Published Date : Jul 29, 2016
Early detection of hearing loss and its timely treatment can alleviate the severity of deafness for individuals suffering from the condition. The use of hearing aids lies in providing hearing assistance to partially deaf people by magnifying the sound signals. The market for hearing aids is expected to boom due to the increasing number of hearing impairment cases. In this regard, a WHO report suggests that hearing production worldwide could hardly meet 10% of the total production in 2015.
With an increasing average age of the global population, the hearing impairment risk is also increasing. As elderly people are more susceptible to develop hearing impairment, the current geriatric demographic dynamics is impacting the sales of hearing aids. The increasing geriatric population worldwide is positively influencing the sales of hearing aids. In addition, features such as easy-fit and proper insulation is also increasing the popularity of hearing aids among the old-age population.
An increasing awareness about the advantages of hearing aids and government programs to prevent the incidence of hearing loss is also supporting the growth of the hearing aids market. Moreover, technological advancements are also contributing to the growth of the hearing aids market. The introduction of novelty products such as rechargeable hearing aids will also bolster the market’s growth. These devices display quick charging features and a longer battery life.
At present, the high incidence of hearing impairment among adults is opening research avenues for the development of newer products. According to recent studies, almost 6% of the population across the world suffers from hearing loss, of which almost 95% are adults. Due to the increasing incidence of hearing impairment at an alarming rate, the need for the development of new products is on the rise.
On a regional consideration, Europe stands as the most lucrative market for hearing aids. The region held 39% of the global market in 2015. This is mainly due to the presence of a large geriatric population pool in Western Europe and the willingness among consumers to purchase advanced hearing aids. Besides this, governments in emerging economies are carrying out programs to educate people about health impairment conditions, which in turn, is fuelling the demand for hearing aids in this region.