New York, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Hearing Aids Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Hearing Aids Market Size:
The global hearing aids market is estimated to gain robust revenue by the end of 2033 by growing at a CAGR of ~8% over the forecast period. Additionally, the market generated massive profits in 2022. The market's expansion can be largely attributed to the expansion of unsafe listening habits on a global scale. According to information provided by the World Health Organization (WHO), more than 1 billion adults are expected to experience lifelong hearing loss that is preventable due to dangerous listening habits. Considering hearing aids are made to carry sound from the environment into the ear by amplifying it, they are beneficial for those who are deaf.
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In addition to this, trends in the global hearing aids market, including an increase in untreated hearing impairments driving up demand for hearing rehabilitation, and expanding government initiatives to support upcoming technological advancements to treat hearing loss, are anticipated to positively impact market growth over the forecast period. For instance, it is anticipated that 2.4 billion individuals would experience hearing loss symptoms and 650 million people will require hearing rehabilitation by the year 2050.
Global Hearing Aids Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Pediatrics segment to dominate the revenue graph
- Sensorineural sub-segment remains prominent in the hearing loss segment
Increasing Geriatric Population and Growing Adoption of Hearing Aids to Boost Market Growth
People's hearing sensitivity and ability to perceive speech deteriorate with age. Presbycusis, commonly known as age-related hearing loss, is a natural occurrence as a person ages. In most cases, hearing loss results from abnormalities in the auditory nerve and inner ear that make a person sensitive to loud noises. As a result, the market for hearing aids is estimated to increase owing to the increasing number of geriatrics during the course of the forecast period. According to data published by the World Bank, there were 747,238,580 elderly people worldwide in 2021.
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In addition to this, a hearing aid is a discreet electronic device worn behind or in the ear. It amplifies particular sounds so that a person with hearing loss can listen, converse, and take part in daily activities to a greater extent. People with hearing aids can hear more clearly in both calm and noisy environments and hence the increasing adoption of hearing aids across the world is estimated to boost the market growth. As per the one of the reports around 7 million persons who are 60 or older currently wear hearing aids.
Global Hearing Aids Market: Regional Overview
The global hearing aids market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Cases of Hearing Impairments to Drive Growth in the North America Region
The market in North America region is estimated to hold the largest market share over the forecast period. The growth of the market can be attributed to the higher prevalence of hearing impairment in the region. According to one of the estimates, 1 in 20 Americans are currently deaf or hard of hearing and there are roughly 10 million people who have hearing loss, and there are about 1 million people who are functionally deaf. Additionally, the presence of a highly advanced healthcare system and the notable penetration of significant key players in the region are anticipated to further boost the market's growth throughout the course of the projection year.
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Growing Geriatric Population to Drive Growth in the Asia Pacific Region
On the other hand, the market in the Asia Pacific region is anticipated to earn a sizable market share over the course of the forecast period as a result of the region's growing geriatric population and rising rates of hearing impairment. In the Asia Pacific region, it is anticipated that one in four persons will be older than 60 by 2050. In addition to this, the increasing disposable income and the rising cost of treating these impairments in the region are estimated to drive market growth over the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Hearing Aids Market, Segmentation by Hearing Loss
- Conductive
- Sensorineural
Out of these, the sensorineural segment is estimated to witness noteworthy growth over the forecast period. The increasing prevalence of sensorineural hearing loss worldwide can be attributed to the segment's rise. The data from the National Library of Medicine (NLM) shows that 5-27 per 100,000 people in the USA alone experience abrupt SNHL per year. Further, the growing instances of people subjected to unsafe noise levels is predicted to propel the segment’s growth.
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Global Hearing Aids Market, Segmentation by Patients Type
- Adult
- Pediatrics
Out of these, the pediatrics segment is estimated to gain noteworthy market share over the forecast period owing to increasing instances of hearing impairments in children. It was noticed that in the United States, 2 to 3 out of every 1,000 infants are born with a measurable amount of hearing loss in either one or both ears, and nearly 90% of deaf children are born to hearing parents. Additionally, worldwide rising initiatives by various governments to support and uplift hearing-impaired infants and children is anticipated to boost the segment’s growth.
Global Hearing Aids Market, Segmentation by Aids Type
- Invisible-in-Canal (IIC)
- Completely-in-Canal (CIC)
- Behind-the-Year (BTE)
- In-the-Canal (ITC)
- In-the-Ear (INE)
- Receiver in the Ear (RITE)
- Others
Global Hearing Aids Market, Segmentation by Implants
- Bone-Anchored
- Cochlear
Few of the well-known market leaders in the global hearing aids market that are profiled by Research Nester are Foshan Vohom Technology Co., Ltd., Sonova AG, Demant A/S, audifon GmbH & Co. KG, Cochlear Ltd., Lively Hearing Corporation, Rion Co., Ltd., Earlens Corporation, Zhejiang Nurotron Biotechnology Co., Ltd., SeboTek Hearing Systems, LLC., and others.
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Recent Developments in the Global Hearing Aids Market
- In August 2022, The renowned provider of hearing care products, Sonova AG, unveils its new Lumity platform. The primary goal of the Lumity platform is to decrease listening efforts by enhancing speech understanding.
- In February 2021, The next stage in the development of cochlear implants will be unveiled by Cochlear Ltd. In order to publish a multi-center, randomized controlled study (RCT) linked to a cochlear implant, the company worked with numerous top hearing health professionals.
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