Smart Hearings Aids Market Trends

Growth Drivers

• Increasing geriatric population with significant hearing disability: The elderly population across the globe has been steadily rising and by 2030, 1 in 6 people in the world will be aged 60 years or over. This has resulted in increasing concerns about hearing loss and disabilities. According to WHO, approximately 30% of people above 60 years of age have hearing loss. To cater to this issue several key players are heavily investing in developing advanced hearing aids with enhanced sound quality, rechargeable batteries, and integration with smart devices. For instance, in August 2024, Sonova announced its plans to introduce its first hearing aid with real-time AI addressing needs in hearing loss.
• Growing preference for personalized hearing solutions: The steady shift towards personalized hearing aids and devices is significantly reshaping the hearing aids market. Companies are offering custom-molded hearing aids with enhanced comfort and personalized designs. These personalized solutions ensure minimal disruption to user's routines and integrate seamlessly with modern lifestyles.

Challenges

• Stigma associated with hearing loss and hearing aids in many parts of the globe: People in many parts of the globe perceive wearing hearing aids as a sign of aging or disability, discouraging them from seeking assistance. This stigma along with limited awareness of the benefits of smart hearing aids in remote areas may affect the overall adoption of these devices, affecting market growth going ahead.
• Regulatory issues and rising market competition: Different regions have varying regulations, creating challenges for global companies attempting to standardize product offerings. This can hamper the overall sales of smart hearing aids. Moreover, the introduction of OTC hearing aids has increased competition and may put pricing pressure on premium hearing aids from established manufacturers.