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Hearing Aids Market Size

Report ID: GMI5082
Published Date: Jul 2024
Report Format: PDF

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Hearing Aids Market Size

Hearing Aids Market size was valued at USD 7.8 billion in 2023 and is anticipated to witness growth at a CAGR of 5.3% from 2024 and 2032, driven by the increase in the prevalence of hearing loss, rising geriatric population, and facilitative government initiatives.

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Hearing aids are electronic devices designed to amplify sound for individuals with hearing loss, making sounds louder and clearer. They consist of a microphone, amplifier, and speaker, and are typically worn in or behind the ear to improve hearing and communication in various listening environments.

Hearing Aids Market Report Attributes
Report Attribute	Details
Base Year:	2023
Hearing Aids Market Size in 2023:	USD 7.8 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5.3%
2032 Value Projection:	USD 12.6 Billion
Historical Data for:	2021 - 2023
No. of Pages:	85
Tables, Charts & Figures:	126
Segments covered:	Product, Patient, and Region
Growth Drivers:	Increase in prevalence of hearing loss Rising geriatric population Growing awareness regarding treatment options Facilitative government initiatives
Pitfalls & Challenges:	High cost of hearing aids & lack of reimbursement Lack of knowledge regarding hearing loss & hearing aids

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One of the primary factors driving the increase in hearing loss prevalence is the aging global population. For instance, according to a recent study published by Hearing Health in 2024, nearly 96.2% of individuals aged 90 and above experience hearing loss. Age-related hearing loss, or presbycusis, is common among the elderly, and as the number of older adults continues to grow, so does the incidence of hearing impairments. This demographic shift results in a higher demand for hearing aids, as older adults seek solutions to maintain their quality of life and social interactions.

Additionally, increased access to healthcare services and improvements in healthcare infrastructure have facilitated the diagnosis and treatment of hearing loss. Government initiatives, insurance coverage, and subsidies for hearing aids have made these devices more accessible and affordable to a larger population. As more people gain access to hearing healthcare, the demand for hearing aids continues to rise.

Authors: Mariam Faizullabhoy , Gauri Wani

Frequently Asked Questions (FAQ) :

Hearing aids market size was USD 7.8 billion in 2023 and is expected to register 5.3% CAGR from 2024-2032 owing to the increase in the prevalence of hearing loss, rising geriatric population, and facilitative government initiatives worldwide.

Hearing aids industry from the behind-the-ear (BTE) segment held 34.7% share in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to their versatility and ability to cater to a wide range of hearing loss levels, from mild to profound.

North America hearing aids industry is expected to register 3.8% CAGR from 2024-2032 due to high prevalence of hearing loss among its aging population and increased awareness of hearing health in the region.

Audina Hearing Instruments, Demant A/S, Ear Technology Corporation, GN Store Nord A/S, RION Co. Ltd, Sebotek Hearing Systems, Sonova Holding AG, Starkey, WS Audiology, and ZOUNDS Hearing, are some of the major hearing aids companies worldwide.