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

Hearing loss is the reduction in one's ability to hear certain noises and sounds. According to the WHO, about 15% of the world's population is suffering from hearing loss. Over 5% of the world's population (~466 million people) has disabling hearing loss and this number is projected to be over 900 million by 2050.

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

The global hearing aids market in low- and middle-income countries remain largely untapped as people have little or no access to audiological services. The prevalence 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 countries. As per WHO, the global hearing aids market meets only around 3% of the demand in these countries. However, growing awareness on hearing aids and an increasing affluence in these regions is forecasted to open up ample and new growth opportunities.

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

The top players operating in the hearing aids market are rapidly 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 also provide customers 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 an immediate assistance. Moreover, users get more targeted advice due to continuous data monitoring and statistical analysis of their listening situations.

"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 growth opportunities in low- and middle-income countries."-Director, Leading Hearing Aids Device Manufacturer, USA

Technological Advancements are Driving the Growth of the Hearing Aids Market
The global hearing aids market is technology-driven and is marked by constant and consistent product 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 Poised to become a Major Growth Engine

Hearing-aid usage in China is on an exponential growth. Growing aging population, rising cases of hearing loss, growing awareness on hearing loss & its treatment available among customers, 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, expanding basic health insurance coverage and presence of leading market players in the countries are some of the prime factors that are set to drive the chinese hearing aid market.

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

Citing the lucrative prospects of the Chinese market, several market players are striving to establish their foothold in the chinese 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.

Future Outlook of Global Hearing Aids Market

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

Competitive Landscape Analysis: Hearing Aids Market

The global hearing aids market is marked by the presence of established market players such as Sonova Group, Demant, Starkey, Cochlear, GN Store Nord, MED-EL, RION, SeboTek Hearing Systems, audifon, Audina Hearing Instruments, among others.

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Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.