Wilmington, Delaware, United States, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the global hearing aids market was worth US$ 7.6 Bn. The global market is forecasted to expand at a CAGR of 5.2% during the forecast period, from 2022 to 2031. It is projected that by 2031 the hearing device market size with touch value surpassing US$ 12.9 Bn. Incidences of hearing loss is on the rise, which has raised the demand for ear devices or hearing aids. Due to issues including high pricing and a lack of understanding, developing nations struggle with product acceptance. In order to close the gap between the demand for different types of hearing aids and the supply of resources, both public and private groups are actively working. This is anticipated to better market penetration and expand the size of the global hearing aids market.
Companies in the global market have a plethora of opportunities owing to the advent of sophisticated hearing aid devices. Analog or digital platforms are also used to power hearing aids. With the advent of analog hearing aids, the global market is expected to observe high demand amongst the consumers. In order to expand their presence in the global hearing aid market, leading companies are concentrating on innovations using strategies such as mergers and acquisitions, and alliances.
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Due to the availability of robust distribution channels for major players in Europe, the region is predicted to lead the market throughout the forecast period. The second-largest market share in 2021 was held by North America. The US has a developed healthcare infrastructure, a large population with strong purchasing power, as well as a strong demand and adoption rate for different kinds of hearing aids. These factors are likely to add to the growth of the global Hearing Aids Market in the years to come.
Key Findings of Market Report
- A high-risk category for hearing loss issues is the geriatric population. Hearing loss affects one-third of those who are 65 years of age or older. The World Health Organization (WHO) estimates that more than 1.5 billion individuals worldwide suffer from hearing loss. By 2030, this number is likely to surpass 2.5 billion. The global hearing aids market is projected to be driven by an increase in the elderly population.
- One of the most common chronic diseases worldwide is hearing impairment. Throughout 1 billion young people (12 years to 35 years old) around the world are at risk for hearing damage as a result of recreational exposure to high noise. Besides, the use of ear devices is impacted by affordability. With gross national income declining in several nations, hearing impairment prevalence rises dramatically. Another major factor contributing to hearing loss in underdeveloped nations is chronic ear infections. Soaring hearing loss rates in developing nations are expected to drive up future demand of hearing devices market in the years to come.
- Based on product type, behind-the-ear hearing aids accounted for the highest market share globally in 2021. The trend is estimated to stay in place in the years to come. Due to its wider casing, behind-the-ear hearing aids are easier to use than compact aids. For people with less developed dexterity and hand-eye coordination, this makes cleaning the device and replacing batteries easier.
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Global Hearing Aids Market: Growth Drivers
- In terms of age, the adult group held the biggest market share for hearing aids worldwide in 2021. This is explained by the high occurrence of hearing loss in both underdeveloped and developing nations.
- In 2021, the hospitals & clinics category accounted for a sizeable portion of the global hearing aids market, based on distribution channel. The category is anticipated to grow throughout the forecast period due to longer hospital stays. Individuals with untreated hearing loss had considerably longer inpatient stays than participants without hearing loss during time periods of two years, five years, and ten years, based on a 2018 study shared online by the National Library of Medicine.
Global Hearing Aids Market: Key Competitors
- Cochlear Ltd.
- Starkey Laboratories, Inc.
- Audina Hearing Instruments, Inc.
- GN Hearing A/S
- WS Audiology A/S
- Medtronic plc
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Global Hearing Aids Market: Segmentation
Product Type
- Behind-the-ear
- In-the-ear
- Others
Age
- Adult
- Pediatric
Distribution Channel
- Hospitals & Clinics
- Retail Stores
- E-commerce
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