The global custom hearing aids market was USD 9,544.2 million in 2022 and is expected to reach USD 10,085.5 million in 2023 and USD 18,861.5 million in 2033. It is set to grow at a steady pace by showcasing a CAGR of 6.5% in the forecast period from 2023 to 2033.
Rising cases of chronic inflammation, vascular disorder, noise exposure, genetic susceptibility, and physiological aging of the ear may also cause hearing loss among the geriatric population.
The emergence of smart devices and the surging prevalence of hearing loss are anticipated to propel the demand for invisible hearing aids in the upcoming years.
Custom hearing aids are specially developed devices that can cater to the needs of each patient. These are made by taking earmold impressions of patients. The ongoing development of unique devices that can be wirelessly connected to smartphones is a major factor that is set to accelerate the growth.
The high demand for cochlear implants, especially among children suffering from auditory nerve damage or hearing loss is anticipated to spur the market. The increasing focus of manufacturers on the development of new features, such as high sound processing, Bluetooth connectivity, rechargeable batteries, and smartphone compatibility is also likely to drive the digital hearing aids market.
For instance, Signia, the United States-based hearing aid manufacturer, launched its custom hearing aids named Insio Charge&Go AX. These are built upon the organization’s Augmented Xperience (AX) platform. These can process background noise and speech separately with the help of two advanced processors. The development of similar other products by renowned companies worldwide is projected to boost the sales of custom hearing aids.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2022) | USD 9,544.2 million |
| Projected Forecast Value (2023) | USD10, 085.5 million |
| Projected Forecast Value (2033) | USD 18,861.5 million |
| Growth rate | 6.5% CAGR |
| Forecast period | 2023 to 2033 |
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The global custom hearing aids market expanded at a CAGR of 4.9% between 2017 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 6.5% from 2023 and 2033.
Hearing aid technology has advanced dangerously in the last decade. The introduction of smart technologies and digital platforms in tiny devices has approved various patients in overcoming their issues leading to improvement in their hearing experience.
Growth in the awareness and initiatives taken about hearing aid devices are further anticipated to provide potential opportunities for the growth of the hearing aid accessories market in the coming years.
Increasing Cases of Noise-Induced Hearing Loss
The increasing cases of noise-induced hearing loss are expected to bode well for the custom hearing aid market growth in the future. Untreated hearing loss in children can often lead to difficulties with social engagement, learning, and language development. Thus, it is extremely important to examine and monitor hearing functions in children. This factor is set to influence the growth in the market positively.
According to the World Health Organization (WHO), more than 430 million people (34 million children and 432 million adults) across the globe require rehabilitation to address their disabling hearing loss. The organization predicts that over 700 million people will have disabling hearing loss by the end of 2050 worldwide. These numbers are expected to continue in the forthcoming years, thereby boosting the market.
High Cost of Canal Hearing Aids
As custom in-the-canal hearing aids provide a discreet listening experience and high power, these are more expensive than behind-the-ear devices. These devices are also not suitable for children as their ear canals change frequently.
These do not have any manual control on the outer shell as they are meant to sit inside the ear for a long period of time. Compared to larger hearing aids, in-the-canal devices are smaller in size and have lesser features.
In-the-ear hearing aids, on the other hand, may not be preferred by patients suffering from mild hearing loss as the entire ear will be plugged up with these devices. The receiver of these aids often gets clogged with moisture and earwax, which may also hamper their demand. Spurred by the aforementioned factors, the sales of custom hearing aids may decline in the evaluation period.
| Region/Country | The United States |
|---|---|
| Key Growth Factors |
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| Key Statistic | Captured a market share of 36.3% in 2022. |
| Region/Country | North America |
|---|---|
| Key Growth Factors |
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| Key Statistic | Estimated to record a value share of 42% in 2022. |
| Region/Country | China |
|---|---|
| Key Growth Factors |
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| Key Statistic | Anticipated to develop a 10.1% CAGR from 2023 to 2033. |
| Region/Country | India |
|---|---|
| Key Growth Factors |
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| Key Statistic | Forecasted to record at 7.6% CAGR from 2023 to 2033. |
| Category | Product |
|---|---|
| Sub Category | In-The-Ear (ITE) Hearing Aids |
| Key Growth Factors |
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| Key Statistics | Attained a market share of 66.8% in 2022. |
| Category | End-user |
|---|---|
| Sub Category | Hospitals |
| Key Growth Factors |
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| Key Statistics | Captured a market share of 44.4% in 2022. |
The global custom hearing aids market houses numerous large- and small-scale players. Some of them are Sivantos, William Demant, Sonova, Oticon, Starkey Hearing Technologies, GN Resound, Widex, Amplifon, Audina Hearing Instruments Inc., and Cochlear Ltd
Leading manufacturers present in the global market for best hearing aids are focusing on expanding their existing portfolios and market consolidation. Some of the other key players are aiming to deliver cutting-edge hearing aid devices equipped with lithium-ion batteries. Meanwhile, a few other companies are striving to incorporate advanced technologies and develop new apps to enable users to communicate with their healthcare professionals.
Some of the new developments are-
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.5% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2017 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Rest of Latin America, Germany, The United Kingdom, France, Spain, Italy, Rest of Western Europe, Poland, Russia, Czech Republic, Romania, Rest of Eastern Europe, India, Bangladesh, Australia, New Zealand, Rest of South Asia and the Pacific, China, Japan, South Korea, GCC countries, South Africa, Israel, Rest of the Middle East and Africa |
| Key Companies Profiled | Sivantos; William Demant; Sonova; Oticon; Starkey Hearing Technologies; GN Resound; Widex; Amplifon; Audina Hearing Instruments Inc.; Cochlear Ltd |
The market is valued at USD 10,085.5 million in 2023.
Sivantos, William Demant, Sonova are the key market players.
The market is forecast to register a CAGR of 6.5% through 2033.
The market is expected to reach USD 18,861.5 million by 2033.
The market registered a CAGR of 4.9% From 2018 to 2022.
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Custom Hearing Aids Market
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