Hearing Aids Market Will Reach USD 12,541.9 Million By 2030

NEW YORK - April 11, 2024 - PRLog -- In 2023, the worldwide market for hearing aids yielded a revenue of USD 8,210.5 million and is projected to experience a compound annual growth rate (CAGR) of 6.4% over the forecast period spanning from 2024 to 2030. This can be credited to the growing occurrence of hearing loss, the increasing elderly populace, which is vulnerable to hearing illnesses; rising knowledge of technically advanced tools for the treatment of deafness and hearing loss, and also rising biaural fitting rate.

Moreover, the advent of enhanced technologies, like wirelessly connected devices with smartphones, is projected to influence the industry positively. Also, the need for cochlear implants is slowly growing, particularly among children.

There is a growing demand for advanced hearing aids that offer enhanced sound processing, better auditory quality, and wireless options. To develop these modern hearing aids with superior performance, numerous companies in the hearing aids industry are making significant investments in research and development (R&D).

The rise in the global elderly demographic is a significant factor contributing to the uptick in hearing impairments. Beyond age, heightened exposure to loud sounds, genetic predisposition, and natural aging of the auditory system can all play roles in hearing decline among older individuals.

Report Description: https://www.psmarketresearch.com/market-analysis/hearing-aids-market

According to the World Health Organization (WHO), by 2030, one-sixth of the global population will be aged 60 or above. During this period, the number of individuals aged 60 and older is expected to surge from 1 billion in 2020 to 1.4 billion.

In 2023, based on product, the hearing device category generated the larger revenue share, of 80%. The category is also projected to dominate the market in the future as well. This can be credited to the technical novelties in such devices, in order to advance the quality of life of individuals with a hearing incapacity. Presently, several businesses are emerging new hearing aid devices with progressive features, helped by their growing investment in research and development.

In 2023, Europe is leading this field by occupying a share of around 40%, and we predict a strong CAGR of the market review period. This progression is a result of rising rates of deafness in the area and supportive governmental measures that change the regulatory framework in Favor of the usage of assistive listening devices.

SOURCE: P&S Intelligence