The hearing aids market is projected to grow at a CAGR of 7.52% to reach US$12.963 billion by 2025, from US$8.390 billion in 2019.
Rising prevalence of hearing loss or hearing impairment among the individuals is causing them to get more aware of consuming health hearing aids in order to mitigate the chances of suffering from further complications and boosting the market growth.
According to the World Health Statistics (WHO), there are around 466 million individuals that suffer from hearing loss, out of which around 34 million are children. WHO also estimates that the number of people suffering from hearing loss will reach around 900 million by 2050. Hearing loss in the individuals is caused due to major genetic causes, complications caused at birth, certain infectious diseases, chronic ear infections, use of particular drugs, exposure to excessive noise among some other factors. It has also been found out that about 1.1 billion young children have suffered hearing losses due to exposure to loud noises and sound levels in recreational settings.
In addition, the expenditure that needs to be spent on hearing loss and the unaddressed hearing loss problems takes up the total cost to US$750 billion globally in a year. Individuals benefit from early detection in the hearing loss so they can be given hearing aids and no future damage occurs to their ears. There are different solutions that are being implemented and recommenced to the patients such as cochlear implants, and assistive devices among others. Therefore, this is increasing the awareness among the patients and thus causing a surge in the demand for hearing aids and is propelling the market growth over the forecast period.
Increasing efforts being made the organizations in order to promote the usage and adoption of hearing aids and the patients that are suffering from different types of hearing loss in order to improve the hearing capability and prevent further damage to the ears and ear health.
There are organizations that are involved in proving assistance by setting up programs in order to decrease the cases of hearing loss and prevent further damage that can be caused to the individuals due to any lack of awareness. For example, The World Health Organization (WHO) is assisting the Member States in order to develop programs for ear health and hearing care that must be integrated into the primary healthcare system of every country. Some of the work WHO is carrying out includes;
providing technical support in the member states for facilitating the development in the national plans for hearing care, taking steps and measures in order to provide the necessary resources in order to effectively guide the healthcare providers and healthcare workers in regards to hearing care. Providing technical resources and other forms of guidance for the purpose of training the healthcare workers on hearing care and distributing the recommendations so as to address the major and preventable causes of hearing losses, undertaking advocacy so that the awareness regarding hearing loss and hearing problems can be raised about the rising prevalence and impacts that hearing loss holds.
Some of the few key points and platforms that are being focused are building effective partnerships, hearing care programs, and taking effective initiatives for making the hearing aids and other hearing assist solutions more affordable to the low-income population as well. Furthermore, WHO is also promoting their WHO-ITUY global standard in which they have prescribed the recommended hearing levels and other basic standards for home audio equipment and devices, so as to promote the practice of safe listening and not causing any damage to the ears, which is being achieved through their Make Listening Safe initiative. Hence, the presence of such safety guidelines and the continuous efforts being made by organizations such as, WHO among others are leading to an increased demand for hearing aids and thus contributing to the market growth further over the forecast period.
Product Launches by Major Market Players in the Hearing Aids Market Space
The offering of better and advanced varieties of hearing aids with enhanced technologies such as AI and durability among other properties by existing and new players in different markets is estimated to lead to increased adoption and propel the market growth further over the forecast period.
Some of the examples of product offerings are as follows:
The North American region to hold a considerable share over the forecast period.
The North American region is expected to hold a considerable market share over the forecast period owing to the fact that the healthcare industry is well established in the countries such as the US and there is an increasing number of investments being made in order to improve the quality of the hearing aids by different major players. The Asia Pacific region is expected to witness a significant increase in its market share over the forecast period as there is increasing spending being made on the development of healthcare products to cater to the different hearing problems from the geriatric population.