Hearing Devices Shipments to Exceed 200M Globally by 2024

The hearing devices market is primed for explosive growth over the next two years, according to Juniper Research data.

A new study concludes that hearables shipments will top 200 million units by 2024, up from 165 million in 2022; representing 30 percent growth over the next two years.

The report identified assistive and healthcare-focused hearables segments, typified by Nuheara’s IQbuds and Bose’s SoundControl Hearing Aids, as key to this growth. These devices facilitate proactive management of hearing loss and other medical conditions; enabling long-term care cost savings compared to traditional therapies. As such, it anticipates that these segments will comprise 18 percent of hearables shipments by 2024, compared to 12 percent in 2021.
 
The new research, Hearables: Emerging Opportunities, Competitor Leaderboard & Market Forecasts 2022-2026, also highlights that growing implementation of “right to repair” legislation has potential to limit future hearables shipments. To overcome this, it recommends vendors leverage the growing capabilities of digital voice assistants to address emerging hearables use cases, including industrial monitoring, and productivity enhancement, with the goal of expanding revenue streams and capturing early market share.

“Our research anticipates sustainability initiatives will impact future hearables shipments, meaning vendors must target product comprehensiveness, rather than specificity, to attract consumers,” research author Adam Wears explained. “We have ranked Apple as an established leader due to its expansive, differentiated offerings; comprising high-quality audio with advanced assistive and healthcare-focused technologies that leverage its existing partnerships with stakeholders across the value chain in established and emerging use cases.”
 
The United States and Germany are expected to account for 50 percent of total hardware revenue from emerging hearables use cases by 2024, according to the data. The study highlighted high levels of industrial digitalisation, allied with widespread connectivity and ubiquitous consumer devices, as key to these countries’ positions as leaders.
 
The new report also identified Apple as leading the hearables market using the Juniper Research Competitor Leaderboard, which provides an independent assessment of hearables vendors’ market standing.