Hearing Aids Market Segmentation and Future Strategies By 2026 | Cochlear, GN Store Nord, MED-EL

BRUSSELS - Sept. 9, 2022 - PRLog -- More than 5% of the world's population (~466 million people) has disabling hearing loss and this number is supposed to be over 900 million by 2050 individuals.

The Global Hearing Aids Market is expected to witness a growth rate of 5% in the next five years. The rising geriatric population, technological advancements, increasing adoption of smart hearing aids, rising incidence of noise-induced hearing loss, favorable reimbursement in developed markets, growing awareness, and improving access to healthcare in emerging markets are some of the key factors driving the global Hearing Aids market.

However, the lack of trained health personnel, educational facilities, and necessary data to address the requirements of those living with hearing issues are probably going to hamper the market development.

Underserved Low- and Middle-Income Countries Offer Ample Opportunities for Growth
The hearing aids market in low- and middle-income countries remain largely untapped as people often have little or no access to audiological services. The prevalence rate of disabling hearing loss in regions such as South Asia, Asia Pacific, and Sub-Saharan Africa is almost four times that of higher-income regions. According to WHO, the global hearing aid production meets only around 3% of the need in these countries. However, rising awareness about hearing aids and increasing affluence in these regions is expected to open up substantial growth opportunities.

"According to WHO, around 90% of the people with disabling hearing loss live in low- and middle-income countries. A huge population base, growing awareness & spending power, and a strong focus of hearing manufacturers on increasing access to hearing care in low- and middle-income countries, especially for children is expected to open growth opportunities in low- and middle-income countries." - Director, Leading Hearing Aids Device Manufacturer, United States

Competitive Landscape Analysis of Hearing Aids Market
The global hearing aids market is marked by the presence of players such as Sonova Group, Demant, Starkey, Cochlear, GN Store Nord, MED-EL, RION, SeboTek Hearing Systems, audifon, Audina Hearing Instruments, among others.

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