Analysis 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), and Others}; by Implants (Bone-Anchored and Cochlear); by Patients Type (Adult and Pediatrics); and by Hearing Loss (Conductive and Sensorineural) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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The global hearing aids market is estimated to garner a revenue of ~ USD 15 Billion by the end of 2033 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 10 Billion in the year 2022. 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.
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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.
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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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Growth Drivers
Growing Prevalence of Hearing Loss Globally - World Health Organization (WHO) stated that nearly 430 million individuals across the globe live with hearing disabilities, out of which, 34 million of them are children.
Increasing Geriatric Population with Significant Hearing Disability- World Bank released a set of data demonstrating that the geriatric population reached 747,238,580 in 2021 worldwide.At a certain age, the hearing sensitivities and speech understanding of people fade away. Age-related hearing loss or also known as Presbycusis, is a natural phenomenon that occurs as a person grows old. Hearing loss generally occurs due to the changes in the auditory nerve and inner ear that causes a person to be intolerant to loud sounds. Hence, higher demand for hearing aids emerges in the market on the back of growing geriatrics over the forecast period.
Rising Adoption of Hearables Hardware - As of 2020, the total number of hearables hardware installed was projected to reach nearly 250 million units which are further forecasted to hit approximately 950 units installed by the year 2024.
Spiking Penetration of Personal Audio Devices- It is estimated that more than 50% of the global population aged between 10 to 35 is going to be exposed to unsafe degrees of hearing loss on account of the higher utilization of personal audio devices.
Challenges
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.
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
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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Foshan Vohom Technology Co., Ltd.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Growing prevalence of hearing loss globally and rising adoption of hearable hardware are estimated to majorly boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 – 2033.
Ans: The higher cost associated with hearing aids is estimated to challenge the market growth.
Ans: The market in North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are 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.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by aids type, implants, patients type, hearing loss, and by region.
Ans: The sensorineural segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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