The US Hearing Aid Market: Size and Trends with Impact of COVID-19 and Forecast up to 2028

DELHI, India - Sept. 18, 2023 - PRLog -- A hearing aid is an electronic device crafted to boost auditory signals, assisting those grappling with hearing impairments. Specifically tailored for conditions like sensorineural and conductive hearing disorders, these devices play a pivotal role in enhancing daily communication. Factors like aging, prolonged exposure to loud noises, damage to the inner ear structures, or certain medical ailments can lead to diminished auditory capabilities. In such scenarios, hearing aids serve as invaluable tools, restoring a semblance of normal auditory experience for the wearer. The US hearing aid market in 2022 stood at US$2.71 billion and is likely to reach US$3.98 billion by 2028, while in terms of volume, the US hearing aid market in 2022 stood at 4.76 million.

Hearing aids, essential for many, bolster communication and enrich sound perception for individuals with hearing deficiencies. They address a prevalent global issue—hearing loss. Over recent years, the US hearing aid market has witnessed a significant surge in demand. Two pivotal factors underpin this positive trajectory. First, the rising prevalence of hearing loss, majorly influenced by an aging demographic, has heightened the demand for auditory assistance. Second, the landmark introduction of the Over-the-Counter (OTC) Hearing Aid Act in 2017 and its subsequent realization in 2022 regulations have revolutionized access to hearing aids. Alongside these central drivers, urbanization and groundbreaking technological advancements—such as rechargeable batteries, remote fine-tuning, tinnitus management innovations, and Bluetooth Low Energy (BLE)—continue to bolster the sector's growth. The US hearing aid market is projected to grow at a CAGR of 6.76% during the forecast period of 2023-2028.

Further, key players in the US hearing aid market are:

Sonova Group Demant A/S (William Demant Holding Group)
GN Store Nord
Cochlear Ltd.
Eargo, Inc.
Amplifon S.p.A.
Starkey Laboratories, Inc.
WS Audiology A/S
MED-EL
Earlens Corporation

The US Veteran Affairs is committed to addressing veterans' service-related hearing challenges. By collaborating with top brands like Phonak, Oticon, and Starkey, the VA ensures that veterans have access to leading auditory solutions. The US hearing aid market is in constant flux, shaped by technological advances, collaboration, and evolving sales tactics.

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