Smart Hearings Aids Market Trends

Growth Drivers

• Growing prevalence of Hearing Loss – According to the National Institute on Deafness and Other Communication Disorders (NIDCD), about 2% of adults aged 45 to 54 have disabling hearing loss. The rate increases to 8.5% for adults aged 55 to 64. Nearly 25% of those aged 65 to 74 and 50 percent of those who are 75 and older have disabling hearing loss.
• Increasing Geriatric Population with Significant Hearing Disability - By 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.
• Perforation of Personal Audio Devices -  It is estimated that more than 50% of the global population aged between 12 to 35 is going to be exposed to unsafe degrees of hearing loss on account of the higher utilization of personal audio devices.
• Favorable Government Initiative – In October 2021, the FDA proposed a plan to establish a new type of low cost over the counter hearing aids. Government and regulatory support of this magnitude is expected to have a long - term beneficial impact for the hearing aids industry in the United States.

Challenges

• Facing Manufacturing issues
• Low Acceptance Rate of Hearing Aids
• Lack of Awareness and the Skilled Medical Professionals