The-Ear, Cochlear Implants, Bone Anchored Systems), End-users (Adults and Pediatrics) & By Region | 2020-2025”, the global hearing aid market is projected to increase from $7.05 billion in 2020 to $9.61 billion in 2024, with a CAGR of 6.4% during the forecast period. The World Health Organization (WHO) has reported that 5% of the world’s population are affected by hearing impairments, of which 32 million are American adults, 34 million are American children, and 10 million are residents of the U.K.
Several factors contribute to the growing hearing aid market worldwide
The growing number of people suffering from hearing loss has contributed to the steady growth rate of the global hearing aid market. Growing incidences of hearing loss, digital and technological advancement and an increasing global age population are all significant factors that drive the hearing aid market.
The general rise of global noise population is also a contributing factor, as more and more individuals are exposed to noise emissions in heavy-duty industries, construction sites and even concrete and carnivals, which in turn propels the demand for hearing aids even further.
Additionally, in developing nations preventable medical problems and diseases are often the leading cause of hearing loss and impairments, including infectious diseases such as rubella and syphilis that can very often cause congenital hearing loss. The insufficiency of medical treatments, interventions and preventative measures in developing nations also contribute to the global growth of the hearing aid market.
In 2019, 446 million people worldwide reported hearing loss disabilities, which is expected to increase to 900 million by 2050, but according to the National Institute of Deafness and Other Communication Disorders (NIDCD), only 28.8 million people made use of hearing aids in 2019. This leaves a wide global consumer gap in the hearing aid market that remains unfulfilled.
The hearing aid market is segmented according to product type
Of the different types of hearing aid models, the In-The-Ear model currently dominates the leading share of the hearing aid market, with Canal hearing aids coming in second due to the growing awareness of the different types of hearing aids on the market. Receiver-In-Ear and Behind-The-Ear hearing aids are projected to grow in popularity in the foreseeable future taking up a larger segment of the hearing aid market, and Cochlear implants and Bone anchored Systems are also projected to increase dramatically, albeit at a slower rate.
By patient type, the hearing aid market is segmented into adult and pediatric patients
The adult patients segment currently dominates the global hearing aid market due to the higher susceptibility of adults to acquire hearing loss and impairment due to old age, excessive occupation noise, and a growth awareness of the benefits of using hearing aids. Pediatric patients, which take up a much smaller segment of the hearing aid market, are however growing as the rate of infants and toddlers screened for hearing loss or impairments increases. 2 to 3 of every 1,000 American children reported suffering from some degree of hearing loss in 2016, and a fifth of American teenages have reported experiencing hearing loss issues. These numbers only further increase the demand for hearing aids in America and worldwide.
The global hearing aid market is also segmented into different regions
North America currently dominates the global hearing aid market. The rise in the adaption of new digital and technological advancement in the hearing aid industry, and the launch of new innovative hearing aid products and accessories has contributed to North America’s dominant share in the global market. Europe is second to America in dominant market shares due to Europe’s grown elderly population. India and China also have a large market share in the global hearing aid market, with population growth as the key contributing factor to growing market demand for hearing aid in the Asia-Pacific region.
Which hearing aid brand will dominate the global hearing aid market dependent on the type of hearing aids people are more inclined to purchase, the propensity of people using hearing aids as opposed to hearing implants, and the extent to which brands can intercept the global hearing aid market.
Starkey and Nano Hearing Aids set to dominate global hearing aid market
Starkey and Nano hearing aids are reputable and well-established hearing aid brands that can successfully tap into the global hearing aid market.
Nano Hearing Aids is America’s number one online hearing aid provider of digitally advanced hearing aids with wireless app-controlled technology miles ahead of its competitors. Nano Hearing Aids cuts out the middleman so to speak and sells directly to consumers, which is the main reason for their affordably-priced hearing aids. This also aids to the popularity of Nano Hearing Aids in the U.S. and abroad. Nano Hearing Aids ships all online orders made on their company website to all 50 United States and its territories, including Baker Island, Howland Island, Guam, the U.S Virgin Islands and Puerto Rico, to mention a few. Nano Hearing Aids offer free shipping to all U.S. states.
Starkey Hearing Technologies possesses a strong network of manufacturers, customers, partners and facilities worldwide. Their independent distributors are responsible for providing Starkey’s high-quality hearing aids and related accessories to a whole host of countries in North and South America, Europe, and Africa and the Asia Pacific.
Unlike brands such as Costco hearing aids that are dependent on selling hearing aid products from physical locations in the U.S. and therefore have a limited global reach into the hearing aid market, Starkey Hearing Technologies, MD Hearing Aids and Nano Hearing Aids are brands that are well-positioned to benefit from the growing global hearing aid market because of their ability to ship their hearing aid products worldwide and reach international audiences.