US Hearing Aids Market Trends, Share, and Growth (2021-2031)
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.
US Hearing Aids Market Analysis
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.
US Hearing Aids Market Overview
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
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US Hearing Aids Market: Strategic Insights
Market Size Value in US$ 8,873.28 million in 2022 Market Size Value by US$ 13,191.22 million by 2030 Growth rate CAGR of 5.1% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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US Hearing Aids Market: Strategic Insights
| Market Size Value in | US$ 8,873.28 million in 2022 |
| Market Size Value by | US$ 13,191.22 million by 2030 |
| Growth rate | CAGR of 5.1% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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US Hearing Aids Market Drivers and Opportunities
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.
Approval of Over-The-Counter Hearing Aids
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.
US Hearing Aids Market Report Segmentation Analysis
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.
- Based on type, the US hearing aids market is bifurcated into prescription hearing aids and OTC hearing aids. The prescription hearing aids segment held a larger market share in 2023, and the OTC hearing aids segment is anticipated to register a higher CAGR during the forecast period.
- In terms of product type, the market is segmented into hearing aid devices and hearing implants. The hearing aid devices segment held a larger market share in 2023 and is expected to retain its dominance in 2031.
- The US hearing aids market, by technology, is bifurcated into conventional hearing aids and digital hearing aids. The conventional hearing aids segment held a larger share of the market in 2023.
- By type of hearing loss, the market is bifurcated into sensorineural hearing loss and conductive hearing loss. The sensorineural hearing loss segment held a larger share of the market in 2023.
- By patient type, the market is bifurcated into adults and pediatrics. The adults segment dominated the market in 2023.
- In terms of distribution channel, the US hearing aids market is segmented into pharmacies, retail stores, and online. The pharmacies segment held the largest share of the market in 2023.
US Hearing Aids Market Share Analysis by Country
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.
US Hearing Aids Market Report Scope
US Hearing Aids Market Report Coverage and Deliverables
The "US Hearing Aids Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- US hearing aids market size and forecast at country levels for all the key market segments covered under the scope
- US hearing aids market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- US hearing aids market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the US hearing aids market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Product Type, Technology, Type of Hearing Loss, Patient Type, and Distribution channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
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.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. US Hearing Aids Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 US Hearing Aids Prescription Data by Professionals Analysis:
5. US Hearing Aids Market – Key Market Dynamics
5.1 US Hearing Aids Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Rising Incidence of Hearing Loss Among US Population
5.2.2 Growing Strategic Initiatives by the Companies
5.3 Market Restraints
5.3.1 High Cost of Customized and Prescribed Hearing Aids
5.4 Market Opportunities
5.4.1 Approval of Over-The-Counter Hearing Aids
5.4.2 Growing Demand for Pediatric Hearing Aids
5.5 Future Trends
5.5.1 Technological Innovations in Hearing Aids
5.5.2 Focus on Aesthetics and Customization
5.6 Impact of Drivers and Restraints:
6. US Hearing Aids Market Analysis
6.1 US Hearing Aids Market Revenue (US$ Million), 2021–2031
6.2 US Hearing Aids Market Forecast and Analysis
7. US Hearing Aids Market Analysis – by Type
7.1 Prescription Hearing Aids
7.1.1 Overview
7.1.2 Prescription Hearing Aids: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
7.2 OTC Hearing Aids
7.2.1 Overview
7.2.2 OTC Hearing Aids: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
8. US Hearing Aids Market Analysis – by Product Type
8.1 Hearing Aid Devices
8.1.1 Overview
8.1.2 Hearing Aid Devices: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Hearing Implants
8.2.1 Overview
8.2.2 Hearing Implants: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
9. US Hearing Aids Market Analysis – by Technology
9.1 Conventional Hearing Aids
9.1.1 Overview
9.1.2 Conventional Hearing Aids: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Digital Hearing Aids
9.2.1 Overview
9.2.2 Digital Hearing Aids: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
10. US Hearing Aids Market Analysis – by Type of Hearing Loss
10.1 Sensorineural Hearing Loss
10.1.1 Overview
10.1.2 Sensorineural Hearing Loss: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
10.2 Conductive Hearing Loss
10.2.1 Overview
10.2.2 Conductive Hearing Loss: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
11. US Hearing Aids Market Analysis – by Patient Type
11.1 Adults
11.1.1 Overview
11.1.2 Adults: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
11.2 Pediatrics
11.2.1 Overview
11.2.2 Pediatrics: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
12. US Hearing Aids Market Analysis – by Distribution Channel
12.1 Pharmacies
12.1.1 Overview
12.1.2 Pharmacies: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
12.2 Retail Stores
12.2.1 Overview
12.2.2 Retail Stores: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
12.3 Online
12.3.1 Overview
12.3.2 Online: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
13. US Hearing Aids Market – Country Analysis
13.1 US Hearing Aids Market Revenue and Forecast and Analysis – by Country
13.1.1 United States: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
14. Industry Landscape
14.1 Overview
14.2 Organic Developments
14.2.1 Overview
14.3 Inorganic Developments
14.3.1 Overview
15. Company Profiles
15.1 Starkey Laboratories Inc
15.1.1 Key Facts
15.1.2 Business Description
15.1.3 Products and Services
15.1.4 Financial Overview
15.1.5 SWOT Analysis
15.1.6 Key Developments
15.2 Audina Hearing Instruments Inc
15.2.1 Key Facts
15.2.2 Business Description
15.2.3 Products and Services
15.2.4 Financial Overview
15.2.5 SWOT Analysis
15.2.6 Key Developments
15.3 SeboTek Hearing Systems LLC
15.3.1 Key Facts
15.3.2 Business Description
15.3.3 Products and Services
15.3.4 Financial Overview
15.3.5 SWOT Analysis
15.3.6 Key Developments
15.4 Earlens Corp
15.4.1 Key Facts
15.4.2 Business Description
15.4.3 Products and Services
15.4.4 Financial Overview
15.4.5 SWOT Analysis
15.4.6 Key Development
15.5 GN Store Nord AS
15.5.1 Key Facts
15.5.2 Business Description
15.5.3 Products and Services
15.5.4 Financial Overview
15.5.5 SWOT Analysis
15.5.6 Key Developments
15.6 Cochlear Ltd
15.6.1 Key Facts
15.6.2 Business Description
15.6.3 Products and Services
15.6.4 Financial Overview
15.6.5 SWOT Analysis
15.6.6 Key Developments
15.7 WS Audiology AS
15.7.1 Key Facts
15.7.2 Business Description
15.7.3 Products and Services
15.7.4 Financial Overview
15.7.5 SWOT Analysis
15.7.6 Key Developments
15.8 Sonova Holding AG
15.8.1 Key Facts
15.8.2 Business Description
15.8.3 Products and Services
15.8.4 Financial Overview
15.8.5 SWOT Analysis
15.8.6 Key Developments
15.9 Sonic Innovations Inc
15.9.1 Key Facts
15.9.2 Business Description
15.9.3 Products and Services
15.9.4 Financial Overview
15.9.5 SWOT Analysis
15.9.6 Key Developments
15.10 Amplifon Hearing Health Care Corp
15.10.1 Key Facts
15.10.2 Business Description
15.10.3 Products and Services
15.10.4 Financial Overview
15.10.5 SWOT Analysis
15.10.6 Key Developments
16. Appendix
16.1 About The Insight Partners
16.2 Glossary of Terms
List of Tables
Table 1. US Hearing Aids Market Segmentation
Table 1. US Hearing Aids Prescription by Professionals, 2023
Table 2. US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
Table 3. US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million) – by Product Type
Table 4. US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million) – by Technology
Table 5. US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million) – by Type Of Hearing Loss
Table 6. US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million) – by Patient Type
Table 7. US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million) – by Distribution Channel
Table 8. US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 9. Organic Developments Done by Companies
Table 10. Inorganic Developments Done by Companies
Table 11. Glossary of Terms
List of Figures
Figure 1. PEST Analysis
Figure 2. Impact Analysis of Drivers and Restraints
Figure 3. US Hearing Aids Market Revenue (US$ Million), 2021–2031
Figure 4. US Hearing Aids Market Share (%) – by Type, 2023 and 2031
Figure 5. Prescription Hearing Aids: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
Figure 6. OTC Hearing Aids: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. US Hearing Aids Market Share (%) – by Product Type, 2023 and 2031
Figure 8. Hearing Aid Devices: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Hearing Implants: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. US Hearing Aids Market Share (%) – by Technology, 2023 and 2031
Figure 11. Conventional Hearing Aids: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Digital Hearing Aids: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. US Hearing Aids Market Share (%) – by Type Of Hearing Loss, 2023 and 2031
Figure 14. Sensorineural Hearing Loss: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Conductive Hearing Loss: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. US Hearing Aids Market Share (%) – by Patient Type, 2023 and 2031
Figure 17. Adults: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Pediatrics: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. US Hearing Aids Market Share (%) – by Distribution Channel, 2023 and 2031
Figure 20. Pharmacies: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Retail Stores: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Online: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. United States: US Hearing Aids Market – Revenue and Forecast to 2031 (US$ Million)
The List of Companies - US Hearing Aids Market
- 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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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