(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, United States, May 26, 2023 (GLOBE NEWSWIRE) -- The global hearing aids market was valued at USD 7.6 Bn in 2021 and is projected to reach usd 12.9 bn by 2031 , expanding at a CAGR of 5.2% between 2022 and 2031.
The number of people suffering from hearing loss is increasing, which has fueled market demand for hearing aids. Developing countries struggle with product acceptance owing to challenges such as a lack of understanding and high pricing. As a result, both public and private groups are taking steps to bridge the gap between the demand for hearing aids and supply of such aids. This is expected to improve market penetration and result in market growth.
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Emergence of highly advanced hearing aids offers significant growth opportunities to market players. Leading companies are concentrating on innovations via strategic partnerships, alliances, mergers, and acquisitions in order to expand presence in the global hearing aids market.
The number of cases of hearing impairment is increasing in developing and undeveloped countries, mostly because primary and secondary level diagnoses are not made promptly. There is limited accessibility to healthcare facilities and other therapies, and ear machines are not readily available or affordable. Insufficient resource allocation, incorrect & ineffective national planning to treat hearing impairment, and lack of experienced specialists are likely to positively influence market demand.
Key Findings of Market Report
Based on product type, the behind-the-ear (BTE) segment held the leading market share in 2021. The trend is expected to continue from 2022 to 2031. This can be ascribed to advantages of using hearing aids behind the ear. Due to their bigger case, behind-the-ear hearing aids are simpler to use for those with poor dexterity and hand-eye coordination than compact hearing aids when replacing batteries and cleaning the hearing aid.
In terms of age, the adult segment held the largest market share in 2021. This can be attributed to high incidence of hearing impairment in both underdeveloped and developing countries. The cost burden associated with hearing loss is disproportionately greater than the resources that can be used to fix it. Incidence of hearing impairment is much higher in adults than children, based on the World Health Organization (2022).
Based on distribution channel, the hospitals & clinics segment accounted for a sizable portion of the global market in 2021. The segment is anticipated to driven by more prolonged hospital stays.
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Global Hearing Aids Market: Growth Drivers
Elderly people are at a significant risk of developing hearing loss problems. Hearing loss affects around one-third of individuals over the age of 65. More than 1.5 billion individuals across the world have hearing loss, as per estimates of the WHO (World Health Organization). By 2030, this number could increase to over 2.5 billion. Hence, the global market demand for hearing aids is expected to rise, as the target population ages.
Hearing impairment is one of the most common chronic conditions across the world. A WHO report (2022) estimated that around 1.5 billion people globally suffer from hearing loss. A billion or more young individuals (aged between 12 and 35 years) worldwide are at risk of hearing loss as a consequence of recreational exposure to extremely loud sounds. Usage of ear devices is driven by affordability. Increase in incidence of hearing loss in several developing countries is expected to drive market development in the near future.
Global Hearing Aids Market: Regional Landscape
Europe is likely to dominate the global market during the forecast period. This is ascribed to robust distribution networks of major companies in the region. North America held the second-largest market share in 2021. Growth of the market in North America can be ascribed to strong buying power, developed healthcare systems, and rise in demand for and acceptance of several different kinds of hearing aids.
Global Hearing Aids Market: Key Players
Cochlear Ltd. Starkey Laboratories, Inc. Audina Hearing Instruments, Inc. GN Hearing A/S WS Audiology A/S Medtronic plc
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Global Hearing Aids Market: Segmentation
Behind-the-ear In-the-ear Others
Hospitals & Clinics Retail Stores E-commerce
North America Europe Asia Pacific Middle East & Africa Latin America
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Tags hearing aids behind the-ear in-the-ear medical devices