At 4.7% CAGR, Europe Hearing Aids Market is Projected to be worth US$ 11,341.50 million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe hearing aids market was valued at US$ 7,833.94 million in 2022 and is expected to reach US$ 11,341.50 million by 2030, registering a CAGR of 4.7% from 2022 to 2030. Approval of over-the-counter hearing aids and technological innovations in hearing aids are among the critical factors attributed to the Europe hearing aids market expansion.
Loss of hearing can have a profound impact on quality of life. According to World Health Organization (WHO), there were ~1.5 billion living with hearing loss globally and only 20% of the population with hearing loss uses hearing aids. The reason behind this is the high cost of hearing aids, as people experiencing hearing loss must undergo audiology exams, get prescriptions for devices that are sized and fit appropriately in the ear, and receive counsel on proper use and follow-up tuning of devices.
A surge is expected to be witnessed in the demand for OTC hearing aids by consumers suffering from mild to moderate hearing loss. For instance, in October 2022, Sony Electronics introduced its first over-the-counter hearing aids in the market. The unique products were developed in partnership with W.S. Audiology. The first two products, Sony CRE-C10 and CRE-E10, will be available on the Sony website and at Amazon, Best Buy, and other retailers globally. The introduction of over-the-counter promotes innovation and competition in the hearing aid technology market. Such factors will offer growth opportunities to the hearing aids market.
On the contrary, high cost of customized and prescribed hearing aids hampers the growth of Europe hearing aids market.
Based on type, the Europe hearing aids market is bifurcated into prescription hearing aids and OTC hearing aids. The prescription hearing aids segment held 100.0% market share in 2022, amassing US$ 7,833.94 million. It is projected to garner US$ 11,341.50 million by 2030 to expand at 4.7% CAGR during 2022-2030.
In terms of product type, the Europe hearing aids market is bifurcated into hearing aid devices and hearing implants. The hearing aid devices segment held 75.6% share of Europe hearing aids market in 2022, amassing US$ 5,920.71 million. It is projected to garner US$ 8,691.70 million by 2030 to expand at 4.9% CAGR during 2022-2030. Furthermore, the hearing aid devices is subsegmented into behind-the-ear (BTE) hearing aid, in-the-ear (ITE) hearing aid, receiver-in-the-ear (RITE) hearing aid, canal hearing aid, and others. Additionally, the hearing implants segment is bifurcated into cochlear implants and bone conduction implants.
By technology, the Europe hearing aids market is bifurcated into conventional hearing aids and digital hearing aids. The conventional hearing aids segment held 61.9% share of Europe hearing aids market in 2022, amassing US$ 4,845.37 million. It is projected to garner US$ 6,775.20 million by 2030 to expand at 4.3% CAGR during 2022-2030.
Based on type of hearing loss, the Europe hearing aids market is bifurcated into sensorineural hearing loss and conductive hearing loss. The sensorineural hearing loss segment held 70.7% share of Europe hearing aids market in 2022, amassing US$ 5,534.87 million. It is projected to garner US$ 8,163.68 million by 2030 to expand at 5.0% CAGR during 2022-2030.
Based on patient type, the Europe hearing aids market is bifurcated into adults and pediatric. The adults segment held 73.2% share of Europe hearing aids market in 2022, amassing US$ 5,736.63 million. It is projected to garner US$ 8,719.03 million by 2030 to expand at 5.4% CAGR during 2022-2030.
Based on distribution channel, the Europe hearing aids market is categorized into pharmacies, retail stores, and online. The pharmacies segment held 59.0% share of Europe hearing aids market in 2022, amassing US$ 4,623.35 million. It is projected to garner US$ 6,926.68 million by 2030 to expand at 5.2% CAGR during 2022-2030.
Based on country, the Europe hearing aids market has been categorized into Germany, the UK, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 29.0% share of Europe hearing aids market in 2022. It was assessed at US$ 2,271.24 million in 2022 and is likely to hit US$ 3,497.51 million by 2030, exhibiting a CAGR of 5.5% during 2022-2030.
Key players operating in the Europe hearing aids market are Starkey Laboratories Inc., Audina Hearing Instruments Inc, GN Store Nord AS, Cochlear Ltd, WS Audiology AS, Sonova Holding AG, and Sonic Innovations Inc, among others.
In June 2022, GN Hearing launched the most advanced, rechargeable, custom-made ReSound hearing aids.
In Nov 2022, Cochlear Limited received US Food and Drug Administration (FDA) approval for the Cochlear Nucleus 8 Sound Processor.
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