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Hearing Aids Market Outlook 2023: Market Trends, Segmentation, consumption by Regional data, Market Growth and Competitive Landscape
The size of the global hearing aids market, estimated at USD 9.68 billion in 2021, is expected to increase by USD 10.23 billion in 2022 and USD 17.68 billion by 2029, for a CAGR of 8.1%. Hearing aid demand has been lower than expected in all regions compared to pre-pandemic levels, which is a result of the unprecedented and staggering COVID-19 pandemic. Our analysis showed that the global market had declined by -12.2% in 2020 compared to 2019.
Additionally, the market is anticipated to benefit from technological developments in hearing aid devices, such as the ability to wirelessly connect devices with smartphones. Additionally, there is a gradual rise in demand for cochlear implants, particularly among children. The early placement of cochlear implants to correct hearing loss is encouraged by many healthcare professionals. This element is likely to encourage industry growth.
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Driving Factors
The most prevalent medical condition, particularly in industrialised nations, is hearing loss. The WHO estimates that 466 million people, or about 6.1% of the world's population, are living with hearing loss that is incapacitating. Additionally, it is predicted that by 2050, this number will rise to approximately 1.5 billion, primarily as a result of an increase in the number of elderly people. In addition, long-term inflammation, vascular problems, exposure to noise, a genetic predisposition, and physiological ageing of the ear can all result in hearing loss. This factor could result in an increase in the number of people with hearing loss throughout the world, which would increase sales of these devices.
Over 17.05 million hearing devices were distributed globally in 2019, up 6.4% from the previous year, according to the EHIMA's annual global sales data. The market is expected to experience significant growth as a result of the rising number of hearing device users.
Hearing Devices Segment to Lead Market due to Cost-Efficient Feature
The report is based on primary and secondary research methods and provides an in-depth global hearing aids market analysis. The report covers all important aspects of the market such as growth drivers, restraints, trends, and opportunities. It also lists the profile of the companies operating in the hearing aid market with key insights that will help these vendors strategize for better revenue generation in the forecast duration.
As per the report, the hearing devices segment is currently dominating the market because of its numerous advantages. These include flexibility for patients with both mild and moderate hearing loss, are easily removable, cost-effective, and can be used during sports activities as well. Such flexibility of the device and at reasonable prices are two important factors anticipated to promote the growth of this segment in the coming years.
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Fortune Business Insights puts light on some of the players operating in the global hearing aid market. These include:
Rising Geriatric Population and Rise in Hearing Problems to Help North America, Dominate Market
In 2018, North America earned a revenue of USD 3.19 billion. Thus, the report states North America to emerge as one of the dominant regions in the global hearing aids market. A study conducted in 2018 by the Population Reference Bureau, the number of people aged 65 and above is expected to rise from 52 million in 2018 to 95 million by the end of 2060. This is accounted for an estimated of 23.0% of the population of North America at that time. The rise in the geriatric population, coupled with an increase in per capita expenditure on health, and a rise in awareness about hearing aids will help this region generate attractive revenue in the coming years.
Additionally, the number of the ageing population in nations such as Germany, France, and the UK is expected to promote the market in Europe and help this region grow significantly in the forecast period. On the other side, the surge in disposable incomes of people across the Asia Pacific is estimated to boost the hearing aids market in China and India. The rise in awareness about hearing disorders and the availability of cures and devices for improving hearing ability will help the market in the region grow rapidly.
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To view the original version on The Express Wire visit With A 8.1% CAGR, Hearing Aids Market Size Will Reach USD 17.68 billion by 2029