The hearing aid market - United States

The global hearing aid market, valued at $8.38 billion, is expected to reach $14.45 billion by 2026, with an average annual growth rate of 7.2%. This growth is driven by an aging population and the increasing prevalence of hearing impairment, with forecasts that by 2050, some 900 million people will suffer from such conditions.

The volume of hearing aid sales in the United States has increased by 67% in 11 years, and is expected to exceed 4 million units per year. The US import rate exceeds exports, with a coverage rate of 27.3%, indicating an upward trend in imports relative to exports. Major international trading partners include Mexico, Poland, Canada, China and Vietnam. The industry is also witnessing technological advances such as Bluetooth integration and 3D printing for customized devices, alongside regulatory changes towards OTC markets aimed at increasing accessibility and competition.

Expanding horizons in the US hearing aid market: a comprehensive demand analysis

Analysis of the US hearing aid market reveals several key trends that paint the picture of a booming sector. The American hearing aid consumer mainly opts for the RIC (receiver-in-the-canal) model, which dominates the market with around 72% usage, while BTE (Behind-The-Ear) models follow at a distant second, with around 13%. In the USA, men are significantly more likely to suffer from hearing impairment, with a significant proportion twice as likely as women to develop hearing problems, mainly due to increased exposure to noisy environments rather than genetic predisposition. Geographically, hearing impairment is a widespread problem in the USA, with states such as West Virginia reporting around 6% of their population affected, while California has only around 3%. The prevalence of hearing problems appears to be evenly distributed, with no region suffering disproportionately to others. The aging of the population is one of the main drivers of demand in this market. With around 48 million Americans suffering from some form of hearing loss, the segment most affected is that of people aged 65 and over.

Statistics show that around a third of people aged 65 to 74, and almost half of those over 75, report hearing problems. These figures have direct implications for market growth, with projections indicating that around 22% of US adults will be over 65 by 2050, compared with current figures of around 17%. Market demand is also influenced by wider societal factors and health-related causes, including infectious diseases, the use of harmful drugs, noise exposure and the aging process itself. Significant advances in Bluetooth technology and the use of 3D printing show that it is possible to meet consumer desires for more personalized, high-tech solutions.

In terms of market offerings, there is a notable diversity of brands and models, with RIC, BTE and fully in-channel (CIC) models leading the choice. As consumers prioritize sound quality, reliability and ease of use, brands such as Oticon, Phonak and Widex are at the forefront, offering devices that best match these preferences. In terms of expenditure, the industry shows some price differentials, with average unit costs ranging from around $800 to $2,200 for the various leading brands. The US market as a whole, valued at around $3 billion, is forecast to reach nearly $4 billion by 2023.

A look at the leading companies in the world of hearing aids, a few names stand out for their strong market presence, innovative offerings and trusted reputation.

The sector, which resembles an oligopoly, is led by six major players, often referred to as the "Big Six". These companies have carved out a dominant market share and play a decisive role in the future trajectory of hearing aid technology and affordability.

• Phonak Part of the Sonova Group, Phonak is a pioneering force in hearing aid innovation. Known for its exceptional sound quality and battery life, Phonak caters for a wide range of hearing impairments thanks to its diversified portfolio. Phonak's Audéo Marvel range is particularly renowned for its rechargeable technology and connectivity features that fit perfectly into modern lifestyles.
• Sonova Based in Switzerland, Sonova stands out as a world leader in the field of hearing care. As the parent company of Phonak, Sonova is respected for its commitment to research and development, constantly pushing back the boundaries of what is possible in hearing aid technology. Through sophisticated use of 3D printing, Sonova customizes hearing aids to each customer's unique needs, demonstrating the company's patient-centric approach.
• Oticon A champion of the "people first" philosophy, Oticon is another big name trusted by audiologists. Its product, Oticon Opn S, is acclaimed for its excellent sound quality. The company continues to impress with its innovative, elegant designs and its commitment to creating hearing aids that support a brain-oriented understanding of hearing.
• Widex Renowned for its quality and aesthetics, Widex is a brand that doesn't shy away from technological advances. Its EVOKE model demonstrates the company's commitment to delivering a superior sound experience through cutting-edge features such as machine learning-based customization of audio parameters. Widex's commitment to sustainable energy is also noteworthy, underlining its wider responsibility to the planet.
• ReSound Another key player, ReSound, highlights its heritage of setting hearing aid standards with its LiNX Quattro, among other models. The company prioritizes connectivity and user-friendly technology, enabling people with hearing loss to benefit from advanced features such as direct streaming and remote personalization.
• Signia Signia, formerly known as Siemens Hearing Instruments, has made a name for itself by focusing on performance and user comfort. Its Signia Xperience platform is packed with features that enable users to hear sound in all directions, delivering a natural listening experience that has been praised by users and the general public alike.

Inforamtion

• Number of pages : ~ 40 pages
• Format : Digital and PDF versions
• Last update : 25/10/2021

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