Hearing Aids Market to Reach Value of US$ 12.9 Billion by 2031, States TMR Study

Posted on 2024-03-28 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-28 — /EPR Network/ — Transparency Market Research Inc. –

In 2021, the global market for hearing aids reached a valuation of US$ 7.6 billion. Projections indicate a steady growth trajectory, with the market expected to expand at a Compound Annual Growth Rate (CAGR) of 5.2% from 2022 to 2031. By the end of 2031, the global market is anticipated to surpass US$ 12.9 billion.

Analysts observe a significant rise in the prevalence of hearing impairment, leading to an increased demand for hearing aids or ear machines worldwide. However, developing countries face challenges in the adoption of these products, primarily due to their high costs and lack of awareness among the population. In response to this scenario, both government and private organizations are initiating efforts to bridge the gap between the existing needs for hearing aids and the availability of resources. Such initiatives are expected to bolster market penetration and contribute to the expansion of the global market size.

Acquire Sample PDF: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=4952&utm_source=ExpressPress&utm_campaign=MansiR_ExpressPress

Introduction

Hearing aids represent devices designed to amplify sound waves while offering the additional benefit of noise cancellation. These aids serve individuals with hearing impairments, enhancing their auditory capabilities. Available in various sizes and configurations, hearing aids include Behind-the-Ear (BTE), Receiver-in-the-Ear (RITE), as well as invisible options like In-the-Ear (ITE), In-the-Canal (ITC), Completely-in-Canal (CIC), and Invisible-in-Canal (IIC) models. These devices operate on either analog or digital platforms.

In developing and underdeveloped nations, the prevalence of hearing impairment is on the rise due to several factors. These include delays in diagnosing hearing issues at primary and secondary healthcare levels, a shortage of skilled professionals, financial barriers hindering access to hearing aids, suboptimal healthcare infrastructure, challenges related to personal hygiene and overcrowding, limited access to healthcare services, insufficient intervention strategies, and inadequate national planning to address hearing impairments, along with uneven resource allocation.

Increase in Geriatric Population to Drive Global Hearing Aids Industry

The elderly demographic represents a particularly vulnerable group when it comes to experiencing hearing loss disorders. Statistics indicate that approximately one-third of individuals aged 65 years or older grapple with some form of hearing impairment. According to data from the World Health Organization (WHO), the global prevalence of hearing loss surpasses 1.5 billion people, with projections suggesting that this figure could surge to exceed 2.5 billion by the year 2030.

The impact of hearing loss is particularly pronounced in developing and underdeveloped regions. Areas such as Southern Asia Pacific and Sub-Saharan Africa exhibit a notably high prevalence of disabling hearing loss. This disparity can largely be attributed to a lack of awareness regarding hearing health in these regions. Consequently, the combination of an aging population and the escalating prevalence of hearing impairment is driving substantial growth in the global market for hearing-related solutions.

Key Players:

Audina Hearing Instruments, Inc., Cochlear Ltd., Demant A/S, GN Hearing A/S, Medtronic plc, Sonova, Starkey Laboratories, Inc., and WS Audiology A/S.

Market Segmentation:

Product Type
- Behind-the-ear
  - Receiver-in-Canal (RIC)
  - Custom-fit Earmold
- In-the-ear
- Others

Age
- Adult
- Pediatric

Distribution Channel
- Hospitals & Clinics
- Retail Stores
- E-commerce

Key Developments in Global Hearing Aids Market

In June 2022, GN Hearing announced the availability of the most advanced, rechargeable custom-made hearing aids by ReSound. These hearing aids provide medical-grade, customized, full-time hearing support and care.
In March 2022, Sonova Holding AG completed the acquisition of Sennheiser Electronic GmbH & Co. KG’s Consumer Division. This move is likely to increase Sonova’s network footprint and client base, and also improve its product portfolio.
In July 2020, the U.S. FDA approved Cochlear Nucleus Kanso 2 Sound Processor, Nucleus 7 Sound Processor for Nucleus 22 Implant patients, and Custom Sound Pro fitting software

Market Drivers and Challenges:

Drivers:

Aging population leading to increased prevalence of hearing impairment
Technological advancements in hearing aid devices
Growing awareness about hearing health
Government initiatives for hearing health awareness and accessibility

Challenges:

High cost associated with advanced hearing aid devices
Limited accessibility to hearing healthcare services in developing regions
Social stigma associated with hearing loss and use of hearing aids

Grab Full Report: https://www.transparencymarketresearch.com/checkout.php?rep_id=4952&ltype=S&utm_source=ExpressPress&utm_campaign=MansiR_ExpressPress

Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

Market Trends:

Miniaturization of hearing aid devices for enhanced comfort and discretion
Integration of artificial intelligence (AI) and machine learning (ML) technologies in hearing aids for personalized user experience
Growing popularity of rechargeable hearing aid devices for convenience and sustainability

Future Outlook:

The future of the hearing aids market looks promising with advancements in technology and increasing awareness about hearing health. The market is expected to witness continued growth driven by factors such as the development of innovative hearing aid solutions, expanding geriatric population, and supportive government policies.

Browse More Reports by TMR:

Nanoparticle Contract Manufacturing Market to Reach US$ 176.5 Bn by 2031

Organocatalyst Market to Reach US$ 805.5 Mn by 2031

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Matched content

Editor’s pick