Hearing Aid Market
The hearing aid market size is valued at 8.49 billion dollars in 2024 and is expected to be worth 14.84 billion dollars by 2032. This market is anticipated to move forward at a CAGR of 6.4 per cent during the estimation period.
Current Scenario
The hearing aid market is seeing significant technological breakthroughs, including the integration of artificial intelligence (AI). Companies are utilizing AI to make intelligent and more adjusting multipurpose devices that monitor health and fitness metrics, translate languages, decrease noise, improve speech, and more. Moreover, the accelerating aging trend of the global population is also fuelling the demand for these devices.
● As per the 2024 State of World Population Report by the UN Population Fund, the world’s population aged 65 and over has surged by two times to 10.3 per cent, and this pattern is projected to continue.
Drivers
Technological advancements and other factors are driving the growth of the hearing aid market. This includes the increasing prevalence of hearing problems in young people due to the heightened use of wireless bluetooth earbuds and headphones. It is evaluated that one in eight younger people of the age group 6 to 9 years old suffer from hearing loss because of music blaring via headphones or earbuds.
● Several studies by the World Health Organization have found that earbuds can lead to loss of hearing capability, with a projected 1 billion young people and teenagers globally co-living with the problem.
In addition, technological developments are strengthening the market growth with AI algorithms for hearing and activity tracking, personalized listening experiences, and direct hearing of phone calls.
Restraints
Non-application of hearing aids is among the major obstructions in this market. Several studies have examined the problem revolving around the under-usage of these aids, investing factors like the role of family members, the effect of successful hearing device application on everyday life, and hesitation in asking for assistance for care. However, there continues to be a gap in knowledge and awareness of the connection between these elements. The widespread reason for the non-usage by individuals with hearing loss was that no one ever recommended something like this.
Additionally, lack of insurance coverage is another key hurdle in front of people avoiding this device or searching for other solutions. One of the main factors insurance companies may oppose adding hearing aids is the associated costs.
Segment Analysis
By Product
● In-The-Ear
● Canal Hearing Aids
● Receiver-In-The-Ear
● Behind-The-Ear
● Cochlear Implants
● Bone Anchored Systems
Behind-the-ear (BTE) is the most common product type, and the segment is expected to witness further growth during the forecast period for the hearing aid market. BTE is the biggest hearing aid style owing to its higher power and is comparably simple to use and adjust. The segment’s market share also expanded due to its quality being appropriate for all age groups and an option for people with extreme hearing loss. Besides this, sleek BTE model devices are now even smaller and more user-friendly, fitting comfortably without attracting attention. These developments serve people who were previously reluctant to use hearing aids because of appearance problems.
By Hearing Loss
● Sensorineural
● Conductive
The sensorineural segment prevailed under this category of the hearing aid market and is anticipated to maintain its position throughout the estimation period for the hearing aid market. It is the most widely found type. The incidence of this hearing loss rises significantly with age, particularly in North American and European regions. Therefore, with the growing age of the world population, the segment’s market size is expanding. However, because various research utilizes diverse limits when categorizing this loss, there is a lack of agreement in the literature regarding the epidemiology of presbycusis or age-related hearing problems.
By End User
● Adults
● Pediatrics
The adults segment gained the top spot in this category of the hearing aid market. This can be attributed to increasing age, neglecting ear health, and possible symptoms. Given the extensive use of wireless earbuds and headphones by young adults, every year, an extra investment of at least 1.40 US dollars per person is required to broaden the reach of ear and hearing care services worldwide.
Regional Analysis
North America is leading the hearing aid market. The United States is dominating the regional market growth. According to the National Center for Biotechnology Information (NCBI), between 5 to 27 per 100 thousand individuals annually are impacted by sensorineural hearing loss (SNHL) in the United States.
Recent Market Developments
● In September 2024, the U.S. Food and Drugs Administration (FDA) approved a software device for hearing aid. It is the first such over-the-counter (OTC) hearing device that was aimed to be utilized with the aligned versions of Apple AirPods Pro headphones.
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