Global Hearing Aids Market - Segmented by Product Type, Type of Hearing Loss, Technology, Patient Type, Distribution Channel and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global hearing aids market is expected to register a growth rate of nearly 4.5% during the forecast period, 2018-2023. Hearing aids are sound amplifying devices which treat hearing impairment and the market is expected to grow steadily with increasing prevalence of hearing loss and increasing demand for technologically advanced products. The European region is expected to dominate the market share in the forecast owing to large geriatric population base, rising demand for advanced hearing devices and high purchasing power of customers in the countries of this region.
Growing Prevalence of Hearing Loss
The growing prevalence of hearing loss is one of the primary factor driving the hearing aids market. According to WHO, 2018, around 466 million people worldwide (i.e. 5% of the world’s population) have disabling hearing loss of which significant percentage of the population is of children. Further, it is estimated that by 2050, over 900 million people would suffer from disabling hearing loss particularly due to increased noise pollution levels, genetic factors, ear infections, birth complications and other factors. One-third of the population is above 65-year-old and it is majorly in South Asia, Asia Pacific and sub-Saharan Africa region. In Europe, Germany, United Kingdom and France among the countries with the highest population having hearing loss.
Other factors driving this market are technological advancements in hearing aids, the rise in global geriatric population increasing hearing aids usage and increasing trend of customized implants.
High Cost of Hearing Aid Devices
The high cost of hearing aid devices is a predominant factor hindering the growth of this market. Much is dependent on the technology being used which makes them highly costly ranging between USD 1000 to USD 6000 for each device. It is majorly due to high investments in research and development for improvement of hearing aids also covering the fees for the services of the highly trained audiologist. Thus, it is one of the primary issues limiting the growth of this market.
Another factor limiting the growth of this market is low awareness regarding the advancements in the hearing aids, the presence of product substitutes and social stigmas.
Asia Pacific is Expected to Provide large Growth Opportunities
Asia Pacific is expected to grow at the fastest growth rate for hearing aid devices in the forecast period. Factors such as high noise pollution levels in countries such as India, China and Japan have a major impact on the growth of this market. Other contributing factors are large patient pool, upsurge in aging population, increasing healthcare infrastructure due to involvement of private companies in research funding and services. Europe, on the other hand, is expected to dominate the market share due to large geriatric population base and increased level of public awareness.
Key Developments in the Market