Global Hearing Aids Market to Offers More than $16.53 billion opportunity Thanks to 470 million People Suffering from Hearing Loss
June 23, 2022
The hearing aids market is expected to grow from $9.71 billion in 2021 to $16.53 billion by 2028, at a CAGR of 7.9%. This growth can be attributed to the increasing awareness about hearing loss and its various implications, as well as the growing adoption of digital communication devices among people around the world. In addition, patients are more willing to seek treatment for hearing loss now than ever before owing to advancements in technology and better diagnosis techniques.
/EIN News/ -- Westford, USA, June 23, 2022 (GLOBE NEWSWIRE) -- The global hearing aid market is primarily driven by several factors, including aging, noise exposure, and ear infections. Interestingly, the prevalence of hearing loss varies substantially among different countries. For example, about one-third of Japanese people have hearing loss, but only about 8% of Americans do. The most common cause of hearing loss is age-related decay (also known as presbycusis), which is the gradual reduction in the ability to hear sound over time. Other causes of hearing loss include exposure to noise, ear infections, and certain drugs.
5% of the Global Population is Affected by Hearing Loss and the Number is Gradually Increasing and Giving Impetus to Hearing Aids Market
Hearing loss is a problem that affects millions of people worldwide. The prevalence of hearing loss has been increasing over the last few decades, and it affect over 5% of the global population, WHO. In 2020, more than 432 million adults and 34 million children suffered from hearing loss. However, only 17% people used the hearing aids. It has been observed that preventable causes are the prominent factors responsible for causing hearing loss in 60% of these children. Interestingly, statistics suggests that low- and middle-income countries are the most susceptible to hearing loss across the global hearing aids market.
There is an estimated 50 million people living with hearing loss in the US alone, out of which more than 38 million are over 18 years old. That's about one in five people. And it's not just old folks who are affected-hearing loss affects people of all ages, races, and genders. One problem with hearing loss is that it's often gradual, so people don't always know they have it.
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Current Trends in the Hearing Aids Market
The hearing aids market is constantly evolving as new technologies and devices are released. Here are some of the current trends in the hearing aids market:
1. Smartphones and Hearing Aids: Currently, the market is also flooded with a range of Bluetooth hearing aids. Patients increasingly use smartphones to access information and listen to music. This has led to an increase in the use of hearing aids that work with smartphones. In addition, many companies are developing apps that allow people to access hearing aids remotely.
2. Assistive Listening Technology: Assistive listening technology is a recent development in the hearing aids market. This technology uses sound waves to send information directly to the cochlea, which helps people with impaired hearing understand speech. Some assistive listening devices also have noise-cancelling features.
3. Augmented Reality Hearing Aids: Augmented reality (AR) is a technology that uses digital images and sounds to create a virtual environment. Some hearing aids are designed to include AR capabilities so patients can see what someone is saying while they are wearing the hearing aid. AR hearing aids also allow patients to hear environmental sounds such as rain or thunder.
4. Voice Activated Hearing Aids: Voice activated hearing aids allow people to control their hearing aids using voice commands. This can be helpful for people who have difficulty using traditional hearing aids.
Smart Hearing Aids Soon to Become the Future of Hearing Market
Smart hearing aids are relatively new technology, but they have quickly gained popularity because they offer several unique features that make them more comprehensive and user-friendly than traditional hearing aids. One of the key benefits of smart hearing aids is their ability to track and monitor users’ speech patterns. This means that the device can recognize when the users are speaking clearly and when they are having difficulty hearing.
Another factor that makes smart hearing aids popular is their ability to connect with other devices and platforms. This means that you can use the devices to access online resources and communicate with others through voice commands or text messages.
In addition to these benefits, smart hearing aids are also affordable compared to traditional Hearing Aids. As technology continues to evolve, there will be more affordable options available for those who are looking for advanced hearing technology. Recent advances in artificial intelligence (AI) and sensor technology are helping hearing aids manufacturers to create smarter hearing aids that can identify specific sounds and provide feedback accordingly. This helps to improve speech recognition and comprehension. Furthermore, manufacturers are also working on developing new modes of operation such as chatbots that can interact with users to provide assistance and guidance on how to use the device effectively. For instance, researchers of the Collaborative Research Centre (CRC) Hearing Acoustics at University of Oldenburg have developed a smart hearing aid that can make use of AI to personalize the users’ environment as per need.
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Canal Hearing Market is Rapidly Expanding for All the Good Reasons
Canal hearing aids are designed to provide a more natural sound experience by compensating for environmental noise. They offer a discreet, comfortable and affordable alternative to traditional hearing aids. The canal hearing aids market is expected to grow at a CAGR of 8.5% from 2021 to 2028 because they are often more affordable than other types of hearing aids as well as are more comfortable to use. They also provide better sound quality than traditional hearing aids.
The canal hearing aids market is dominated by the elderly population who are more likely to experience hearing loss. In 2013, the average age of an individual who uses a hearing aid was 71 years old. This is primarily due to the fact that many people do not realize they have hearing loss until it is too late. The elderly population is also more likely to have chronic diseases such as diabetes, which might lead to hearing loss.
The major consumers of canal hearing aids are typically older adults who have experienced hearing loss from other causes, such as age-related ear infections or loud noise exposure. These individuals often need assistance with everyday tasks, such as communicating and listening in noisy environments. Canal hearing aids can be a valuable resource for these individuals, helping them to continue living independently and participating in activities they enjoy.
Global hearing aids market is flooded with a variety of canal hearing aids that come in a variety of styles and sizes, and they can be custom-made to fit each individual’s needs. Some people choose canal hearing aids over traditional ear plugs or cochlear implants because they find them more comfortable and easier to use. There are a number of factors that can affect the performance of a canal hearing aid, including the type of canal used, the size and shape of the hearing aid, and the user’s ear canal anatomy.
People are Aging, World is Changing, Hearing Aids are Improving
It's no secret that the world is changing. We're living longer, our populations are becoming more diverse, and technology is constantly evolving. All of these factors are having an impact on how we hear. Hearing aids have come a long way since their inception over 50 years ago. Modern hearing aids are becoming more and more sophisticated, and the cost is decreasing. The technology used in modern hearing aids has improved so much that they can even be used to treat other medical conditions like tinnitus and hyperacusis. In the US alone, at least 10% population suffer from tinnitus that lasts up to 5 minutes.
As people age, their hearing abilities change. For example, older adults may experience difficulty hearing in the high-frequency ranges (above 1,000 hertz). In addition, noise exposure can cause hearing loss in both young and old adults. Fortunately, advances in hearing aids technology have made a big difference in the lives of those who are deaf or hard of hearing. Today’s hearing aids can magnify sound up to 20 times, so older adults can still enjoy activities they once enjoyed but with increased clarity. And because modern hearing aids are wireless, they can be used in any environment – even when there’s background noise.
Hearing aids are also getting better all the time. One popular type of hearing aid is called a cochlear implant. This implant directly helps the auditory nerve regenerate and function better. Bone anchored hearing aids market has seen tremendous development in the last few years and the cost of the devices has also come down significantly. On the other hand, cochlear implants are often the best option for children and young adults who have severe to profound deafness that has not improved with other forms of treatment such as lip reading or sign language interpreting. However, Cochlear implants are expensive and not always covered by insurance. They can cost up to $30,000. However, there are many ways to cover the cost of a cochlear implant. Medicaid may be able to help pay for the implant. Some people also receive financial assistance from the government or private insurance companies. People with cochlear implants can also work around the costs by using special listening software and devices.
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Paediatrics are the Most Vulnerable Population to Suffer Hearing Loss in India and China
The growth of the India and China hearing aids market is attributed to the increasing awareness about the benefits of using hearing aids and the increased demand from the aging population. It is also supported by increased investment in new technology and development of innovative products. In India, the market for hearing aids was worth over $367 million in 2021. The growth of the Indian market is attributed to the rising population aged 50 years and above, as well as increasing usage of electronic devices such as smartphones and tablets among this age group. In China, the market for hearing aids was worth $589 million in 2021. The growth of the Chinese market is attributed to the increasing population aged 50 years and above, as well as rising usage of electronic devices such as smartphones and tablets among this age group.
The hearing aids market in India is expected to grow at a CAGR of 7.5% over the next five years, making it one of the most promising markets in the world. Factors such as increasing incidences of age-related hearing loss, growing number of people with hearing impairment, and rising demand from the government and private sector are expected to propel the growth of the Indian hearing aids market. In 2021, more than 63 million people were suffering from hearing loss, which represents around 6.3% of the population. According a recent study by NSSO, around 291 people per 100,000 are more likely to have some of kind of severe to profound auditory impairment in the country. Wherein, children under 14 years old are holding a large market share. In order to bring down the prevalence the Indian government has implemented numerous services and scheme. For instance, the government is spreading awareness through IEC activities, developing capacities across district government hospitals, providing rehabilitation facilities, and manpower training and development.
China is also expected to be a major player in the global hearing aids market. The market is projected to grow at a CAGR of 7.9% over the next seven years, making it the fastest-growing hearing aids markets in the world. Factors such as increasing incidence of age-related hearing loss and increasing number of people with hearing impairment are expected to drive the growth of the Chinese hearing aids market.
Currently, China has over 50 million people aged over 65 years old. The country is offering a huge growth opportunity for hearing aids market as more than 70% people in China having hearing loss problem do not use any kind of hearing aids due to numerous factors such as unawareness about available treatments and medical devices, high cost of the hearing aids, unwillingness to opt for the treatment, among others. Sonova, one of the leading players in China hearing aids market is planning to target paediatric population as they feel paediatric category is their potential customers and a little push by the company can improve the market revenue by a great extent. In line with this, the company has opened 15 new brick and mortar stores in 2021 in China
Top Players in Hearing Aids Market
- Sonova Group (Switzerland)
- Demant A/S (Denmark)
- GN Store Nord A/S (Denmark)
- Cochlear Ltd. (Australia)
- Starkey (US)
- Nurotron Biotechnology Co., Ltd. (China)
- MED-EL (Austria)
- Audina Hearing Instruments, Inc. (US)
- Horentek (Italy)
- ZOUNDS Hearing Inc. (US)
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