New York, Aug. 10, 2022 (GLOBE NEWSWIRE) -- For the forecast period, 2022-2031, Kenneth Research has released a thorough market study on the “Global Hearing Aids Market” that covers the following elements:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Hearing Aids Market Size:
The global hearing aids market is expected to generate almost USD 12 billion in sales by 2031, expanding at a CAGR of ~ 7% over the forecast period. Increased hearing loss instances and higher noise exposure are two factors contributing to the expansion of the market. According to the World Health Organization (WHO), approximately 2.5 billion individuals would have some hearing impairment by 2050 and around 700 million would need hearing remediation. Furthermore, the demand for hearing aids is also being spurred by an elderly population upsurge, besides rise in vascular disorders, and chronic inflammation. For instance, the Population Reference Bureau estimates that during 2020 -2060, geriatric population is predicted to rise by 69 percent in the United States from 56.0 million to 94.7 million. Age is the best predictor of hearing loss among persons between 20 to 69 years age-group with the most hearing loss occurring between 60 to 69 years. In addition to that, the market is also anticipated to expand as a result of technological developments in hearing aids, as well as growing awareness and activities linked to hearing loss and subsequent measures.
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Global Hearing Aids Market: Key Takeaways
- North America region acquires the highest share of the revenue
- Behind the ear sub-segment (BTE) to remain most lucrative
- Pediatrics segment to drive the revenue stream
Rising Noise Pollution and Adoption of Hearing Aids to Boost the Market
According to the estimates 12.5 percent of adolescents and children aged (6-19 years old) and 17 percent of adults (20-69 years old) experience irreversible hearing loss as a result of exposure to loud noises. This equates to roughly 5.2 million children and adolescents and 26 million adults. Destruction of inner ear structures or nerve fibers that respond to sound can cause hearing loss. A single exposure to a particularly loud sound or blast can cause hearing loss, as can listening to loud sounds continuously for a lengthy period of time. In total, 736,900 cochlear implants have been inserted in 2019. Approximately, 118,100 adults and 65,000 children had gadgets implanted in the U.S. The global hearing aids market is anticipated to be fueled by excessive noise pollution and expanding hearing aids applications.
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Global Hearing Aids Market: Regional Overview
The global hearing aids market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Cases Solidify Substantial Growth Potential in North America
The National Institute of Deafness and other Communication Disorders (NIDCD) estimated in 2021 that 50 percent of Americans who were 75 years and older and 25 percent of Americans who were 65 to 74 suffer from disabling hearing loss, and that is incapacitating. In addition to the geriatric population, hearing loss affects children as well. 1 in 8 Americans (13 % or 30 million) who are 12 years of age or older have hearing loss in both ears. The hearing aids market in North America is driven by rising adoption of hearing aids and the prevalence of hearing loss. The adoption of hearing aids could be advantageous for about 28.8 million American adults.
Growing Geriatric Population to Favor Growth in the Asia Pacific Region
On account of sizable aging population and elevated amounts of noise pollution in developing nations such as China and India, the Asia Pacific region is anticipated to witness the fastest market development during the forecast period. One of the world’s fastest-flourishing aging populations is in China. Owing to the rising average lifespan and dropping fertility rates, 402 million persons, or 28 percent of China’s population is expected to be over 60 by 2040. There were 176 million geriatric people aged 65 and above and 254 million older individuals aged 60 and over in 2019. The rising number of aging people is predicted to increase the demand for hearing aids and propel the growth of the market.
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Furthermore, the biggest source of noise pollution in India is automobiles, which account for 65 to 75 percent of all noise in cities during 2020-2022. Whereas in China, noise pollution is a major concern for 30 % of cities. About 75% of cities in China recorded very high noise pollution during the nights in around 310 Chinese cities considered in the survey. Long-term exposure to sounds louder than 60dB can damage hearing and even cause deafness. The high levels of noise pollution raise the demand for hearing aids and boost the hearing aids market in the region.
The study further incorporates Y-O-Y growth, demand & supply and forecasts future opportunities in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia,) Australia, New Zealand, Rest of Asia Pacific)
- Middle East and Africa (Israel, GCC, [ Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East, and Africa)
Global Hearing Aids Market, Segmentation by Product
- Hearing Devices
- Behind the Ear (BTE)
- Receiver in Canal (RIC)
- In the Ear (ITE)
- Completely in the Canal (CIC)
- Others
- Hearing Implants
- Cochlear Implants
- Bone Anchored Implants
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The behind the ear (BTE) sub-segment is predicted to account for the lion’s share of the market over the forecast period, owing to economic circumstances and the low cost of BTE gadgets. A BTE device lies behind the ear after hooking over the top. This design is suitable for all ages and any kind of deafness. Global export value for BTE had a noteworthy raise during 2020-2021. In 2020 the export value was USD 3,956,093 thousand which rose to USD 6,045,740 thousand in 2021 with an annual growth value of 34% during 2020-2021. Growth in the trade is predicted to boost the growth of the segment.
Global Hearing Aids Market, Segmentation by Patient Type
- Adults
- Pediatrics
The pediatrics segment is anticipated to grow most lucratively backed by genetics, maternal infections during pregnancy, other environmental factors, and postpartum problems. In 2019, it was discovered that nearly, 6,000 American new-borns had permanent hearing loss. Whereas 98% of babies in the U.S. had their ears tested. Additionally, 1.7 out of every 1,000 new-borns who had hearing tests had hearing loss. The rising rate of hearing loss in infants is projected to fuel the growth of the segment. Furthermore, 50%-60% of infants have genetic hearing loss in 2019.
Leading market players in global hearing aids market that are compiled by Kenneth Research include Sonova, Demant A/S, GN Store Nord A/S, WS Audiology A/S, Starkey Laboratories, Inc., MED-EL Medical Electronics, Cochlear Ltd., RION CO., LTD Audina Hearing Instruments, Inc., and others.
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Recent Developments in Global Hearing Aids Market
- February 2022: In its popular Virto series of personalized hearing aids which includes the much-awaited Virto P Black, a fully connected in-the-ear (ITE) hearing device, resembling a earbud, Phonak announced the availability of its best-selling Paradise technology in Virto series.
- March 2022: In order to enter China’s rapidly expanding hearing aids industry, Demant A/S recently announced the acquisition of 20% of Sheng Wang, a major network of hearing aids clinics in China.
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