South & Central America Hearing Aids Market Forecast to 2030

According to the Research Team’ research, the South & Central America hearing aids market was valued at US$ 1,153.98 million in 2022 and is expected to reach US$ 1,588.17 million by 2030, registering a CAGR of 4.1% from 2022 to 2030. Technological innovations in hearing aids and growing strategic initiatives by the companies are among the critical factors attributed to the South & Central America hearing aids market expansion.

Over the last ten years, hearing aids have been transformed entirely. These once-basic hearing aids have become multifunctional medical instruments and are projected to evolve further. These latest devices in the market are moving from a basic to a complex digital assistant. They are capable of carrying out tasks beyond only correcting hearing and offering services far beyond their reach. Integrating artificial intelligence (AI) and machine learning in hearing devices is becoming a popular trend in the market. The advent of AI is leading to the development of in-built smart services for patients, such as adaptive sound and active noise cancellation. New technology, such as machine learning, multimodal signal processing, and mobile health technology, is expected to improve speech enhancement, individual fitting, and communication training, thus offering better support for all hearing-impaired patients, including older patients with disabilities or declining cognitive skills. Manufacturers of both OTC and prescription hearing aids are working toward manufacturing hearing aids that are virtually invisible and include capabilities such as Bluetooth streaming, rechargeable batteries, directional microphones, and background noise reduction. As per a 2022 survey titled “Hearing Aid Benefit and Satisfaction Results from the MarkeTrak, technological advancements in hearing aids, including rechargeable batteries, noise-canceling AI, and wireless connectivity, are becoming increasingly widespread. Modern hearing technology has also updated the way hearing care is provided. In the past, wearers would often live with uncalibrated and outdated technology. Now, hearing technology providers such as Widex provide digitally supported care. Virtual consultations, predictive data analytics, and automated calibration help offer the wearers a significantly improved experience. Thus, all the factors above are anticipated to drive the hearing aids market growth.

On the contrary, high cost of customized and prescribed hearing aids hampers the growth of South & Central America hearing aids market.

Based on type, the South & Central America 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$ 1,153.98 million. It is projected to garner US$ 1,588.17 million by 2030 to expand at 4.1% CAGR during 2022-2030.

In terms of product type, the South & Central America hearing aids market is bifurcated into hearing aid devices and hearing implants. The hearing aid devices segment held 75.7% share of South & Central America hearing aids market in 2022, amassing US$ 873.13 million. It is projected to garner US$ 1,218.54 million by 2030 to expand at 4.3% CAGR during 2022-2030. Furthermore, the hearing aid devices segment 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 South & Central America hearing aids market is bifurcated into conventional hearing aids and digital hearing aids. The conventional hearing aids segment held 61.7% share of South & Central America hearing aids market in 2022, amassing US$ 712.42 million. It is projected to garner US$ 947.00 million by 2030 to expand at 3.6% CAGR during 2022-2030.

Based on type of hearing loss, the South & Central America hearing aids market is bifurcated into sensorineural hearing loss and conductive hearing loss. The sensorineural hearing loss segment held 70.5% share of South & Central America hearing aids market in 2022, amassing US$ 813.64 million. It is projected to garner US$ 1,140.83 million by 2030 to expand at 4.3% CAGR during 2022-2030.

Based on patient type, the South & Central America hearing aids market is bifurcated into adults and pediatric. The adults segment held 72.7% share of South & Central America hearing aids market in 2022, amassing US$ 838.84 million. It is projected to garner US$ 1,185.58 million by 2030 to expand at 4.4% CAGR during 2022-2030.

Based on distribution channel, the South & Central America hearing aids market is categorized into pharmacies, retail stores, and online. The pharmacies segment held 58.7% share of South & Central America hearing aids market in 2022, amassing US$ 676.93 million. It is projected to garner US$ 964.04 million by 2030 to expand at 4.5% CAGR during 2022-2030.

Based on country, the South & Central America hearing aids market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 53.0% share of South & Central America hearing aids market in 2022. It was assessed at US$ 611.24 million in 2022 and is likely to hit US$ 873.68 million by 2030, exhibiting a CAGR of 4.6% during 2022-2030.

Key players operating in the South & Central America hearing aids market are Starkey Laboratories Inc., Audina Hearing Instruments Inc, GN Store Nord AS, Cochlear Ltd, Sonova Holding AG, and Sonic Innovations Inc, among others.

In Aug 2022, Starkey launched an upgraded version of Evolve AI, its award-winning product.

In Jan 2021, GN Hearing launched ReSound Key with advanced technology based on GN’s Organic Hearing philosophy.

Table 1. Hearing Aids Market Segmentation
Table 2. Hearing Aids Market- Hearing Aid Devices Revenue and Forecast to 2030 (US$ Million)
Table 3. Hearing Aids Market- Hearing Implants Revenue and Forecast to 2030 (US$ Million)
Table 4. Brazil Hearing Aids Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 5. Brazil Hearing Aids Market, by Product Type – Revenue and Forecast to 2030 (US$ Million)
Table 6. Brazil Hearing Aids Market, by Hearing Aid Devices for Product Type – Revenue and Forecast to 2030 (US$ Million)
Table 7. Brazil Hearing Aids Market, by Hearing Implants for Product Type – Revenue and Forecast to 2030 (US$ Million)
Table 8. Brazil Hearing Aids Market, by Technology – Revenue and Forecast to 2030 (US$ Million)
Table 9. Brazil Hearing Aids Market, by Type of Hearing Loss – Revenue and Forecast to 2030 (US$ Million)
Table 10. Brazil Hearing Aids Market, by Patient Type – Revenue and Forecast to 2030 (US$ Million)
Table 11. Brazil Hearing Aids Market, by Distribution Channel – Revenue and Forecast to 2030 (US$ Million)
Table 12. Argentina Hearing Aids Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 13. Argentina Hearing Aids Market, by Product Type – Revenue and Forecast to 2030 (US$ Million)
Table 14. Argentina Hearing Aids Market, by Hearing Aid Devices for Product Type – Revenue and Forecast to 2030 (US$ Million)
Table 15. Argentina Hearing Aids Market, by Hearing Implants for Product Type – Revenue and Forecast to 2030 (US$ Million)
Table 16. Argentina Hearing Aids Market, by Technology – Revenue and Forecast to 2030 (US$ Million)
Table 17. Argentina Hearing Aids Market, by Type of Hearing Loss – Revenue and Forecast to 2030 (US$ Million)
Table 18. Argentina Hearing Aids Market, by Patient Type – Revenue and Forecast to 2030 (US$ Million)
Table 19. Argentina Hearing Aids Market, by Distribution Channel – Revenue and Forecast to 2030 (US$ Million)
Table 20. Rest of South & Central America Hearing Aids Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 21. Rest of South & Central America Hearing Aids Market, by Product Type – Revenue and Forecast to 2030 (US$ Million)
Table 22. Rest of South & Central America Hearing Aids Market, by Hearing Aid Devices for Product Type – Revenue and Forecast to 2030 (US$ Million)
Table 23. Rest of South & Central America Hearing Aids Market, by Hearing Implants for Product Type – Revenue and Forecast to 2030 (US$ Million)
Table 24. Rest of South & Central America Hearing Aids Market, by Technology – Revenue and Forecast to 2030 (US$ Million)
Table 25. Rest of South & Central America Hearing Aids Market, by Type of Hearing Loss – Revenue and Forecast to 2030 (US$ Million)
Table 26. Rest of South & Central America Hearing Aids Market, by Patient Type – Revenue and Forecast to 2030 (US$ Million)
Table 27. Rest of South & Central America Hearing Aids Market, by Distribution Channel – Revenue and Forecast to 2030 (US$ Million)
Table 28. Organic Developments Done by Companies
Table 29. Inorganic Developments Done by Companies
Table 30. Glossary of Terms, Hearing Aids Market

Figure 1. Hearing Aids Market Segmentation, By Country
Figure 2. Hearing Aids Market – Key Industry Dynamics
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. South & Central America Hearing Aids Market Revenue (US$ Mn), 2022 – 2030
Figure 5. Hearing Aids Market Revenue Share, by Type 2022 & 2030 (%)
Figure 6. Prescription Hearing Aids: Hearing Aids Market – Revenue and Forecast to 2030 (US$ Million)
Figure 7. OTC Hearing Aids: Hearing Aids Market – Revenue and Forecast to 2030 (US$ Million)
Figure 8. Hearing Aids Market Revenue Share, by Product Type 2022 & 2030 (%)
Figure 9. Hearing Aid Devices: Hearing Aids Market – Revenue and Forecast to 2030 (US$ Million)
Figure 10. Hearing Implants: Hearing Aids Market – Revenue and Forecast to 2030 (US$ Million)
Figure 11. Hearing Aids Market Revenue Share, by Technology 2022 & 2030 (%)
Figure 12. Conventional Hearing Aids: Hearing Aids Market – Revenue and Forecast to 2030 (US$ Million)
Figure 13. Digital Hearing Aids: Hearing Aids Market – Revenue and Forecast to 2030 (US$ Million)
Figure 14. Hearing Aids Market Revenue Share, by Type of Hearing Loss 2022 & 2030 (%)
Figure 15. Sensorineural Hearing Loss: Hearing Aids Market – Revenue and Forecast to 2030 (US$ Million)
Figure 16. Conductive Hearing Loss: Hearing Aids Market – Revenue and Forecast to 2030 (US$ Million)
Figure 17. Hearing Aids Market Revenue Share, by Patient Type 2022 & 2030 (%)
Figure 18. Adults: Hearing Aids Market – Revenue and Forecast to 2030 (US$ Million)
Figure 19. Pediatrics: Hearing Aids Market – Revenue and Forecast to 2030 (US$ Million)
Figure 20. Hearing Aids Market Revenue Share, by Distribution Channel 2022 & 2030 (%)
Figure 21. Pharmacies: Hearing Aids Market – Revenue and Forecast to 2030 (US$ Million)
Figure 22. Retail Stores: Hearing Aids Market – Revenue and Forecast to 2030 (US$ Million)
Figure 23. Online: Hearing Aids Market – Revenue and Forecast to 2030 (US$ Million)
Figure 24. South & Central America Hearing Aids Market, by Key Country – Revenue (2022) (US$ Million)
Figure 25. South & Central America Hearing Aids Market, By Key Countries, 2022 and 2030 (%)
Figure 26. Brazil Hearing Aids Market Revenue and Forecast to 2030 (US$ Mn)
Figure 27. Argentina Hearing Aids Market Revenue and Forecast to 2030 (US$ Mn)
Figure 28. Rest of South & Central America Hearing Aids Market Revenue and Forecast to 2030 (US$ Mn)