Top Companies in the Global Hearing Aids Market

The global hearing aids market size attained a value of USD 9.21 billion in 2023. The market is anticipated to grow at a CAGR of 5.9% during the forecast period of 2024-2032, likely to attain a value of USD 15.43 billion by 2032.

Hearing aids refer to small electronic devices designed to amplify sounds. These devices are worn by people with hearing loss to improve hearing and speech comprehension. There are prescription hearing aids as well as over-the-counter (OTC) hearing aids that are often used by people with mild to moderate hearing loss. Although over-the-counter hearing aids are generally more affordable, prescription hearing aids are more customizable and thus highly effective. These hearing devices are known to work best for individuals with sensorineural hearing loss (characterized by inner ear or auditory nerve damage), which often occurs due to aging, infection, loud noises, or certain medications.

According to the World Health Organisation (WHO), around 2.5 billion people are predicted to develop some degree of hearing loss and at least 700 million are projected to need hearing rehabilitation by 2050. Further, it is estimated that as a result of unsafe listening practices, more than 1 billion young adults are prone to a risk of permanent yet avoidable hearing loss. The rising prevalence of hearing loss is a major driver of the market. Moreover, with the growing aging population, the number of elderly individuals experiencing hearing loss is also rising. Thus, the increasing cases of age-related hearing impairments are anticipated to fuel the market demand.

A significant trend in the market is the increasing innovations in hearing aid technology. Manufacturers are focusing on developing hearing aids equipped with advanced features such as wireless connectivity, noise reduction, and AI-based sound processing. The rising introduction of rechargeable batteries and devices with integrated Bluetooth functionality is further projected to elevate the market value.

Top Companies Leading the Global Hearing Aids Market in 2024

1.    WS Audiology A/S

WS Audiology A/S, a leading manufacturer of advanced hearing aid products and services, is a prominent player in the market. The company was formed in 2019  after the merger of two industry pioneers Sivantos Pte Ltd (Sivantos) and Widex A/S (Widex). The company is present in over 125 countries and sells its diverse range of hearing aids under brands such as Signia, Rexton, Widex, Audio Service, and others.

2.    GN Group

GN Group, a Danish manufacturer of premium hearing aids, is known for its intelligent audio solutions. In February 2024, the company expanded its advanced hearing aid ReSound Nexia™ portfolio, which includes Bluetooth® Low Energy (LE) Audio benefits and connectivity with the novel assistive listening technology. This makes ReSound Nexia the first-ever hearing aid to connect with AuracastTM broadcast devices. Further, GN Group is actively making efforts to boost its market reach in emerging economies while maintaining its strong presence in developed regions.

3.    Sonova

Headquartered in Stafa, Sonova is a key provider of hearing care solutions and plays a significant role in the market. The company operates through 4 businesses, namely, consumer hearing, hearing instruments, cochlear implants, and audiological care. The core brands of Sonova are Phonak, AudioNova, and Unitron, among others. The company has a robust portfolio including rechargeable hearing aids, pediatric hearing aids, and hearing solutions designed for individuals with severe-to-profound hearing loss.

4.    Microson S.A.U.

Barcelona-based Microson specializes in the development and manufacturing of hearing aids. The company focuses on offering cost-effective hearing solutions without compromising on quality. To strengthen its position in the market, the company joined a major hearing aid retailer Amplifon in 2019. Microson is committed to using the latest manufacturing technology and also has extensive expertise in 3D additive production, which helps it maintain a dominant presence in the global hearing aids market.

5.    Horentek

Horentek, carrying significant experience in the sciences of audioprosthetic techniques, is a prominent market player known to manufacture hearing aids entirely made in Italy. Horentek offers a variety of hearing aids designed to address different levels of hearing loss. The company’s products are in high market demand due to their advanced sound processing capabilities, which ensure that the sound quality is natural and clear. Horentek hearing aids provide features like noise reduction, directional microphones, and feedback management.

6.    RION CO. Ltd

RION CO., LTD. is known for manufacturing acoustic and acoustic/vibration measuring instruments including hearing aids, seismometers, and noise meters. The company is engaged in rigorous research and development efforts to maintain its dominance in the market. RION heavily invests in integrating the latest technological advancements, such as AI and digital signal processing, in its hearing aid products and is steadily expanding its presence in the global market by forming strong distribution networks and strategic alliances.

7.    Starkey Laboratories, Inc.

Starkey Hearing Technologies, formerly known as Starkey Laboratories, is known for designing, developing, and distributing hearing aid products including in-the-canal hearing aids, wireless hearing aids, and hearing aid batteries. The company is focused on incorporating continuous innovation in its devices such as integrating artificial intelligence (AI) and health-monitoring capabilities. Some of Starkey's popular products include Livio Edge AI and the Evolv AI series, which feature AI-driven sound processing. The company’s Livio AI is considered the world’s first Healthable hearing aid that allows body activity tracking, combining features for both hearing and wellness for the user.