In this article, we will be taking a look at the 12 best hearing aid companies and brands in the world. If you do not want to learn about the global hearing health landscape, head straight to the 5 Best Hearing Aid Companies and Brands in the World.
Global Hearing Health Landscape
The World Health Organization (WHO) estimates that 430 million individuals worldwide—or more than 5% of the world’s population—have debilitating hearing loss. By 2050, that figure is expected to rise to 700 million. Of these, around 72 million people use sign language, and more than 80 percent of them live in developing countries. Furthermore, of the 430 million people living with hearing loss, 34 million are thought to be children. The seriousness of the problem emphasizes how urgently efficient answers are needed.
The size of the problem and the opportunity for intervention are both reflected in the worldwide market for hearing aids. Estimated to be worth roughly $5.7 billion in 2022, the market is expected to develop at a compound annual growth rate (CAGR) of 5.1% to reach $8 billion by 2031. Remarkably, just 16 percent of those who could benefit from using aids do so at this time. This development trajectory is driven by factors like the aging population, rising incidence of hearing loss, and technological advancements.
The US hearing aid industry, estimated at $2.7 billion in 2022, is expected to grow to $3.9 billion by 2028. The widespread prevalence of hearing loss, growing public awareness of hearing health, and the accessibility of cutting-edge hearing aid technologies are some of the reasons driving the market’s growth.
It is critical to comprehend the demographics of hearing loss. Men are more likely than women to suffer from hearing loss, which affects over 65% of people over 60. The risk is increased by genetics, loud exposure, and specific medical problems.
Significant technological improvements in the hearing aid industry have occurred in recent years, increasing the affordability and accessibility of hearing aids. Rechargeable batteries offer convenience and cost savings, innovative sound amplification and noise reduction technologies, smartphone integration for customized control, and Bluetooth connectivity for seamless music streaming. Over-the-counter (OTC) hearing aids were introduced in 2022 and have significantly lowered costs, democratizing access to a larger audience without a prescription.
Because hearing aids are so expensive—they typically cost $4,700 per pair in the United States—accessibility and affordability have long been issues.
Developments and Consumer Preferences in Hearing Aid Technologies
The significance of hearing aid prices in the United States is shown by financial figures, which place them third in terms of material purchases, behind only a house and a car. The first quarter of 2023 saw a notable increase in sales, with Over-the-Counter (OTC) gadgets accounting for 1% of the growth as compared to 2022. These figures demonstrate how the hearing aid market is changing due to advancements in technology, more accessibility, and shifting costs.
Sonova is a prominent international supplier of hearing care solutions, with a focus on cochlear implants and hearing aids. The company was formed in 1947 and has its headquarters located in Stäfa, Switzerland. Through its brands, which include Advanced Bionics, Phonak, Unitron, and AudioNova, Sonova has significantly impacted the industry. Digital hearing aids and wireless communication devices are provided by Phonak, one of its trademark products.
Additionally, Roger receivers for speech processors and other wireless technologies for cochlear implants are developed by it. The initial rechargeable hearing aid from Phonak was unveiled in 2016. Another Sonova company, Advanced Bionics, is a well-known producer of cochlear implants to give people with severe hearing loss access to high-quality, clear sound. In the fiscal year 2022–2023, Sonova witnessed a rise in sales of 11.2% in the rest of the Americas and 40.3% in the Asia Pacific area, despite setbacks such as implant recalls in 2022. This gain was credited to acquisitions and strong performance in audiological care networks.
On the other hand, Knowles Corporation (NYSE:KN), a leading provider of hearing health solutions, has a long history of innovation. They invented balanced armature receivers almost 70 years ago, giving wearers of hearing aids high-fidelity sound. With MEMS microphones designed for comfort and stealth in hearing aids, Knowles Corporation (NYSE:KN) revolutionized the market a decade ago. To solve performance and design issues, they have recently introduced new products for the over-the-counter (OTC) hearing aid market, such as MEMS microphones and balanced armature receivers.
These advancements aid over-the-counter suppliers such as Lucid Hearing in their endeavor to enhance client contentment. Knowles has collaborated with Lucid Hearing to introduce high-quality audio functionality to conventional hearing aids, as demonstrated by their Receiver in Canal (RIC) hearing aid. Looking ahead, Knowles Corporation (NYSE:KN) intends to present their most recent advancements in speech and audio technology at CES 2024, including the widely applicable V2S vibration sensor technology. Knowles had revenue of $215.2 million in Q4 2023, a 9% increase from the previous year. Gross profit was reported at 36.4% of revenue. They predict that organic growth and acquisitions will drive a 35% year-over-year increase in sales and a notable non-GAAP EPS growth in Q1 2024.
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Our Methodology
We employed a comprehensive approach to identify the top brands and companies of hearing aids worldwide, concentrating on their efficacy and quality. Our strategy entailed closely weighing several variables and coming to a consensus through experts. We have produced an official scoring of the best hearing aid companies and brands in the world after carrying out thorough research. According to their scores, the top 12 best hearing aid companies and brands in the world are displayed in this ranking, which is arranged in increasing order.
12. ReSound OMNIA
Insider Monkey Score: 0.08
ReSound unveiled Omnia in 2022; with its state-of-the-art technology, it can recognize speech well and produce crystal-clear sound even in busy environments. Natural sound is ensured by its 360 All-Around Directionality and M&RIE technology, and accurate placement is guaranteed by the “Check My Fit” app. Testimonials from users back up ReSound’s 150% increase in speech understanding.
11. Signia Styletto AX
Insider Monkey Score: 0.16
One exceptional hearing aid that is well-known for its excellent comfort and sound quality is the Signia Styletto AX. Its elegant shape fits well behind the ear, and its 17-hour rechargeable battery life makes it ideal for all-day use. Its excellent sound quality and user-friendly design are highly praised by users, particularly in busy surroundings. According to clinical trials, using this device significantly improves speech understanding.
10. Widex Moment
Insider Monkey Score: 0.25
Widex Moment stands among the best hearing aid companies and brands in the world. With cutting-edge features like PureSoundTM and ZeroDelayTM for a more natural listening experience, the Widex Moment line is praised for its outstanding sound quality. Users adore how much more natural their own speech sounds with these devices, and the AI-driven SoundSense Learn technology enables customized sound alterations. Despite having a higher price tag, the sophisticated features and performance make it an investment well worth making.
9. Signia Pure Charge & GO AX2
Insider Monkey Score: 0.33
The Pure Charge&Go AX2 hearing aid from Signia is jam-packed with innovative features for exceptional sound quality and user enjoyment. Wireless streaming and control are made possible via Bluetooth connectivity, and its rechargeable battery has a maximum 36-hour lifespan. 95% of regular users have shown effectiveness. Despite being a high-end device, its sophisticated features justify the $2,000 to $6,000 price range for a pair.
8. Starkey Genesis AI
Insider Monkey Score: 0.46
Among the best brands of hearing aids in the world, Starkey Genesis AI stands out. Its Neuro Processor, which can make up to 80 million automatic adjustments an hour to ensure intelligible speech and less was released in February, 2023. It is one of the longest-lasting in its class, with a rechargeable battery that may last up to 51 hours on a single charge. Its price ranges from $1,249 per ear to $2399 per ear which makes it affordable for a variety of budgets even with its sophisticated features.
7. Phonak Naida Paradise
Insider Monkey Score: 0.5
The Naida Paradise is one of the newest and most sophisticated kinds of hearing aids from Phonak, a well-known brand in the world that caters to mild to severe hearing loss. Two variants of it are loaded with the newest technology from Phonak, such as the PRISM sound processing chip for natural sound quality. Phonak has demonstrated success, as seen by its significant global presence with total sales of Paradise exceeding 2.5 million in FY2021/2022. With costs per device ranging from $1500 to $3500, the Naida Paradise is priced in the premium category, but its cutting-edge technology makes it worth it.
6. Phonak Audeo Lumity
Insider Monkey Score 0.58
Phonak Audeo Lumity stands among the best hearing aid companies and brands in the world. Launched in 2022, the Phonak Audeo Lumity range replaces the well-liked Audeo Paradise series. It boasts the newest sound processing technology, AutoSense OS 5.0, for enhanced speech interpretation, particularly in noisy surroundings. They are and have smart SpeechSensor technology with improved automatic directional microphones and hands-free connectivity for iOS and Android devices. The Lumity line has received high marks from reviews for its superior sound quality and speech intelligibility, especially in busy environments.
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Disclosure. None: The 12 Best Hearing Aid Companies and Brands in the World is originally published on Insider Monkey.
