Hearing Aids Market size is poised to reach USD 15 Billion by the end of 2033, growing at a CAGR of 8% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of hearing aids was around USD 10 Billion. The growth of the market can primarily be accounted to the growing unsafe listening practices, such as listening to music at high volume via earphones, gaming, noise pollution and others resulting in the higher cases of deafness across the globe. As per the data released by the World Health Organization (WHO), it was noticed that more than 1 billion adults are projected to be at a permanent avoidable hearing loss on account of unsafe listening practices.
The global hearing aids market trends such as, a higher number of untreated hearing disabilities boosting the demand for hearing rehabilitation, and growing government initiatives to promote the upcoming technological innovation to improve hearing loss are projected to influence the growth of the market positively over the forecast period. For instance, approximately 2.4 billion people are expected to show symptoms of hearing loss, and about 650 million people are projected to be in the need of hearing rehabilitation by the year 2050. Moreover, hearing aids are electronic devices to be worn in or behind the person’s year. Hearing aids are helpful for deaf people since they are designed to transmit sound from the environment into the ear by making it louder. Hence, such factors are projected to hike the growth of the market over the forecast period.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
8% |
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Base Year Market Size (2022) |
USD 10 Billion |
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Forecast Year Market Size (2033) |
USD 15 Billion |
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Regional Scope |
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Hearing Loss (Conductive, Sensorineural)
The global hearing aids market is segmented and analyzed for demand and supply by hearing loss into conductive and sensorineural, out of which, the sensorineural segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the higher prevalence of sensorineural hearing loss coupled with the higher utilization of electronics and the growing geriatric population across the globe. Based on the data provided by the National Library of Medicine (NLM), it was demonstrated that sudden SNHL accounts for 5-27 per 100,000 individuals each year in the USA alone.
Our in-depth analysis of the global hearing aids market includes the following segments:
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By Aids Type |
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By Implants |
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By Patients Type |
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By Hearing Loss |
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North American Market Forecast
The North America hearing aids market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be ascribed to the rising cases of hearing loss and exponential growth in the geriatric population coupled with the technological advancement in hearing aid designs. For instance, it has been observed that around 45 million Americans live with hearing disabilities, additionally, in every 5 people, 1 person wears a hearing aid. Moreover, the presence of highly developed healthcare infrastructure and the noteworthy penetration of major key players in the region is further expected to hike the growth of the market over the forecast period
Sonova AG, prestigiously known for providing hearing care solutions, introduces its new Lumity platform. The Lumity platform is mainly designed for reducing listening efforts by improving speech understanding. This new innovation is built upon Paradise and Marvel platforms and is expected to power the next series of Phonak hearing instruments.
Cochlear Ltd. to unveil the next phase in the development of cochlear implants. The company has collaborated with several leading hearing health experts to release a multi-center, randomized controlled trial (RCT) associated with a cochlear implant.
Author Credits: Radhika Gupta, Shivam Bhutani
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