CAGR: 7.4%Current Market Size: USD 7.4 BillionFastest Growing Region: APAC
Largest Market: EuropeProjection Time: 2023-2030Base Year: 2022
The Global Digital Hearing Aids market is expected to grow from USD 7.4 billion in 2022 to USD 13.09 billion by 2030, at a CAGR of 7.4% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising demand for digital hearing aids among the geriatric population.
The most common type of hearing aid is a digital hearing aid. It has all the features of analogue programmable aids, but it converts sound waves into digital signals and dupes them exactly. The aids' processors can differentiate and recognize environmental sounds and speech. These hearing aids are comparatively superior to analogues as they increase and amplify speech sounds by making them more accessible, in spite of amplifying all sounds. These hearing aids are very useful for patients who have been suffering from auditory nerve damage or hearing loss. The ubiquitousness of hearing loss among people is boosting the adoption of these Hearing Aids. Especially, hearing loss is vitally seen among old people. Hence, these products are widely used and recommended by most healthcare providers. Technological advancements in the hearing aid products such as wireless products that can be directly and easily connected to smartphones are assumed to boost the market positively. Moreover, the number for cochlear implants' demand is also increasing most prominently among small kids. Mostly many healthcare service providers used to suggest early implantation of cochlear implants for restoration of hearing difficulties. This factor is boosting the market growth. The general healthcare service associations of local governments and Hearing service offices in both developed and developing economies are highlighting and stressing the provision of hearing aids and early screening of deaf people.
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Market Dynamics:
Drivers:
Tremendous advancements have been seen in the field of hearing aids for a few years. The incorporation of the emergence of digital platforms in the mini device and smart technologies has helped patients overcome multiple difficulties by improving their hearing experience. Digital hearing aids are newly introduced to the market. Different features such as bluetooth connectivity, smartphone compatibility, artificial intelligence (AI), high sound processing, the latest tinnitus masking and rechargeable batteries have grasped the hearing device’s perspective to no bounds.
Restraints:
Many people usually find it hard to accept their hearing impairment and thereby never undergo any test. Moreover, many people normally hesitate to use them, due to the social stigma attributed to such products. Such considerations would definitely add to the reduction of the number of tests that are to be conducted in hospitals thereby restraining the adoption of the device. This key factor will definitely hamper the market growth during the Projection period.
Opportunities:
One of the key factors offered by the prominent healthcare facilities i.e., the competitive surgical procedure costs (including mainly the ENT procedures that involve cochlear implantation) is driving the sector of medical tourism in developing countries. In addition to that, the substantial growth of the medical tourism sector doubled the increasing healthcare expenditure and the improvement of the healthcare infrastructure, which is expected mostly of doubling the demand for these hearing aids across emerging and developing markets.
Challenges:
Many countries around the globe are facing a bit of a scarcity of trained professionals who can operate and perform ENT procedures. Underdeveloped regions and countries are mostly facing such difficulties in a wide range. The shortage of ENT professionals in such countries is targeted to limit the number of ENT procedures performed during the Projection period, that includes the procedures like cochlear implantation, carried out every year, in spite of the presence of a large target-based population. This can be a major challenge hindering the growth of the market.
Segmentation Analysis:
The global digital hearing aids market has been segmented based on technology, type of hearing loss, end-user, and region.
By Technology
The technology segment includes digital and conventional. The digital segment led the largest share of the digital hearing aids market with a market share of around 69.5% in 2022. There are several advantages associated with digital hearing aids, including improved sound quality as a result of selective amplification of sound, reduced feedback as with conventional hearing aids, comfortable listening experience, and automatic volume adjustment that does not require manual intervention. All these factors are responsible for the largest share of digital technology over the Projectioned period, which is propelling the growth of the market.
By Type of Hearing Loss
The type of hearing loss segment includes conductive, sensorineural and others. The sensorineural segment led the largest share of the digital hearing aids market with a market share of around 45.2% in 2022. As the sensorineural hearing loss population increases, so will the ageing patient pool. Digital hearing aids can help the ageing patient pool overcome mild-to-moderate SNHS for both ears with digital hearing aids, while individuals with severe hearing loss can opt for hearing implants such as the cochlear implant, which can be used in conjunction with hearing aids.
By Distribution Channel
The distribution channel segment includes e-commerce, retail stores and others. The retail store segment led the largest share of the digital hearing aids market with a market share of around 49% in 2022. Retail revenue share dominates the market with a large share. Retail revenue share is expected to grow at the fastest rate over the Projection period. The implementation of over-the-counter hearing aids plays a pivotal role in retail sales. A growing number of retail stores, the entry of manufacturing companies into retail sales, and high sales margins are contributing to retail sales growth. As a result of this segmentation, there are more growth opportunities for the market since company-owned retail stores and independent retail stores are competing for these products.
Global Digital Hearing Aids Market- Sales Analysis.
The sale of digital hearing aids expanded at a CAGR of 6.9% from 2016 to 2022.
Sales and revenues in this sector have increased exponentially since the beginning of the decade owing to rapidly rising demands, increases in industrialization, consumer awareness, and technical advancements.
Approximately 5% of the world's population will have disabling hearing loss by 2028, according to World Health Organization data, and an estimated 900 million people will have disabling hearing loss by 2050, one in ten of us. Due to the increasing prevalence of hearing disorders and hearing loss problems among the population, a large number of hearing devices have been sold.
In the digital hearing aids market, companies are mainly focused on product development and research and development, which is adding more value to the sales of the market and results in the overall growth of the market.
Thus, owing to the aforementioned factors, the global digital hearing aids market is expected to grow at a CAGR of 7.4% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the digital hearing aids market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The European region dominated the digital hearing aids market and held a 39.5% share of the market revenue in 2022.
Global Digital Hearing Aids Market- Country Analysis:
Germany's digital hearing aids market size was valued at USD 0.89 billion in 2022 and is expected to reach USD 1.6 billion by 2030, at a CAGR of 7.8% from 2023 to 2030.
Hearing-related issues in the country are becoming a matter of concern, which results in the increased demand for hearing aids in the country. In order to promote the adoption of hearing aids and the increase in cases of hearing loss, the German government provides subsidies to its citizens to purchase hearing aid devices.
China’s digital hearing aids market size was valued at USD 0.57 billion in 2022 and is expected to reach USD 1.02 billion by 2030, at a CAGR of 7.6% from 2023 to 2030.
The increasing incidence of hearing loss across the world is expected to heighten the overall demand for the market over the Projection period, while the increase in the elderly population and advancements in technology are also expected to contribute to the market's growth in the country. A number of factors such as advancements in medical technology and demand for more innovative hearing aids are expected to provide new opportunities for the Asia-Pacific hearing aid market.
India's digital hearing aids market size was valued at USD 0.44 billion in 2022 and is expected to reach USD 0.78 billion by 2030, at a CAGR of 7.5% from 2023 to 2030.
Around 63 million Indians are suffering from Significant Auditory Impairment, and hearing loss accounts for 6.3% of the population, leading to an increased demand for digital hearing aids in the country. Hearing aid products with a high level of functionality and affordability are expected to boost the market during the Projection period
Key Industry Players Analysis:
To increase their market position in the global digital hearing aids business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
7.4% |
Market Size |
7.4 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Technology, By Type of Hearing Loss, By Distribution Channel, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Abbott, Amplifon, SeboTek Hearing Systems, LLC., Microson, Starkey, WIDEX A/S, MED-EL Medical Electronics, Audina Hearing Instruments, Inc., Demant A/S, Cochlear Ltd.,Arphi Electronics Private Limited, Sonova, and Horentek. |
By Technology |
|
By Type of Hearing Loss |
|
By Distribution Channel |
|
Regional scope |
|
Scope of the Report
Global Data Centre Virtualization Market by Technology:
Global Data Centre Virtualization Market by Type of Hearing Loss:
Global Data Centre Virtualization Market by End-User:
Global Data Centre Virtualization Market by Region:
Global digital hearing aids market is expected to reach USD 13.09 billion by 2030, at a CAGR of 7.4% from 2023 to 2030.
Emerging markets are offering profitable opportunities, the rising geriatric population and technological developments in hearing aids will propel the market's growth.
European region will witness more digital hearing aids market growth.
Abbott, Amplifon, SeboTek Hearing Systems, LLC., Microson, Starkey, WIDEX A/S, MED-EL Medical Electronics, Audina Hearing Instruments, Inc., Demant A/S, Cochlear Ltd., Microson, Arphi Electronics Private Limited, Sonova, Horentek, SeboTek Hearing Systems, LLC., among others.
Political Factors- The objections by pressure groups, social and environmental activists, and labour unions should be carefully examined by Digital Hearing Aids Market because they have a significant impact on how policies are developed. Close cooperation with these organisations may improve Digital Hearing Aids Market capacity for community engagement and the accomplishment of long-term business objectives. Additionally, a well-developed governance structure and a democratic political climate improve the business climate for multinational corporations like Digital Hearing Aids Market. Government policy changes that happen frequently make the environment more unclear, which is bad for corporate success. The political climate of the nation must be closely monitored by Digital Hearing Aids Market since shifts in power could affect the government's priorities for the growth of certain businesses.
Economic Factors- Organizational performance is directly impacted by a nation's economic development. Growing economies present the Digital Hearing Aids Market with numerous prospects for expansion. In a similar vein, it's critical to comprehend the stage of the industrial lifecycle. Due to market saturation, entering mature sectors might be more difficult than entering businesses in the growth stage. Additionally, the amount of money invested on essential infrastructure development by the government of the host country has an impact on Digital Hearing Aids Market financial performance. The business climate is made easier by a well-developed infrastructure, which also boosts the gold industry's growth potential in the respective nation.
Social Factors- International marketing managers value culture as a key variable. Every civilization has unique norms and values that are crucial in determining how people behave as consumers. Digital Hearing Aids Market should establish local alliances and local teams to better understand society's views and norms and to design marketing tactics that are appropriate for the local environment. For Digital Hearing Aids Market, the study of socioeconomic class stratification is crucial. Digital Hearing Aids Market will need to use niche marketing techniques to provide luxury goods at premium pricing to a market where the high-end market is substantially underrepresented. In areas with limited social class stratification, market segmentation based on social class may also be unsuccessful.
Technological Factors- To understand how new technologies affect the firm's value chain and current cost structure, Digital Hearing Aids Market must take into account the micro- and macro-level investments made by rivals. In a setting where creative disruption is prevalent, research and development efforts are crucial. To maximise earnings in such a situation, Digital Hearing Aids Market should invest in disruptive technologies and reinvest the money in even more disruptive technologies in the future. The lifecycle of developing new products has been shortened by the adoption of new technology. New products are created swiftly today, and supply chain partners have more clout as well. It puts pressure on Digital Hearing Aids Market to create new goods fast, diversify its product line, incorporate flexibility into the value chain, and cultivate positive commercial relationships with partners in the chain.
Environmental Factors- Weather and climatic changes can have an impact on how effectively businesses operate. For instance, severe weather might raise operating costs and force Digital Hearing Aids Market to make the value chain more adaptable. These modifications may also affect consumer buying habits, which would need a firm to adjust its product and marketing tactics. The use of green/eco-friendly items is becoming more popular. Digital Hearing Aids Market. can seize the chance and implement environmentally friendly corporate practises to gain the confidence of stakeholders. Priorities for product innovation are changing as a result of regulatory organisations' emphasis on ensuring conformity with environmental standards. Digital Hearing Aids Market must place more emphasis on selling their products' environmental friendliness than on their usual value propositions.
Legal Factors- As certain nations have strong rules to protect labour safety, Digital Hearing Aids Market must abide by the laws governing employee/labor health and safety. Digital Hearing Aids Market has an ethical and moral duty to give its employees a safe working environment. In a similar vein, anti-discrimination laws (such as equal employment opportunity laws) also need to be carefully considered when developing human resource practises as discriminatory lawsuits against employers harm the organisational image and affect organisations' capacity to attract and retain talent. The privacy and security concerns of consumers have made data protection a crucial issue. Digital Hearing Aids Market. need to understand data protection standards to protect consumer data. Laws are also in place to limit prices, guarantee a particular level of quality, and shield customers from deceptive marketing promises.
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