The World Health Organization (WHO) estimates that 430 million people worldwide (more than 5% of the world’s population) suffer from debilitating hearing loss. By 2050, this number is expected to increase to 700 million people. Approximately 72 million of these people use sign language, and more than 80% of them live in developing countries. Additionally, of the 430 million people with hearing loss, an estimated 34 million are children. The severity of the problem highlights the urgent need for an effective response.
Both the extent of the problem and the opportunities for intervention are reflected in the global hearing aid market. This market is estimated to be worth approximately $5.7 billion in 2022 and is expected to develop at a compound annual growth rate (CAGR) of 5.1% to reach $8 billion by 2031. Surprisingly, only 16 percent of people can currently benefit from using assistive devices. This trend is being driven by factors such as an aging population, increasing incidence of hearing loss, and technological advances.
The U.S. hearing aid industry is estimated at $2.7 billion in 2022 and is expected to grow to $3.9 billion by 2028. These include the widespread prevalence of hearing loss, increasing public awareness about hearing health, and accessibility of advanced hearing aid technology as reasons for the market growth.
Look at the 5 best hearing aid companies and brands in the world.
5. Sony CRE-C10
The Sony CRE-C10 is one of the best over-the-counter (OTC) hearing aids on the market. Sony has leveraged its experience in the consumer electronics field to enter the hearing aid business with a self-fitting device developed in partnership with WS Audiology. Customers report significantly improved speech intelligibility even in noisy situations and praise the associated mobile app for its individual customization options. The CRE-C10 will be available in 2022 and will cost around $900, making it a more affordable option than prescription hearing aids that cost between $3,000 and $6,000.
4. Sony CRE-E10
The Sony CRE-E10 was developed in collaboration with WS Audiology, one of the world’s best hearing aid companies and brands, known for Widex and Signia brands. Self-customization technology, controlled by a smartphone app, is a component that simplifies personalization and eliminates the need for expert support. According to independent testing, it provides the highest sound score of any device on the market, significantly improving audio in a variety of environments. It costs about $1,200 and can be easily found at stores like Best Buy.
3. Lexie B2 Powered by Bose
Bose and hearing aid startup Lexie collaborate to create the premium Lexie B2, powered by hearing aid brand Bose. Founded in 2021, Lexie aims to reduce costs and increase the accessibility of high-quality hearing aids. For mild to severe hearing loss, he offers his Lexie B2 Plus, a rechargeable canal hearing aid. While not as sophisticated as more expensive solutions, it’s still a big improvement over cheaper options. Priced at $999 per pair, affordability and availability add to its appeal. Reviews praise its comfort and ease of use, highlighting its exceptional clarity and sound enhancement.
2. Lucid Hearing Engage
Lucid Hearing’s Engage series offers superior, affordable hearing aids. A particularly notable alternative is the rechargeable behind-the-ear (BTE) model. It’s discreet, comfortable, and has a long-lasting battery that lasts up to 20 hours on a single charge. With over 10 years of experience in the field, Lucid Hearing and Sam`s Club have forged a strong partnership to provide broad access to hearing aids across the United States, making him one of the world’s best hearing aid brands. Priced at $749 per pair, it offers a more affordable option than traditional prescription supplements. Other over-the-counter devices range in price from $199 to $999 per pair.
1. Jabra Enhance Plus
The Jabra Enhance Plus series of over-the-counter hearing aids from the GN Group is a good choice for people with mild to moderate hearing loss. These aids are manufactured by the GN Group, known for the ReSound brand. Since its launch in 2022, it has become a popular over-the-counter (OTC) model due to its excellent battery life, convenience, and discreet design. HearingTracker named this product a “Top 10 OTC Hearing Aid” and a “2023 Expert Choice Winner.” These are one of the more affordable options at $799 per pair (up to $2,000), but some retailers may charge more for additional services. It has an IP52 rating for dust and water resistance, is compatible with iOS but not Android, and ranks #1 among the world’s best hearing aid manufacturers and brands.