Report Overview

United State Hearing Aids Market - Industry Trends & Forecast Report 2028

United State Hearing Aids Market was worth USD 3.17 billion in 2021 and is further projected to reach USD 5.93 billion by the year 2028, exhibiting a CAGR of 9.4% during the forecast period (2022-2028). The rapid expansion of the market is predominantly due to the rapidly flourishing healthcare industry. Also, the rising healthcare expenditure by governments and populations across the country is expected to drive market growth during the forecast period. Moreover, the increasing emphasis on restoring listening capacity, technological advancements in the industry, and favorable regulatory policies are key factors driving the market growth. Furthermore, rising insurance coverage, combined with new product launches by key players, would drive market growth. All these factors boost the growth of the United State Hearing Aids Market during the forecast period (2022-2028).

Hearing Aid - Overview

A hearing aid is a small electronic device worn in or behind the ear. It amplifies some sounds so that a person with hearing loss can listen, communicate, and participate in daily activities more fully. Hearing aids can help people hear better in both quiet and noisy environments. Moreover, hearing aids are classified into two types: Analog hearing aids transform sound waves into electrical signals, which are then amplified. They are typically less expensive and have straightforward volume controls. Digital hearing aids convert sound waves into numerical codes that are similar to computer codes, which are then amplified.

United State Hearing Aids Market Forecast and Trends

Growth Drivers

Increased Hearing Loss Incidence in the US to Fuel Demand for Hearing Aids

One of the most common chronic conditions in the United State is hearing loss. The rising prevalence of auditory loss in the United States is expected to drive an increase in demand for hearing aids. According to the World Health Organization (WHO), the auditory loss is a common disorder, particularly in developed countries. In the United States, nearly 14-15 percent of the total population, or 48 million citizens, have difficulty listening. Hearing aid usage is influenced by affordability. The prevalence of hearing impairment rises exponentially as a region's gross national income falls. All these factors boost the growth of the United State Hearing Aids Market.

Increased Noise Pollution Aids Market Growth

Hearing aid demand is expected to rise as noise pollution spreads across the country. Long-term noise exposure can cause irreversible hearing loss in the population, as well as tinnitus, a continuous ringing in the ears. As a result, demand for hearing aid devices has skyrocketed, propelling market growth through 2027. Aside from hearing loss, prolonged noise exposure causes a slew of other problems, such as hypertension, cardiovascular disease, stress, and sleep disruptions, to name a few. This further offers lucrative growth opportunities in the United State Hearing Aids Market.

Extensive Use of Headphones/Earphones/Bluetooth Devices

Because of changing lifestyle patterns, particularly among the youth, the use of headphones or earphones has increased. Headphones and earphones are used for a variety of activities such as watching movies, listening to music, and talking on the phone. Furthermore, people have started to use Bluetooth devices to communicate while driving or doing other tasks. As a result, there has been a significant increase in hearing problems among teenagers, fueling the growth of the hearing aid market. Moreover, the United State market for hearing aid devices is expected to grow as a result of the aging population (those 65 and older) being more prone to various hearing impairments and auditory nerve damage.

Restraints

Exorbitant Hearing Aid Prices

A significant factor limiting market growth is the high cost of hearing aids, including cochlear implants and bone-anchored systems, particularly in price-sensitive regions like the Asia Pacific, Latin America, and Africa. Healthcare providers generally lack the financial resources to invest in sophisticated technologies, particularly in developing nations like Brazil and Mexico. Additionally, the staff must receive comprehensive training in the proper handling and upkeep of bone-anchored devices and cochlear implants. Technology-advanced hearing aids must be developed through extensive R&D efforts. As a result, both the manufacturing cost and the final price for clients increase significantly. As a result, patients must pay a proportionally high price for the related surgical interventional treatments and diagnostic testing.

Impact of COVID-19 on United State Hearing Aids Market

The COVID-19 pandemic-induced lockdown and economic crisis have affected several industries including the healthcare industry. Patients across the country flooded hospitals with urgent treatment requests, and as a result, many hospitals were at capacity. The management of COVID-19 patients required the postponement or cancellation of millions of elective procedures. The market for medical devices has also been impacted badly by this. The declining curve is visible in the market for equipment including orthopedic implants, heart valves, intraocular lenses, and audiology testing instruments. The market for hearing aids is the same in this regard.

United State Hearing Aids Market - By Product

Based on the product, the United State Hearing Aids Market is segmented into Hearing Devices, (BTE (Behind The Ear), ITE (In The Ear), RIC (Receiver In The Canal), CIC (Completely In The Canal), and Others), Hearing Implants (Cochlear Implants, Bone Anchored Implants. Among these, Hearing Devices comprising BTE (Behind The Ear) account for the largest share in the United State Hearing Aids Market. BTE hearing aids are made up of a compact, curved housing that fits behind the ear with ease. By attaching them to external sound sources like infrared listening devices and auditory training apparatus, these goods can be modified. Different BTE versions support Bluetooth, which improves wireless connectivity and drives the market during a forecast period (2022-2028).

United State Hearing Aids Market – By Distribution Channel

Based on distribution channels, the United State Hearing Aids Market is segmented into Government Services, Manufacturer Owned Retail Network, National Retailers, Independent Retailers/Small chains, Online Retailers, and Others. Among these, the Manufacturer Owned Retail Network segment holds the largest market share owing to major market players' increased emphasis on acquiring and establishing new retail stores. In addition, an increase in the number of company-owned retail stores is expected to drive market growth. Moreover, because of the increasing inclination of customers toward online channels, the online retailers segment is expected to dominate the market during the forecast period.

United State Hearing Aids Market - By Age

Based on age, the United State Hearing Aids Market is segmented into Adult and Pediatric. The adult segment now has the biggest market share. Adults are an important segment of the overall patient pool due to their increased susceptibility to hearing loss. Adults have a higher prevalence of hearing impairment than children, according to the World Health Organization (2022). Many young adults are at risk of permanent, avoidable hearing loss as a result of poor listening habits. As a result, the continued and increased demand for hearing aids will be ensured by the growth of this population segment.

Competitive Landscape

The leading market players in the United State Hearing Aids Market are Sonova, Demant A/S, GN StoreNord A/S, Cochlear Ltd, WS Audiology, RION Co., Ltd, Starkey Company, MED-EL, and other prominent players

The United State Hearing Aids Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.

Recent Development

• In April 2021, GN Nord A/S launched ReSound Assist live in conjugation with ReSound hearing aids. This launch will allow healthcare professionals to provide remote services to fit and test new devices. The development helps the company strengthen its product portfolio and establish its market presence.

Scope of the Report

By Product

• Hearing Devices

1. BTE(Behind The Ear)
2. ITE(In The Ear)
3. RIC(Receiver In The Canal)
4. CIC(Completely In The Canal)
5. Others

• Hearing Implants

1. Cochlear Implants
2. Bone Anchored Implants

By Distribution Channel

• Government Services
• Manufacturer Owned Retail Network
• National Retailers
• Independent Retailers/Small chains
• Online Retailers
• Others

By Age

• Adult
• Pediatric

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary and Secondary Products
   2. Quantitative Research
      1. Primary and Secondary Products
   3. Breakdown of Primary Research Respondents
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Industry Participants
   5. Market Breakdown & Data Triangulation
3. Executive Summary
4. U.S. Hearing Aids Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Porter’s Five Forces Analysis
      1. Bargaining End-use Industry of Suppliers
      2. Bargaining End-use Industry of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
   4. PESTEL Analysis
5. U.S. Hearing Aids Market Overview
   1. Market Size & Forecast by Value, 2018-2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
         1. Hearing Devices
            1. BTE(Behind The Ear)
            2. ITE(In The Ear)
            3. RIC(Receiver In The Canal)
            4. CIC(Completely In The Canal)
            5. Others
         2. Hearing Implants
            1. Cochlear Implants
            2. Bone Anchored Implants
      2. By Distribution Channel
         1. Government Services
         2. Manufacturer Owned Retail Network
         3. National Retailers
         4. Independent Retailers/Small chains
         5. Online Retailers
         6. Others
      3. By Age
         1. Adult
         2. Pediatric
6. Competitive Landscape
   1. List of Key Players and their Offerings
   2. Company Market Share Analysis, 2021
   3. Competitive Benchmarking, By Operating Parameters
   4. Strategic Developments of Companies
7. Impact of Covid-19 Across Hearing Aids Market
8. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
   1. Sonova
   2. Demant A/S
   3. GN StoreNord A/S
   4. Cochlear Ltd
   5. WS Audiology
   6. RION Co., Ltd
   7. Starkey Company
   8. MED-EL
   9. Other Prominent Players
9. Key Strategic Recommendations

List of Figures

 Figure 1        U.S. Hearing Aids Segmentation

Figure 2        U.S. Hearing Aids Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        U.S. Hearing Aids Market Size, By Value (USD Million), 2018-2028

Figure 5        U.S. Hearing Aids Market Share, By Product, By Value, 2018-2028

Figure 6        U.S. Hearing Aids Market Share, By Distribution Channel, By Value, 2018-2028

Figure 7        U.S. Hearing Aids Market Share, By Age, By Value, 2018-2028

List of Tables

Table 1         U.S. Hearing Aids Market Size, By Product, By Value, 2018-2028         

Table 2         U.S. Hearing Aids Market Size, By Distribution Channel, By Value, 2018-2028                              

Table 3         U.S. Hearing Aids Market Size, By Age, By Value, 2018-2028                                           

Table 4         Sonova Company Overview                                       

Table 5         Sonova Financial Overview                                        

Table 6         Demant A/S Company Overview                                          

Table 7         Demant A/S Financial Overview                                           

Table 8         GN StoreNord A/S Company Overview                                            

Table 9         GN StoreNord A/S Financial Overview                                              

Table 10        Cochlear Ltd Company Overview                                          

Table 11        Cochlear Ltd Financial Overview                                           

Table 12        WS Audiology Company Overview                                        

Table 13        WS Audiology Financial Overview                                         

Table 14        RION Co., Ltd Company Overview                                        

Table 15        RION Co., Ltd Financial Overview                                         

Table 16        Starkey Company Overview                                       

Table 17        Starkey Company Financial Overview                

Table 18        MED-EL Company Overview                                       

Table 19        MED-EL Financial Overview