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US Hearing Aids Market Size and Forecasts 2020-2030, Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type, Product Type, Technology, Type of Hearing Loss, Patient Type, and Distribution channel

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    Report

  • 79 Pages
  • October 2023
  • Region: United States
  • The Insight Partners
  • ID: 5897436
The hearing aids market size was valued at US$ 8.873 billion in 2022 and is expected to reach US$ 13.191 billion by 2030; it is estimated to record a CAGR of 5.1% from 2022 to 2030. The hearing aids market growth is primarily driven by the increasing incidence of hearing loss among US population and surge in strategic initiatives by the market players.

Growing Strategic Initiatives by the Companies

Companies operating in the hearing aids market constantly focus on strategic developments such as collaboration, expansion, agreements, partnerships, and product launches. These help them improve their sales, expand their geographic reach, and enhance their capacities to cater to a greater than existing customer base. A few of the noteworthy developments in the hearing aids market by companies are mentioned below:
  • In June 2023, Sonova Holding AG launched Sennheiser All-Day Clear in the US. The introduction of the Sennheiser All-Day Clear family expands the company's branded solutions to people with early-stage hearing loss, ranging from prevention to situational assistance. Both current and prospective customers of hearing care professionals in the country can gain access to Sennheiser All-Day Clear devices and other solutions, enabling them to establish connections with hearing care professionals at an earlier stage.
  • In April 2023, JIUYEE, a manufacturer of hearing aids, introduced a revolutionary new hearing aid, JIUYEE Real Pro Bluetooth intelligent hearing aids, to change how people with hearing loss live their lives. The latest hearing aid displays advanced features, such as its cutting-edge technology, owing to which users can experience clear and natural sound quality, that set it apart from traditional hearing aids; at the same time, its sleek and comfortable design provides seamless integration into daily life.
  • In December 2022, Eargo, Inc., a medical device company aiming to improve the quality of life for people with hearing loss, and NationsBenefits, a foremost provider of supplemental benefits, flex cards, and member engagement solutions for health plans, entered into a strategic partnership. The partnership allows NationsBenefits health plan members to use the plan benefits to purchase Eargo hearing aids. Both companies, via this partnership, plan to focus on forming a pathway for people with hearing loss and offer increased access to high-quality, technology-advanced hearing aids.
  • In October 2022, Lexie Hearing launched the Lexie B2 hearing aids, powered by Bose, adjoining a third hearing aid model to its audiologist-quality hearing aid products. The second-generation device has been developed in partnership with Bose. Lexie B2 hearing aids are receiver-in-canal hearing aids that provide a more natural and clear sound experience to the user, featuring the world’s first self-tuning system that combines with the Lexie app. The device is the first fully rechargeable hearing aid compatible with the Lexie app.
  • In October 2022, Sony Electronics introduced its first over-the-counter hearing aids in the US market. The company is re-imagining the hearing device space, focusing on innovation, accessibility, and personalization. The unique products were developed in partnership with WS Audiology. The first two products to debut from the partnership included the CRE-C10 and the CRE-E10 self-fitting OTC hearing aids. Sony's goal with these devices is to break down the barriers faced by individuals with signs of mild to moderate hearing loss.
  • In September 2022, Signia launched Styletto AX, a new hearing aid with two new Augmented Xperience (AX) platform capabilities-My WellBeing and CallControl. These new features help users to live healthier lifestyles through dramatically enhanced hearing and overall wellness. Styletto is the world’s first Slim Receiver-in-Canal (SLIM-RIC) hearing aid with a slim and stylish design.
  • In September 2022, Sony Corporation and WS Audiology Denmark entered into a partnership agreement to develop and supply new products and services in the over-the-counter (OTC) self-fitting hearing aid market, commencing with the US. Through the partnership, both companies plan to combine their technological and medical expertise to create solutions to shape the new field.
  • In July 2022, Bose Corporation partnered with Lexie Hearing, a direct-to-consumer hearing aid company in the US, to bring self-fitting Bose hearing aids to Lexie Hearing’s product portfolio. The new Lexie B1 hearing aids allow users to seamlessly fit, program, and control their hearing devices without needing a doctor’s visit, a hearing test, or a prescription. These hearing aids deliver clinically proven audiologist-grade results.
  • In January 2022, Soundwave Hearing LLC launched a new hearing aid and mobile app, revolutionizing self-fitting hearing aid technology. The Sontro Hearing Aids (Model AI) are wireless, self-programming hearing aids developed to amplify sound for people aged 18 or above with mild to moderate hearing impairment. The state-of-the-art Sontro hearing aids use Bluetooth technology to connect to otoTune, which is a clinically based app that performs a hearing test to determine the user’s hearing threshold and listening requirements.
  • In August 2021, Starkey introduced Evolv AI-a new hearing aid platform. Evolv AI is developed on Starkey Sound, a ground-breaking technology created by refining Starkey’s research and science-based algorithms to power high-fidelity audio modeled after the human auditory system. Starkey also launched the industry’s smallest 2.4 GHz completely-in-canal hearing aid as part of the Evolv AI line of hearing aids.
  • In May 2021, Sonova, a global provider of medical hearing solutions, acquired Sennheiser Consumer Business. With the takeover of the Sennheiser Consumer business, the company added headphones and soundbars to its hearing care portfolio, which includes hearing aids, cochlear implants, and other hearing solutions. By acquiring Sennheiser’s consumer business, Sonova leverages the complementary expertise of both companies to strengthen and expand its business areas in the future.
Thus, strategic initiatives such as the introduction of innovative products, expansion, and acquisitions by the companies to remain competitive in the market drive the hearing aids market growth.

Product Type-Based Insights

The hearing aids market, by product type, is bifurcated into hearing aid devices and hearing implants. The hearing aid devices segment held a larger hearing aids market share in 2022 and is anticipated to register a higher CAGR of 5.4% during the forecast period.

Type-Based Insights

The hearing aids market, by type, is bifurcated into prescription hearing aids and OTC hearing aids. The prescription hearing aids segment held a larger share of the market in 2022. However, the OTC hearing aids segment is anticipated to register a higher CAGR of 43.7% in the market during the forecast period.

Technology-Based Insights

The hearing aids market, by technology, is segment into sensorineural hearing loss and conductive hearing loss. The sensorineural hearing loss segment held a larger share of the market in 2022 and is anticipated to register a higher CAGR of 5.3% during the forecast period.

Type of Hearing Loss-Based Insights

The hearing aids market, by type of hearing loss, is segment into conventional hearing aids and digital hearing aids. The conventional hearing aids segment held a larger market share in 2022. However, the digital hearing aids segment is anticipated to register a higher CAGR of 6.0% during the forecast period.

Patient Type-Based Insights

The hearing aids market, by patient type, is segment into adults and pediatrics. The adults segment held a larger market share in 2022 and is anticipated to register a higher CAGR of 5.4% during the forecast period.

Distribution Channel-Based Insights

The hearing aids market, by distribution channel, is segment into pharmacies, retail stores, and online. The pharmacies segment held the largest market share in 2022. However, the retail stores segment is projected to register the highest CAGR of 12.4% during the forecast period.
A few of the major primary and secondary sources referred to while preparing the report on the hearing aids market are the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), The National Council on Aging, In National Institute on Deafness and Other Communication Disorders.

Reasons to Buy
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the hearing aids market.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the US hearing aids market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth US market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.

Table of Contents

1. Introduction
1.1 Report Guidance
1.2 Market Segmentation
2. Research Methodology
2.1 Coverage
2.2 Secondary Research
2.3 Primary Research
3. US Hearing Aids Market - Market Landscape
3.1 Overview
3.1.1 US PEST Analysis
3.2 US Hearing Aids Prescription by Professionals Analysis:
4. US Hearing Aids Market - Key Market Dynamics
4.1 Market Drivers
4.1.1 Rising Incidence of Hearing Loss Among US Population
4.1.2 Growing Strategic Initiatives by the Companies
4.2 Market Restraints
4.2.1 High Cost of Customized and Prescribed Hearing Aids
4.3 Market Opportunities
4.3.1 Approval of Over-The-Counter Hearing Aids
4.4 Future Trends
4.4.1 Technological Innovations in Hearing Aids
4.5 Impact Analysis
5. US Hearing Aids Market - Country Analysis
5.1 US Hearing Aids Market Revenue Forecast and Analysis
6. Hearing Aids Market - Revenue and Forecast to 2030 - by Type
6.1 Overview
6.2 Hearing Aids Market Revenue Share, by Type 2022 & 2030 (%)
6.3 Prescription Hearing Aids
6.3.1 Overview
6.3.2 Prescription Hearing Aids: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
6.4 OTC Hearing Aids
6.4.1 Overview
6.4.2 OTC Hearing Aids: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
7. Hearing Aids Market - Revenue and Forecast to 2030 - by Product Type
7.1 Overview
7.2 Hearing Aids Market Revenue Share, by Product Type 2022 & 2030 (%)
7.3 Hearing Aid Devices
7.3.1 Overview
7.3.2 Hearing Aid Devices: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
7.3.2.1 Hearing Aids Market - Hearing Aid Devices Revenue and Forecast to 2030 (US$ Million)
7.4 Hearing Implants
7.4.1 Overview
7.4.2 Hearing Implants: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
7.4.2.1 Hearing Aids Market - Hearing Implants Revenue and Forecast to 2030 (US$ Million)
8. Hearing Aids Market - Revenue and Forecast to 2030 - by Technology
8.1 Overview
8.2 Hearing Aids Market Revenue Share, by Technology 2022 & 2030 (%)
8.3 Conventional Hearing Aids
8.3.1 Overview
8.3.2 Conventional Hearing Aids: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
8.4 Digital Hearing Aids
8.4.1 Overview
8.4.2 Digital Hearing Aids: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
9. Hearing Aids Market - Revenue and Forecast to 2030 - by Type of Hearing Loss
9.1 Overview
9.2 Hearing Aids Market Revenue Share, by Type of Hearing Loss 2022 & 2030 (%)
9.3 Sensorineural Hearing Loss
9.3.1 Overview
9.3.2 Sensorineural Hearing Loss: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
9.4 Conductive Hearing Loss
9.4.1 Overview
9.4.2 Conductive Hearing Loss: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
10. Hearing Aids Market - Revenue and Forecast to 2030 - by Patient Type
10.1 Overview
10.2 Hearing Aids Market Revenue Share, by Patient Type 2022 & 2030 (%)
10.3 Adults
10.3.1 Overview
10.3.2 Adults: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
10.4 Pediatrics
10.4.1 Overview
10.4.2 Pediatrics: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
11. Hearing Aids Market - Revenue and Forecast to 2030 - by Distribution Channel
11.1 Overview
11.2 Hearing Aids Market Revenue Share, by Distribution Channel 2022 & 2030 (%)
11.3 Pharmacies
11.3.1 Overview
11.3.2 Pharmacies: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
11.4 Retail Stores
11.4.1 Overview
11.4.2 Retail Stores: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
11.4.2.1 Hearing Aids Market - Retail Stores Revenue and Forecast to 2030 (US$ Million)
11.5 Online
11.5.1 Overview
11.5.2 Online: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
12. Industry Landscape
12.1 Overview
12.2 Organic Developments
12.2.1 Overview
12.3 Inorganic Developments
12.3.1 Overview
13. Company Profiles
13.1 Starkey Laboratories Inc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Audina Hearing Instruments Inc
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 SeboTek Hearing Systems LLC
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Earlens Corp
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Development
13.5 GN Store Nord AS
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Cochlear Ltd
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 WS Audiology AS
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Sonova Holding AG
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Sonic Innovations Inc
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Amplifon Hearing Health Care Corp
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About the Analyst
14.2 Glossary of Terms
List of Tables
Table 1. US Hearing Aids Prescription by Professionals, 2022
Table 2. Hearing Aids Market- Hearing Aid Devices Revenue and Forecast to 2030 (US$ Million)
Table 3. Hearing Aids Market- Hearing Implants Revenue and Forecast to 2030 (US$ Million)
Table 4. Hearing Aids Market- Retail Stores Revenue and Forecast to 2030 (US$ Million)
Table 5. Organic Developments Done by Companies
Table 6. Inorganic Developments Done by Companies
Table 7. Glossary of Terms
List of Figures
Figure 1. US Hearing Aids Market Segmentation
Figure 2. US Hearing Aids Market - Key Takeaways
Figure 3. US: PEST Analysis
Figure 4. Hearing Aids Market: Key Industry Dynamics
Figure 5. US Hearing Aids Market Impact Analysis of Drivers and Restraints
Figure 6. US Hearing Aids Market - Revenue Forecast and Analysis - 2020-2030
Figure 7. Hearing Aids Market Revenue Share, by Type 2022 & 2030 (%)
Figure 8. Prescription Hearing Aids: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
Figure 9. OTC Hearing Aids: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
Figure 10. Hearing Aids Market Revenue Share, by Product Type 2022 & 2030 (%)
Figure 11. Hearing Aid Devices: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
Figure 12. Hearing Implants: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
Figure 13. Hearing Aids Market Revenue Share, by Technology 2022 & 2030 (%)
Figure 14. Conventional Hearing Aids: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
Figure 15. Digital Hearing Aids: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
Figure 16. Hearing Aids Market Revenue Share, by Type of Hearing Loss 2022 & 2030 (%)
Figure 17. Sensorineural Hearing Loss: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
Figure 18. Conductive Hearing Loss: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
Figure 19. Hearing Aids Market Revenue Share, by Patient Type 2022 & 2030 (%)
Figure 20. Adults: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
Figure 21. Pediatrics: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
Figure 22. Hearing Aids Market Revenue Share, by Distribution Channel 2022 & 2030 (%)
Figure 23. Pharmacies: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
Figure 24. Retail Stores: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)
Figure 25. Online: Hearing Aids Market - Revenue and Forecast to 2030 (US$ Million)

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Starkey Laboratories Inc.
  • Audina Hearing Instruments Inc
  • Sebotek Hearing Systems LLC
  • Earlens Corp
  • GN Store Nord AS
  • Cochlear Ltd
  • WS Audiology AS
  • Sonova Holding AG
  • Sonic Innovations Inc
  • Amplifon Hearing Health Care Corp.

Table Information