Hearing Aids Market Trends

Growth Drivers

• Growing Prevalence of Hearing Loss Globally  - World Health Organization (WHO) stated that nearly 430 million individuals across the globe live with hearing disabilities, out of which, 34 million of them are children.
• Increasing Geriatric Population with Significant Hearing Disability- World Bank released a set of data demonstrating that the geriatric population reached 747,238,580 in 2021 worldwide.At a certain age, the hearing sensitivities and speech understanding of people fade away. Age-related hearing loss or also known as Presbycusis, is a natural phenomenon that occurs as a person grows old. Hearing loss generally occurs due to the changes in the auditory nerve and inner ear that causes a person to be intolerant to loud sounds. Hence, higher demand for hearing aids emerges in the market on the back of growing geriatrics over the forecast period.
• Rising Adoption of Hearables Hardware - As of 2020, the total number of hearables hardware installed was projected to reach nearly 250 million units which are further forecasted to hit approximately 950 units installed by the year 2024.
• Spiking Penetration of Personal Audio Devices- It is estimated that more than 50% of the global population aged between 10 to 35 is going to be exposed to unsafe degrees of hearing loss on account of the higher utilization of personal audio devices.

Challenges

• Higher Cost Associated with the Hearing Aids
• Hearing aids are developed and designed using mini particles that are expensive, such as speakers, amplifiers, microphones, and others. It also increases the selling price of hearing aids, hence, this factor is estimated to hamper the market growth over the forecast period.
• Lack of Awareness and the Skilled Medical Professionals
• Requirement for Higher Initial Investment