The US hearing aids market size is projected to reach US$ 14.66 billion by 2031 from US$ 9.66 billion in 2023; the market is estimated to register a CAGR of 5.3% during 2023–2031. The availability of over-the-counter hearing aid devices is likely to act as a key trend in the market in the coming years.
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. For instance, 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. Furthermore, 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.
Thus, strategic initiatives such as the introduction of innovative products, expansion, and acquisitions by the companies to remain competitive in the market drive the growth of the hearing aids market.
Hearing aids are sound-amplifying devices that treat hearing loss. Hearing implants are one type of hearing aid designed to be worn behind or in the ear to improve the hearing ability of patients with hearing loss. Hearing aids are gaining popularity due to technological advancements and an increased desire for attractive designs. The number of patients suffering from hearing loss and hearing impairment in the US is a key factor advancing the production of these devices. The US government is also showing its support through favorable regulatory policies, thereby augmenting the market growth. Furthermore, the approval of over-the-counter (OTC) hearing aids fuels the US hearing aids market
Rising Incidence of Hearing Loss Among US Population
Hearing loss profoundly impacts every dimension of the human experience, including physical, emotional, and mental health. The geriatric population contributes to the growing number of people with hearing loss, as the risk of hearing loss is higher in this age group. According to the 2020 Census Bureau population statistics, the US population aged 65 and above grew five times faster than the population from 1920 to 2020. In the US, older population reached 55.8 million (16.8%) of the total population in 2020, from 4.9 million in 1920. As per Deafness and Hearing Loss Statistics 2023, 2 to 4 of every 1,000 people in the US are functionally deaf, most aged 65 years and above. Although hearing loss is more common among aged people, people of all ages can be affected. Exposure to excessive noise is one of the leading causes of hearing loss for millions of young and old Americans. Both short-term and repeated noise exposure can cause lasting damage to the inner ear, resulting in permanent hearing loss. It is particularly risky for people working around loud noises.
Thus, the rising prevalence of hearing loss, wholly or partially, is a key factor boosting the demand for hearing aid devices among the population, thereby driving the growth of the hearing aids market.
Earlier, people used to get hearing aids only by undergoing an expensive medical exam or by prescription from a professional who fit the device for the person. The US Food and Drug Administration (FDA) released a new regulation that cuts red tape by creating a new class of hearing aids in August 2022. The US FDA established a regulatory category for over-the-counter (OTC) hearing aids for adults to improve access to hearing aid technology and reduce its costs for millions of Americans. The FDA retained the reliance on “perceived mild-to-moderate hearing loss” as the primary measure for OTC hearing aids. This action enables users with mild to moderate hearing loss to purchase OTC hearing aids directly from online retailers or stores without needing an audiology exam, prescription, or a custom fitting by an audiologist.
Key segments that contributed to the derivation of the US hearing aids market analysis are type, product type, technology, type of hearing loss, patient type, and distribution channel.
The US hearing aids market is driven by several key factors, including an aging population, the increasing prevalence of hearing loss, and advancements in medical technologies. As per the Population Reference Bureau, the number of Americans aged 65 and older is projected to increase from 58 million in 2022 to 82 million by 2050. This is likely to increase the demand for hearing aids in the US.
The development of digital and smart hearing aids is likely to drive the growth of the market during the forecast period. Furthermore, features such as Bluetooth connectivity, rechargeable batteries, and AI-powered enhancements that ensure better sound quality and customization are likely to favor the growth of the market.
The US hearing aids market is expected to grow with the increasing demand for better hearing solutions, spurred by an aging population, regulatory changes, and consumer interest in more affordable, user-friendly devices.
The regional trends and factors influencing the US Hearing Aids Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses US Hearing Aids Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Report Attribute | Details |
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Market size in 2023 | US$ 9.66 Billion |
Market Size by 2031 | US$ 14.66 Billion |
Global CAGR (2023 - 2031) | 5.3% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Type
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Regions and Countries Covered | US
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Market leaders and key company profiles |
The US Hearing Aids Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the US Hearing Aids Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "US Hearing Aids Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The growing focus on customized hearing solutions is expected to emerge as a prime trend in the market in the coming years.
Starkey Laboratories Inc., Audina Hearing Instruments Inc., SeboTek Hearing Systems LLC, Earlens Corp, GN Store Nord AS, Cochlear Ltd, Amplifon Hearing Health Care Corp, WS Audiology AS, Sonova Holding AG, and Sonic Innovations Inc are among the key players in the market.
The increasing prevalence of hearing loss and the rising aging population in the US are among the most significant factors fueling the market growth.
The US hearing aids market value is expected to reach US$ 14.66 billion by 2031.
The market is expected to register a CAGR of 5.3% during 2023–2031.