Thursday, December 8, 2022

North America Hearing Aids Market Trends and Growth Factors Analysis 2022-2031

Last updated Monday, November 7, 2022 11:44 ET , Source: Transparency Market Geeks

Wilmington, Delaware , 11/07/2022 / Transparency Market Geeks /

Hearing Aids Market Outlook 2031

  • The global hearing aids market was valued at US$ 7.6 Bn in 2021
  • The global market is projected to grow at a CAGR of 5.2% from 2022 to 2031
  • The global hearing aids market is anticipated to reach more than US$ 12.9 Bn by the end of 2031

Hearing Aids Market Introduction

Hearing aids are devices used to amplify sound waves, with additional advantage of cancelling noise. These devices help a person with hearing impairment to improve his or her hearing ability. Hearing aids are available in different sizes and shapes. Behind-the-ear (BTE), receiver-in-the-ear (RITE), invisible hearing aids such as in-the-ear (ITE), and canal hearing aids (ITC, CIC, and IIC) are the basic hearing aids. Hearing machines are powered by either analog or digital platform.

Prevalence of hearing impairment in developing and underdeveloped countries is rising due to lack of timely diagnosis at primary and secondary levels, shortage of skilled professionals, unaffordability of ear machines, average health care system, poor personal hygiene & over-crowding, less access to healthcare facilities & other interventions, improper & inadequate countrywide planning to address hearing impairment, and inadequate resource distribution.

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Increase in Geriatric Population to Drive Global Hearing Aids Market

The elderly population is a high-risk group to suffer from hearing loss disorders. One-third of the population aged 65 years or above suffers from hearing loss. According to the World Health Organization (WHO), more than 1.5 billion people across the globe suffer from hearing loss. This number could increase to more than 2.5 billion by 2030. Developing and underdeveloped countries are highly affected by hearing loss. Prevalence of disabling hearing loss is high in Southern Asia Pacific and Sub-Saharan Africa. Less awareness is the major factor for high prevalence of hearing loss in developing and underdeveloped countries. Thus, increase in geriatric population and rise in prevalence of hearing impairment are augmenting the global hearing aids market growth.

Surge in Incidence of Hearing Loss in Developing Countries to Fuel Demand for Hearing Aids

Hearing impairment is one of the most prevalent chronic conditions across the globe. According to a WHO report (2022), around 1.5 billion of the world’s population suffers from hearing loss. Globally, around 1 billion young people (aged 12 to 35) face the risk of hearing loss due to recreational exposure to loud sound. Lack of affordability affects the usage of ear machines. Prevalence of hearing impairment increases exponentially with the decrease in the gross national income of a region.

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According to the report, population in regions such as Western Pacific, Africa, Southeast Asia, and few developing regions in the Pacific Rim accounts for 90% of burden of chronic ear infections. Chronic ear infection is one of the leading causes of hearing loss in developing countries.

Higher Amplification and Longer Battery Life Propelling Behind-the-Ear Segment

In terms of product type, the behind-the-ear segment has been bifurcated into receiver-in-canal (RIC) and custom-fit earmold. The behind-the-ear segment held the largest global hearing aids market share in 2021. The trend is likely to continue throughout the forecast period. This can be ascribed to various benefits of wearing a hearing machine behind the ear. For instance, larger batteries provide higher amplification and longer battery life. The behind-the-ear hearing aid is larger, which enables inclusion of more features such as directional microphones, telecoils, and Bluetooth. Behind-the-ear hearing machine is more manageable than compact machine due to larger case, which makes changing batteries and cleaning the device easier for persons with less developed hand-eye coordination and dexterity. These factors are likely to augment the behind-the-ear segment during the forecast period.

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Rise in Prevalence of Hearing Impairment Fueling Adult Segment

Based on age, the adult segment accounted for the largest share of the global hearing aids market in 2021. This can be ascribed to high prevalence of hearing impairment in developing and underdeveloped countries. The burden of hearing impairment is comparatively higher than available resources for treating it. According to the World Health Organization (2022), the prevalence of hearing impairment is higher in adults than in children. For instance, more than 1 billion young adults are at risk of permanent, avoidable hearing loss due to unsafe listening practices.

Longer Hospital Stay for Untreated Hearing Loss Bolstering Hospitals & Clinics Segment

In terms of distribution channel, the hospitals & clinics segment accounted for significant share of the global market in 2021. Longer hospital stay is projected to drive the segment during the forecast period. According to an article published online by the National Library of Medicine on November 8, 2018, participants with untreated hearing loss experienced significantly longer inpatient stay compared to those without hearing loss over a period of two years, five years, and 10 years. Furthermore, participants with untreated hearing loss spent more days in the hospital on average, with 0.26 and 2.10 more days spent in the hospital over a period of two, five, and 10 years.

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Regional Outlook of Global Hearing Aids Market

As per the global hearing aids market trends, Europe is likely to dominate the market during the forecast period due to the presence of strong distribution channels of key players in the region. North America accounted for the second largest share of the global market in 2021. Expansion of the market in the U.S. can be ascribed to the presence of well-established healthcare infrastructure, high purchasing power of the people, and significant demand for and acceptance of various types of hearing aids. The market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. Asia is the most densely populated continent and the one with the largest number of people with hearing loss.

Analysis of Key Players in Global Hearing Aids Market

The report provides profiles of leading players operating in the global hearing aids market. Key players in the global market are Audina Hearing Instruments, Inc., Cochlear Ltd., Demant A/S, GN Hearing A/S, Medtronic plc, Sonova, Starkey Laboratories, Inc., and WS Audiology A/S. Expansion of product portfolio and mergers & acquisitions are the key strategies adopted by the major players in the global hearing aids market.

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