In this article, we will discuss the Top 10 Hearing Aid Companies and Brands in the World. You can skip our detailed industry analysis and go directly to the Top 5 Hearing Aid Companies and Brands in the World.
The Hearing Aid Industry: An Analysis
The traditional hearing aid devices were designed to amplify the original sound so that the user could hear the sounds with ease. However, as technology has continued to progress, hearing aid devices have also become much more advanced. Today, hearing aid devices offer a more natural sound experience and are equipped with a wide variety of features, including rechargeable batteries, wireless connectivity, health and wellness monitors, and integration with mobile and smart devices.
The rising disposable income of people around the world has allowed users to invest in high-tech hearing aid devices instead of using the older variants. This is why the hearing aid market is expected to witness healthy growth in years to come. As of 2021, the market was estimated to be at a value of $9.68 billion and is expected to grow at a CAGR of 8.1%, increasing from $10.23 billion in 2022 to $17.68 billion by 2029. The market growth estimates come on the back of several factors, such as increased hearing loss disorders, a growing geriatric population, enhanced awareness concerning treatment options, and handy government schemes. Europe currently dominates the global market for hearing aids, primarily driven by government support surrounding hearing aid instruments, active collaborative schemes by the government, and favorable regulatory policies such as the over-the-counter sale of hearing aid devices without audiologist consultation, which encourages wider adoption of such devices. Germany has a whopping 25% share of the European hearing aids market.
The hearing aid market is primarily classified into product type and technology type. Digital and analog are two types of technologies that are available in hearing aid products. The product type entails behind-the-ear hearing aids, in-the-ear hearing aids, canal hearing aids, and receiver-in-the-ear hearing aids. The digital segment has been on the rise in recent years as it provides accurate sound according to the listener’s needs. Moreover, receiver in-ear hearing aid product is forecasted to grow at the highest growth rate in the coming few years. The in-ear hearing aid product is in demand as it provides convenience and comfort to the user.
Photo by Mark Paton on Unsplash
Some of the major players in the hearing aid market include Oticon, Starkey Hearing Technologies, and WS Audiology.
Our Methodology
To compile this list, we have ranked the top 10 hearing aid companies and brands in the world according to their annual revenue from #10 to #1.
10. Jabra
Annual revenue: $3.3 million
Jabra is a Danish company that designs, manufactures, and sells a wide range of wireless headsets for mobile users and corded and wireless headsets for call centers and workplaces. Jabra is a subsidiary of GN Audio. Jabra’s products include noise-canceling headphones, hearing aids, wireless earbuds, headsets, video conferencing cameras, and fitness-tracking sports headphones that are created specifically for athletes. The company’s Jabra Enhance lineup provides a range of hearing enhancement products with medical-grade technology that provides excellent speech clarity and advanced features controlled by smartphones. Some of the company’s products include Enhance Plus, Enhance Pro 10, and Enhance Select. Jabra employs 2,000 people and reported sales of $3.3 million in 2021.
In addition to Jabra, Starkey Hearing Technologies and Oticon are included in our list of the top 10 hearing aid companies and brands in the world.
9. hearX Group
Annual revenue: $3.5 million
hearX Group is an award-winning start-up company that provides affordable hearing healthcare solutions developed with smart technology, artificial intelligence, and big data. hearX Group provides hearing screenings, audiology, in-ear sound monitoring, and other therapeutic treatments. hearX Group operates in two divisions: B2B and B2C. Lexie Hearing is a product of hearX Group, which is developed in partnership with Bose that provides high-quality over-the-counter hearing aids with smart and cutting-edge software technology for its customers, allowing them to tune the setting according to their needs. hearX Group’s revenue in fiscal 2022 was reported at $3.5 million.
8. Nuheara (ASX:NUH)
Annual revenue: $3.8 million
Nuheara (ASX:NUH) was the first company in the consumer wearables segment to go public and be listed on the Australian Stock Exchange in 2016. Nuheara (ASX:NUH) has an extensive line-up of hearing aid products. One of the top offerings of the company is the Nuheara IQbuds2 MAX which allows users to solve their hearing challenges at an earlier stage. The company reported sales of $3.8 million during the fiscal year 2022.
7. Eargo, Inc. (NASDAQ:EAR)
Annual revenue: $32.1 million
Based in San Jose, California, Eargo, Inc. (NASDAQ:EAR) is an American hearing aid designer and manufacturer focused on improving the lives of people with hearing disabilities. Eargo, Inc. (NASDAQ:EAR) offers an extensive range of hearing aids, professional support services, and insurance-related services. Some of the leading products of the company include Eargo Max, Eargo Neo and Eargo Neo HiFi. Eargo, Inc. (NASDAQ:EAR) revenue during 2021 stood at $32.1 million.
6. Knowles Corporation (NYSE:KN)
Annual revenue: $868.1 million
Based in Illinois, United States, Knowles Corporation (NYSE:KN) provides leading audio processing, micro-acoustic, and precision device solutions. Knowles Corporation (NYSE:KN) serves the communications, medical, consumer electronics and industrial markets. Knowles Corporation (NYSE:KN) operates via two main segments: Audio and PD. The PD group designs and markets advanced capacitors and RF devices whereas the audio segment manufactures and markets advanced audio products to serve mobile and ear markets. Knowles Corporation (NYSE:KN) reported $868.1 million in sales during 2021.
Here is what Heartland Value Plus Fund has to say about Knowles Corporation in its Q4 2021 investor letter:
Good to hear. The Fund’s Information Technology (IT) holdings posted a strong quarter and outperformed the benchmark average. Knowles Corp. (KN) is an example of the type of compelling opportunity we hold in the space. The company is a leading maker of microphones and speakers for cell phones and other electronics as well as hearing aids. Earnings have recently come in higher than expected, and management upped their guidance led by growth in the company’s high-margin precision device segment. Additionally, the company announced it was redeeming convertible debt using cash it had on its balance sheet—clearing up an issue that had hung over the stock.
We view the recent strong quarter as a sign of positive things to come for Knowles. Despite the strong performance, shares of the business trade at just 8x estimated 2022 earnings before interest, taxes, depreciation and amortization.
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Disclosure: None. Top 10 Hearing Aid Companies and Brands in the World is originally published on Insider Monkey.
