Hearing Aids Market size to cross $12.5 Bn by 2032
Published Date: April 2023
Hearing Aids Market size is projected to surpass USD 12.5 billion by 2032, according to a new research report by Global Market Insights Inc.
Rising geriatric population is anticipated to proliferate the demand for hearing aids. The elderly population is highly susceptible to aging-related hearing impairment, thus driving the need for adequate medical intervention. According to the World Health Organization (WHO), by 2050, the global population of people aged 60 years and above will be more than 2 billion.
Meanwhile, the number of people aged 80 years and above is projected to triple between 2020 and 2050, reaching 426 million. With aging, degeneration of the inner ear and nerve pathways to the brain affects hearing, thus causing presbycusis, also known as hearing loss in the elderly, which may generate substantial expansion for hearing aids.
Breakthroughs in AI-enabled CIC aids to drive industry growth
Hearing aids market share from the completely-in-the-canal/invisible-in-canal (CIC/IIC) segment is set to record remuneration worth over USD 1.5 billion by 2032. CIC/IIC aids are gaining momentum owing to their smaller size and discreet nature which provide better camouflage, and aesthetics. CIC devices also offer a myriad of benefits including visibility, comfort, sound quality, and reduction of the occlusion effect. Manufacturers are leveraging next-generation technologies such as AI to design novel solutions.
Browse key industry insights spread across 250 pages with 273 market data tables & 27 figures & charts from the report, “Hearing Aids Market Size By Product (Behind-the-Ear (BTE), Completely-in-the-Canal/ Invisible-in-Canal (CIC/IIC), In-the-Canal (ITC), In-the-Ear (ITE), Receiver in the ear/Receiver in Canal (RITE/RIC)), By Patient (Adult, Pediatric), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” In detail along with the table of contents: https://www.gminsights.com/industry-analysis/hearing-aids-market
Rising prevalence of congenital hearing loss to foster outlook for hearing aids
The hearing aids market from the pediatric segment surpassed USD 560 million in 2022. The growing concerns associated with the impact of hearing impairment on children’s social & cognitive development, communication skills, and educational accomplishments is driving the progression for hearing aids to treat pediatric patients. Congenital hearing loss is becoming increasingly common among newborn babies due to different genetic and non-genetic factors.
Autosomal recessive hearing loss, genetic syndromes, and autosomal dominant hearing loss are some genetic factors whereas non-genetic factors include premature birth, maternal diabetes, birth complications, and alcohol abuse during pregnancy. The growing burden of hearing loss among pediatric patients may therefore amplify demand for auditory aids over the estimated timeline.
Supportive regulations to expand Europe hearing aids industry size
Europe hearing aids market size is slated to exceed USD 5 billion by 2032. Various factors such as the surging geriatric patient population, rising incidences of hearing loss, and a robust footprint of manufacturers are consolidating the industry revenue in the region. Europe has a favorable regulatory framework along with supportive healthcare policies to strengthen access to hearing care.
New product launches emerge as ket strategy to boost hearing aids industry growth
IN4 Technology Corporation, Audina Hearing Instruments, AS AUDIO-SERVICE GmbH, Demant A/S, GN Store Nord A/S, EARTECHNIC, Sonova Holding AG, WS Audiology, Starkey, RION Co. Ltd, ZOUNDS Hearing Inc., Eargo, Inc., Elkon Pvt Ltd, SeboTek Hearing Systems, Horentek Hearing Diagnostics, Nano Hearing Aids, and Microson are some of the leading companies in the hearing aids market.
