Global Hearing Aids Market is set to witness a 5% CAGR by 2026 – Rising Cases of Noise-Induced Hearing Loss & Adoption of Smart Hearing Aid Devices

Hearing loss is the reduction of one’s ability to hear certain sounds. According to the World Health Organization (WHO), around 15% of the world’s population is affected by hearing loss. Over 5% of the world’s population (466 million people) has disabling hearing loss and this number is projected to grow to be over 900 million people by 2050.

Low and Middle-Income Countries Offer Ample Growth Opportunities in the Hearing Aids Market

The hearing aids market in low- and middle-income countries remain largely untapped as people often have little or no access to audiological services. The growing rate of disabling hearing loss in regions such as South Asia, Asia Pacific, and Sub-Saharan Africa is almost four times that of higher-income regions. As per WHO, the global hearing aid production meets only around 3% of the need in these countries. However, increasing awareness on hearing aids and growing affluence in these regions is expected to open up immense growth opportunities in the near future.

“As per WHO, approximately 90% of the people with disabling hearing loss live in low- and middle-income countries. A large population base, growing awareness & spending power, and a strong focus of hearing manufacturers on increasing access to hearing care in low- and middle-income countries, especially for children is expected to open ample growth opportunities in low- and middle-income countries."-Director, Top Hearing Aids Device Manufacturer, United States

Digital Solutions Offered by Leading Market Players Fuels the Adoption of Hearing Aids Market

The key players operating in the global hearing aids market are offering digital solutions which congregate the healthcare providers and the consumers in real-time through all stages of the hearing journey. The digitally networked solutions provide consumers a higher degree of control and autonomy as they get access to online-based histories, customer support, remote adjustments, and optimization under real-life conditions. The digital solutions allow audiologists to directly capture data on the specific audiological situation of the user and provide immediate assistance. Moreover, users get more targeted advice due to constant data monitoring and statistical analysis of their listening situations.

Technological Innovations are Driving the Hearing Aids Market

The global hearing aids market is technology-driven and is marked by consistent product launches, advancements and innovations. For instance,

• In July 2022, Audientes A/S announced the addition of a new product to its portfolio with Companion by Audientes. Companion by Audientes is a situational hearing device in the advanced hearables category. It is a new consumer electronics device, which also includes Bluetooth streaming functionality.

Geographic Analysis: China is Projected to be a Huge Growth Engine

Hearing-aid utilization in China is on the significant rise. Growing aging population, rising cases of hearing loss, increasing awareness on hearing loss & its treatment options among consumers, continuous training of audiologists/experts who can treat hearing loss problems by hearing aid manufacturers, availability and acceptability of more advanced and sophisticated hearing aid products, economic growth, expanding basic health insurance coverage, and presence of leading market players in the country are some of the primary factors which are expected to drive the growth of the chinese hearing aid market.

According to the World Health Organization (WHO), in China alone, the number of people suffering with hearing loss has been increasing from 74 million in 2008 to 96 million in 2018.

Citing the future growth prospects of the Chinese market, several leading companies are striving to establish their strong foothold in the hearing aids market. For instance,

• In June 2022, Demant completed the full acquisition of ShengWang, the Chinese hearing aid chain of some 500 stores. The acquisition provides Demant full ownership of the leading network of hearing aid clinics in China.

Competitive Landscape Analysis: Hearing Aids Market

The global hearing aids market is marked by the presence of established and promising market players such as Sonova Group , Demant , Starkey Hearing , Cochlear , GN Group , Medela , RION, SeboTek Hearing Systems, audifon H?rger?te Gmbh & Co.KG , Audina Hearing Instruments, among others.

Future Outlook of Hearing Aids Market

The global hearing aids market is estimated to gain a significant momentum in the upcoming years due to the hearing aid sales recovery from Covid-19 pandemic, implementation of the ‘Over-the-Counter Hearing Aid Act’, growing aging population, technological advancements in hearing aid devices, better awareness & healthcare reimbursement coverage in high-income countries, and potential growth opportunities in under-penetrated low- and middle-income countries.

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