The propelling factors for the growth of the hearing aids market include the rising prevalence of hearing loss, technological advancements in hearing aids, the rise in the global geriatric population, and growing trend for customized implants.
- With the increasing aging population, there has been a rising prevalence of hearing loss. In the United States, hearing loss is more likely to be caused, owing to genetic defects. In developing countries, preventable medical issues are often the major factors for hearing loss, especially infections, such as rubella or syphilis, which can lead to congenital hearing loss. In addition, pregnancy complications also lead to hearing loss in infants. Thus, the increasing incidences of hearing disorders and hearing loss problems among the population have led to the sales of a large number of hearing devices in the market.
- Growing noise pollution throughout the world has also a significant impact on the hearing abilities of people. Noise emission in heavy-duty industries, as well as public carnivals, is expected to damage the hearing capacity of adults, thereby resulting in the increasing demand for hearing aids devices.
- There are various opportunities, like the incorporation of lithium-ion batteries in hearing aids, which help in propelling this market's growth. Furthermore, technological developments related to the products that combine cochlear implants and hearing aid technology to overcome the high-frequency hearing loss in patients, are also found creating new opportunities for the players in the market.
Key Market Trends
The Behind the Ear (BTE) Segment is Expected to Grow the Fastest Over the Forecast Period
The behind-the-ear hearing aid device segment held the largest market share, in terms of revenue, owing to better connectivity, high efficiency, and easy usage. It is also considered to be ideal for most people with hearing problems. BTE products, because of their wide range of applications and wider target patients, are expected to grow at a high rate over the forecast period.
The canal hearing aids segment is also likely to record a good CAGR during the forecast period, due to the growing demand for aesthetic and invisible appealing devices and the rising need for an enhanced listening experience.
Asia-Pacific Holds the Fastest Growth and is Expected to Follow the Same Trend Over the Forecast Period
The Asia-Pacific region is expected to experience the fastest growth rate for hearing aid devices over the forecast period. There are factors, such as high noise pollution levels in countries, such as India, China, and Japan, that have a major impact on the growth of this market. According to hearit.org, among people living in the Delhi area in India, the overall prevalence of hearing loss was 26.9% among persons aged 5 years and over, for 2019. Other contributing factors are a large patient pool, an upsurge in the aging population, and increasing healthcare infrastructure due to the involvement of private companies in research funding and services.
The leading manufacturers of the hearing aids market are focused on market consolidation and expansion of their product portfolios. Due to the increased number of benefits, companies are also found focusing on providing advanced hearing aid devices with lithium-ion batteries.
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