US hearing aid market size [2022-2029] worth $5.86

Pune, India, July 12. 2022 (GLOBE NEWSWIRE) — The US hearing aids market size was USD 3.31 billion in 2021. The market is expected to grow from USD 3.46 billion in 2022 to USD 5.86 billion in 2029 with a CAGR of 7 .8% over the period 2022-2029. This vital information is presented by Fortune Business Insights™, in its report titled “US Hearing Aids Market, 2022-2029”. Factors such as widening applications, advancements in technology, and increasing focus on hearing aid restoration will drive the growth of the market over the forecast period. Additionally, increased insurance coverage and increased product launches will increase the market footprint.

Development of key industry

January 2021: W/S Audiology has launched Signia Active Pro earbud-style hearing aids that will possess a high-tech audiological advantage. This product further benefits from Bluetooth connectivity, ability to receive phone calls among a range of other features, and aims to increase the usefulness for its consumers.

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Report Scope:

Report cover Details
Forecast period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 7.8%
2029 value projection $5.86 billion
base year 2021
Market size in 2022 $3.46 billion
Historical data for 2018 to 2020
Number of pages 88

Market Growth Factors

Growing prevalence of hearing loss disorders and favorable regulatory policies to increase market growth

Factors, such as growing demand for cost-effective products, rising instances of hearing loss, and increasing number of consumers, will drive the growth of the US hearing aids market during the forecast period. Additionally, increasing geriatric population, supportive regulatory policies, and increase in government initiatives will increase the market footprint. Moreover, increasing adoption of technologically advanced devices will fuel the growth of the market.

However, higher device costs will limit the market growth over the forecast period. Additionally, the absence of favorable refund policies will hamper the growth of the market.

Report cover

The US Hearing Aids Market report contains essential market insights including leading companies, leading products and applications across all segments and sub-segments, and the latest market opportunities. Moreover, factors such as current market trends and industry developments are also mentioned in the report. The factors that are expected to have a positive/negative impact on the market are also presented.

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Market segmentation :

On the basis of product, the market is divided into hearing aids and hearing implants. The hearing aids segment can be subdivided into behind the ear (BTE), in the ear (ITE), receiver in the canal (RIC), completely in the canal (CIC) and others (invisible in the canal).

By age, the market is segmented into adult and pediatric.

Regarding the distribution channel, the market is fragmented into government departments, manufacturer-owned retail networks, national retailers, independent retailers/small chains, and online retailers.

Segmentation By product
  • Hearing aids
    • BTE (behind the ear)
    • ITE (in the ear)
    • RIC (Receiver in Channel)
    • CIC (Completely in the Channel)
    • Others (Invisible in the Channel)
  • Hearing implants
    • Cochlear implants
    • Bone anchored implants
By age
By distribution channel
  • Government services
  • Manufacturer-owned retail networks
  • National retailers
  • Independent Retailers/Small Chains
  • Online retailers

Competitive landscape

Diversified portfolio and product development to help maintain leadership position for Sonova and Demant A/S

The hearing aid industry in the United States is fiercely competitive due to the presence of many established and emerging players. In their current scope, Sonova and Demant A/S dominated the US hearing aid market share in 2021 and accounted for the majority of revenue. Other players are focusing on expanding their market share using strategic tactics, including mergers and acquisitions, collaborations, and introducing new products to their portfolio. For example, in May 2021, Sonova announced the acquisition of Sennheiser’s consumer audio division to strengthen its portfolio and integrate broader consumer applications. Other players including Cochlear Ltd, WS Audiology and Starkey held a sizable market share as they ramped up their offerings in the space.

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The report lists the major companies in the global market US hearing aid market

  • Sonova (Switzerland)
  • Demant A/S (Denmark)
  • GN Store Nord A/S (Denmark)
  • Cochlear Ltd (Australia)
  • WS Audiology (Denmark)
  • RION Co., Ltd. (Japan)
  • Starkey (USA)
  • MED-EL (medical electronics) (Austria)

Contents

  • Introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • US Hearing Aid Market Drivers
    • Market constraints
    • Market opportunities
  • key ideas
    • Key Industry Developments – Acquisitions, Mergers and Partnerships
    • Hearing aid penetration for key countries
    • New product launches
    • Hearing Loss Epidemiology – United States
    • Prevalence of hearing loss, by states, United States, 2021
    • Number of audiologists, hearing aid professionals, outlets
    • Partnerships between manufacturers and third-party reference companies/suppliers
    • Impact of COVID-19 on the US Hearing Aids and Implants Market
  • US Hearing Aids Market Analysis, Outlook and Forecast, 2018-2029
    • Main results/summary
    • Market Analysis, Outlook and Forecast – By Product
      • Hearing aids
        • BTE (behind the ear)
        • ITE (in-ear)
        • RIC (receiver in channel)
        • CIC (Fully in Channel)
        • Others (Invisible in Channel, etc.)
      • Hearing implants
        • Cochlear implants
        • Bone anchored implants
    • Market Analysis, Outlook and Forecast – By Age
    • Market Analysis, Outlook and Forecast – By Distribution Channel
  • Competitive analysis
      • Government services
      • Manufacturer-owned retail networks
      • National retailers
      • Independent Retailers/Small Chains
      • Online retailers
    • Key Industry Developments
    • US Market Share Analysis (2021)
    • Company Profiles (Overview, Product, SWOT Analysis, Recent Developments, Strategies, Financials (as available))
      • Sonova
      • Applicant A/S
      • GN Store North A/S
      • Cochlear Ltd
      • WS Audiology
      • RION Co., Ltd.
      • Touch Star
      • MED-EL (Medical Electronics)

Table of Contents Continued…

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