Hearing Aids Market exhibiting CAGR of 4.5% from 2023 to 2032, owing to rising incidence of noise-induced hearing loss | insightSLICE
The global Hearing Aids market size was estimated to be US$ 9.7 billion in 2021 and is expected grow at a CAGR of 4.5% between 2023 to 2032.
Devices that are used to treat hearing impairment are called hearing aids devices. Such devices electronically amplify the sound, and it includes a variety of parts, including a receiver, a microphone, amplifier circuits, and batteries.
Such gadgets are designed to record, amplify, and transmit sound directly into the ear canal. Hearing loss can happen for a number of causes, including head trauma or injuries, aging, exposure to high noise over an extended period of time, genetic factors, and conditions like Meniere’s disease.
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The key players of the Global Hearing Aids Market are:
Cochlear Ltd., GN Hearing, MED-EL, Oticon A/S, SeboTek Hearing Systems LLC, Sonic Innovations Inc., Sonova Holding AG, Sivantos Inc., William Demant Holding A/S, Zounds Hearing Inc. are some of the biggest businesses that manufacture or market hearing aids globally.
Growth of hearing aid systems and their market potential:
The early placement of cochlear implants to correct hearing loss is encouraged by many healthcare professionals. This feature is likely to encourage industry expansion. Additionally, there is a progressive rise in demand for cochlear implants, particularly among children.
The price of these devices is also anticipated to be lower than that of other devices. Given that one of the key barriers to adoption is the high cost of present products, this factor is anticipated to boost the acceptance of the new hearing aid devices.
In the upcoming days, the FDA is expected to draft new regulations and create a new category of over-the-counter hearing aids. The OTC segment’s growth is anticipated to be fueled by regulatory changes that will increase adult acceptance of these devices and enable adults to receive the care they require.
Additionally, the market is anticipated to benefit from technological developments in hearing aid equipment, such as the ability to remotely connect devices with smartphones.
Smart technology integration and the introduction of digital services in tiny devices have assisted patients in overcoming a variety of obstacles and enhancing their hearing experience. This element will lower the barrier to buying these gadgets, which is good news for the OTC segment’s growth.
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Prevalence of hearing disabilities:
Around 11 million people in the U.K. have hearing problems, and by 2035, that figure is expected to rise to 15.6 million, as per the data from the 2015 report from the Royal National Institute for Deaf People (RNID).
Additionally, over 97% of infants were evaluated for hearing loss in 2014, according to the Centers for Disease Control and Prevention (CDC). Nearly 45,000 deaf infants were conceived in the U.S. between 2005 and 2014.
According to the World Health Organization (WHO), 32 million children and over 360 million adults worldwide in 2012 had hearing loss. Additionally, due to ongoing noise exposure, nearly 1.1 billion people worldwide in the age range of 12-35 are at risk for hearing loss in 2017.
By immunizing children against the diseases that cause hearing loss, such as meningitis, rubella, and mumps, over 60% of childhood hearing loss can be avoided. Combined hearing loss, unilateral hearing problems, and sensorineural hearing loss are indeed the three main categories of hearing loss.
One of the most prevalent for of hearing impairment is the sensorineural hearing loss caused by age or degeneration. Injuries to the auditory nerve or inner cells of the ear also result in permanent kind of hearing loss.
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Global Hearing Aids Market Key Segments:
By Product Type
- In-the-Ear Hearing Aids
- Receiver-in-the-Ear Hearing Aids
- Behind-the-Ear Hearing Aids
- Canal Hearing Aids
By Technology
- Digital Hearing Aids
- Analog Hearing Aids
By Hearing loss Type
- Sensorineural Hearing Loss
- Conductive Hearing Loss
By End User
- Adults
- Pediatrics
By Sales Channel
- Retail Sales
- Government Purchases
- E-commerce
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
Regional performance of Hearing Aids Market
In the global market, North America holds the biggest share of the market revenue, followed by Europe. The large geriatric population and the high rate of hearing device acceptance in this region will contribute to the market’s expansion.
Due to the ongoing population growth in developing nations like China and India, it is predicted that the Asia-Pacific region’s market for hearing aids will grow more quickly in the coming years.
In order to increase their consumer base and gain market share to fulfill the rising regional demand, the majority of businesses are also concentrating on emerging economies.
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