The Sweden hearing aids market is projected to grow at a high CAGR during the forecast period.
A large number of people experiencing hearing loss in Sweden, which is further expected to increase in the future, along with an aging population, is propelling the demand for hearing aids in Sweden and is anticipated to drive the market growth 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 Sweden during the forecast period.
The outbreak of the novel coronavirus disease harmed the Sweden hearing aids market. The decline in production and the supply chain disruptions due to lockdown, coupled with the fear of going out, led to reduced demand, which 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 Sweden hearing aids market has been classified based on product type, type of hearing loss, age group, and technology. By product type, the market has been classified based on Behind-the-ear (BTE), In-the-ear (ITE), In-the-canal (ITC), Receiver-In-The-Ear (RITE), Completely-in-the-Canal (CIC), Cochlear Implants, and others. Based on the type of hearing loss, the segmentation has been done into Sensorineural and Conductive. By age group, the market has been categorized into above 65 years, 18 to 65 years, and below 18 years. Based on technology, the segmentation has been done into Conventional and Digital.
The widespread prevalence of hearing problems.
Sweden is witnessing a rise in the prevalence of self-reported hearing loss cases with increased age. The Swedish government data shows that around 20% population in the above 60 age group has hearing loss, whereas 55% of the population among the above 85 age group suffers from hearing loss. The 2016 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.
This widespread hearing loss issue in the country is prompting the rise in demand for hearing aids, and as per the market trends, the growth of the hearing aids market in Sweden is projected to surge during the forecast period. Sweden has a growing elderly population. According to the Swedish Institute, there are around 2 million people over the age of 65 in Sweden out of a total population of 10 million, which accounts for 20% of the country's population. It estimates that the share of the elderly population will rise to around 25% by 2040. With the rise in the elderly population, the prevalence of hearing problems in the country is anticipated to increase, which is expected to propel the growth of the hearing aids market in Sweden during the forecast period.