Hearing Aids Market, By Product Type (Hearing Aid Devices, Hearing Implants), By Type of Hearing Loss (Conductive Hearing Loss, Sensorineural Hearing Loss, Mixed Hearing Loss), By Patient Type (Adults, Paediatrics), By Sales Channel (Otolaryngology Clinics, E-commerce, Retail Stores, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Mar 2024

Code : CMI415

Pages :150

Formats :

Excel and PDF

Industry : Medical Devices

Hearing Aids Market Size and Trends

Global hearing aids market is estimated to be valued at USD 8.10 Bn in 2024 and is expected to reach USD 12.52 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.

Hearing Aids Market Key Factors

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Global hearing aids market is expected to witness positive growth over the forecast period. There is an increasing prevalence of hearing loss majorly among the geriatric population globally. Growing noise pollution levels and increased adoption of unsafe listening habits among consumers is also contributing to the rising cases of hearing impairment. Further, innovation led by key players in terms of the development of miniature and sophisticated hearing aid technologies is supporting the market expansion. However, issues related to the social stigma associated with hearing loss and high cost of hearing aids are likely to hinder the market growth to some extent during the forecast period.

Increasing prevalence of hearing problems

Increasing prevalence of hearing problems such as ear infections, hearing loss, and others is expected to boost the global hearing aids market growth during the forecast period. For instance, in April 2021, according to the World Health Organization (WHO), due to unsafe listening practices, around 1 billion young adults were at risk of permanent and avoidable hearing loss. In addition, based on the same source, almost 80% of the patients with severe hearing loss lived in low and middle-income countries. The hearing loss incidences are increasing with age of the person. Approximately 25% of people over the age of 60 have disabling hearing loss.

/p>Increasing technological advancements

Increasing technological advancements in the hearing aid devices is one of the major factors that are responsible for fueling the market growth of global hearing aids market. For instance, in June 2021, Widex USA Inc., a company that offers hearing solutions, launched a technology, My Sound, an artificial intelligence (AI)-based solution that enables user-driven sound personalization. AI technology leverages Widex users' cloud-based user data to provide informed profile recommendations based on the person's current activity.