According to a new research study by Fact.MR, the global AI hearing aid market is projected to reach US$ 3.12 billion by 2024 and is expected to grow at a 9.2% CAGR from 2024 to 2034. Artificial intelligence (AI) enhances hearing aids by improving speech recognition and comprehension, adapting to various listening environments, and providing a more personalized experience for users.
The market’s growth is fueled by leading companies’ focus on enhancing user convenience through seamless integration with smartphones and other smart devices. This improved connectivity allows users to remotely adjust their hearing aids, stream audio directly from smartphones for superior sound quality, and monitor health metrics such as hearing aid usage and overall hearing health.
North America leads the market due to its strong healthcare infrastructure and high rate of technology adoption. Meanwhile, Western Europe is expected to maintain a significant market share throughout the forecast period, driven by stringent regulations on healthcare devices and high-quality standards in product manufacturing.
Key Takeaways from the AI Hearing Aid Market Study
- ·The global AI hearing aid market is projected to reach US$ 7.51 billion by 2034.
- ·Sales of behind-the-ear AI hearing aids are forecasted to climb to US$ 2.98 billion by the end of 2034.
- ·North America is set to account for a 2% share of the global market by 2034.
- ·The market in the United States is estimated to reach US$ 1.16 billion in 2024.
- ·Sales of AI hearing aids in South Korea are estimated at US$ 88.9 million in 2024 and are estimated to increase to US$ 236.5 million by 2034.
- ·Demand for AI hearing aids in India is forecasted to increase at 2% CAGR through 2034.
- ·Based on technology, the machine learning algorithms (MLA) segment is poised to hold a 3% market share in 2024.
“To improve their profits and market position, key manufacturing are launching AI hearing aid products that are more comfortable, lightweight, easy to use and integrate with smartphones, and also have better sound quality, and others,” says a Fact.MR analyst
Leading Players Driving Innovation in the AI Hearing Aid Market
Key players in the AI hearing aid industry are Sonova, GN Hearing A/S, Starkey Laboratories, Inc., Zhejiang Nurotron Biotechnology Co., Ltd., WS Audiology (Sivantos Pte Ltd.), Oticon Inc. (Cochlear Ltd.), RION Co., Ltd., MED-EL Medical Electronics, Orka Labs Inc., Soundwave Hearing, LLC, iFlytek Corporation
Machine Learning Algorithms (MLA) Widely Used in AI Hearing Aids
Machine learning algorithms (MLA) are being commonly used by companies that produce AI hearing aids because they enable the device to adapt and improve over time, giving users a highly personalized and enhanced listening experience. MLAs analyze vast amounts of auditory data to spot patterns, separate speech from background noise, and automatically adjust settings for optimal sound quality under diverse conditions. Because of this real-time adaptability, users are guaranteed to receive the best possible hearing assistance that is tailored to their unique hearing needs and changing surroundings.
AI Hearing Aid Industry News
Starkey debuted a brand-new line of customized hearing aids called the Signature Series in February 2024. They also updated and enhanced its Genesis AI hearing aid, which now has better sound quality.
A brand-new iFlytek behind-the-ear hearing aid was released onto the Chinese market in April 2024. This hearing aid leads the industry with features like subtitle hearing help, 65dB audio gain, and AI-powered scene detection.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the AI hearing aid market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (behind the ear, in the ear, receiver in the canal, completely in the canal), indication (sensorineural hearing loss, conductive hearing loss), age group (adult, pediatric), diagnosis (audiometry, otoacoustic emissions testing, real-ear measurement, patient-reported outcomes), technology (machine learning algorithms, deep neural network, real-time noise reduction, speech enhancement algorithms), and end user (individuals, hospitals & clinics, ENT specialists), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
