The Nordic hearing aids market is projected to grow at a CAGR of 5.96% during the forecast period.
The widespread prevalence of hearing problems in the Nordic countries, along with the rise in the number of people experiencing hearing issues, is one of the major driving factors anticipated to propel the growth of the Nordic hearing aids market during the forecast period. As per the industry analysis, another driving factor is the technological advancements in hearing aid devices, which are anticipated to increase the market size of hearing aids in the Nordic region during the forecast period. Moreover, the rise in awareness about hearing devices and an aging population are some other factors that are projected to boost the market growth in the coming years.
The recent outbreak of the novel coronavirus disease harmed the Nordic hearing aids market. The decline in production and the supply chain disruptions due to lockdown, coupled with the fear of going out leading to reduced demand, had a negative impact on the market. However, as the limitations have been relaxed, the market is anticipated to recover and continue growing at its normal pace from the year 2022 onwards.
The widespread prevalence of hearing problems in some of the Nordic countries.
The Nordic region has a large percentage of people suffering from hearing loss, which is further increasing and is anticipated to propel the growth of the Nordic hearing aids market during the forecast period. The European Federation of Hard of Hearing People states that nearly 16% of the population of Denmark suffers from hearing loss. It also shows that Sweden and Denmark have the highest percentage of people above 65 years in Europe suffering from hearing loss.
Around 20% of the population of Sweden above 65 years of age has hearing loss, while the share is 18.4% for Denmark. According to the Danish Health Authority, 10.1% of the population of Denmark reported having tinnitus in 2010, which increased by 15% to 12.7% in 2017. The Swedish Living Conditions survey data from Statistics Sweden states that nearly 19% of the total population of the country over the age of 16 reports hearing loss. According to EHIMA, 10.9% of the population of Norway reports having suffered from hearing loss. The EuroTrak Norway 2019 survey on hearing loss and hearing aid use in Norway showed an increase in the users of hearing aids in the country by 15% from 2012 to 2019. Also, 49.1% of the people suffering from hearing loss in the country reported using hearing aids in 2019, while the share was 43.3% in 2012.
The rise in the prevalence of hearing loss in the Nordic region is prompting the rise in demand for hearing aids, and, as per market trends, the Nordic hearing aids market growth is anticipated to surge during the forecast period. Moreover, the aging population of the Nordic region is further expected to increase the prevalence of hearing problems in the region, which in turn is projected to boost the market growth of hearing aids in the Nordic region.
Sweden holds a significant market share.
Geographically, Sweden is anticipated to hold a significant market share owing to a large number of people suffering from hearing problems. Sweden is followed by Denmark for the same reason, coupled with the country being one of the largest manufacturers of hearing aids.