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 Rep

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, Covid-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The global hearing aids market is expected to witness a commendable growth trajectory over the forecast spell. This is credited to the expanding geriatric population across the globe, susceptible to several hearing loss disorders.

Growing noise pollution, geriatric population, and rapid urbanization are primary factors driving the hearing aids market growth. The geriatric population is primarily affected by hearing impairment. According to the National Institute on Aging, around one in three people between the ages of 65-74 years have hearing loss, with almost half of the population older than 75 years having difficulty in hearing.

Geographic location is another factor impacting the prevalence of hearing impairment and drive hearing aids industry demand. As per the World Health Organization (WHO), nearly 80 percent of people with hearing disabilities live in middle- and low-income countries.

Although developed nations have sufficient healthcare infrastructure, rapid urbanization has significantly escalated hearing impairment. Statistics from the National Institute on Deafness and Other Communication Disorders (NIDCD) showcase that around 15% of American adults, which equates to 37.5 million, aged 18 years and over report some hearing impairment.

Some key players in the hearing aids industry are launching new products to address the rising prevalence of hearing loss conditions. Citing an instance, in April 2021, Hansaton unveiled a new hearing platform dubbed Stratos that used its HearIntelligence technology and comprised three new receiver-in-canal hearing aids.

The hearing aids market is segmented in terms of product, patient, and region.

In terms of product, the Receiver in the ear/Receiver in canal (RITE/RIC) hearing aids accounted for over USD 1.9 billion in 2021. RITE/RIC earbuds are emerging as suitable solutions for mild-to-severe hearing impairment and offer consistent noise reduction enabling the user to focus on the interlocutor’s speech.

With respect to patient, the industry is divided into adult and pediatric. Of these, the pediatric segment was valued at over USD 500 million in 2021. Hearing impairment has significantly increased among children over the years.

According to NIDCD, around 2 to 3 out of every 1,000 children in the United States have detectable levels of hearing impairment by birth. High prevalence of hearing loss among children has thus fostered the deployment of hearing aids devices, stimulating market growth.

Based on region, the Asia Pacific region is expected to depict a CAGR of 7.6% over the forecast period. The rising prevalence of hearing loss is primarily driving regional growth. According to the 2021 World Report on Hearing from the WHO, around 401 million people in South-East Asia have some level of hearing loss. Furthermore, it is expected that around 666 million people in the region will have some degree of hearing impairment by 2050, which could propel regional market development.