April 21, 2024

Hearing Aids Market is Estimated to Witness High Growth Owing to Rising Geriatric Population

Hearing aids are electronic devices designed to amplify and change sound for the user. They are used by people with hearing loss to improve communication abilities in various listening situations.

Market Dynamics:

The global hearing aids market is expected to witness significant growth over the forecast period owing to the rising geriatric population. According to WHO, by 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015. The aging population is more prone to hearing loss due to various factors such as prolonged exposure to loud noise, certain medical conditions, and genetic predisposition. Furthermore, technological advancements in hearing aids such as the introduction of invisible or nearly invisible hearing aids, integrated rechargeable batteries, remote handling, automatic functions, and wireless connectivity are also expected to support the market growth during the forecast period.

Hearing Aids Market Drivers

Increasing prevalence of hearing loss among the global population

One of the key drivers propelling the growth of the hearing aids market is the rising prevalence of hearing loss among people across the world. Hearing loss has become one of the most common health conditions faced by individuals, with an estimated 466 million people suffering from some form of hearing loss globally. The incidence of hearing loss is significantly higher among the geriatric population, owing to age-related factors. As the worldwide aged demographic continues to expand rapidly, the requirement for hearing aids is expected to witness a parallel incline over the coming years.

Technological advancement in hearing aid devices

Constant innovation and advancement in hearing aid technology have broadened their application scope and improved performance. The integration of smart technologies and advanced digital signal processing has enabled makers to introduce miniature devices with rechargeable batteries, connectivity with smartphones and other electronic devices, different memory options, remote controls, and personalized features. Miniaturized advanced digital hearing aids that are inconspicuous and less visible provide better comfort and discretion to users. The introduction of new technologies is attracting more consumers and driving the sales volume of hearing aids.

Improved accessibility and affordable options

Earlier, stigma, high cost, and limited medical reimbursements were major barriers limiting the adoption of hearing aids. However, growing awareness campaigns, expanding healthcare coverage for age-related hearing loss, and availability of more affordable options are making hearing aids more accessible to people globally. For example, private health insurers in many countries are now offering coverage for processor replacement and repairs. Discount programs and payment plans offered by manufacturers are also improving affordability. All these factors are positively influencing the growth momentum of the hearing aids market.

Hearing Aids Market Restrain

Stigma associated with visible hearing loss

One of the key challenges restraining faster adoption of hearing aids is the persistent social stigma connected to wearing these devices openly. Many people feel conscious and embarrassed about their visible hearing impairment. This social stigma stemming from the potentially negative perception of apparent disability acts as a major roadblock, especially among younger users. Unless the societal attitudes change and hearing loss is regarded similarly to other physical conditions requiring assistive devices, this social stigma will continue hampering market potential to some extent.

Hearing Aids Market Opportunity

untapped markets in developing countries

A major opportunity for the hearing aids industry lies in expanding their customer base in developing regions where market penetration is currently low. A huge section of the population in Asian, Latin American, and African countries who could potentially benefit from hearing aid usage remain underserved due to limited availability and high cost. With rising incomes, growing medical awareness, favorable regulatory changes in many developing nations, and targeted marketing strategies, makers can tap into these largely untapped emerging markets. Penetrating developing markets through affordable innovative products tailored to local needs present a massive opportunity to drive future sales and revenue pool for hearing aid manufacturers.

Hearing Aids Market Trend

Rise of intelligent and connected hearing aids

One of the key trends gaining momentum in the hearing aids market is the rise of intelligent connected devices integrated with advanced technologies. Major players are focusing on introducing smart hearing aids that go beyond amplification by providing additional features through connectivity and data analytics. Design concepts involve integration of Bluetooth, wifi, Artificial Intelligence, and cloud-based features to offer two-way audio streaming, environmental sound analysis, personalized programming, data-driven sound adjustment, fall detection, and other digital assistance. The wireless capabilities will allow devices to interface with connected phones, audio equipment, and smart home assistants. This shift towards multi-functional smart hearing aids is expected to gather strong commercial appeal going forward.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it