Report Description

Global Hearing Aid Devices market stood at USD 18.72 Billion in 2021 and is expected to grow at a steady CAGR of 7.70% during the forecast period. This can be attributed to the increasing prevalence of hearing loss and growing adult population globally. The growing technological advancements across the hearing aid-devices have made them aesthetically appealing. Thereby increasing the demand of hearing aid devices globally. Hearing aids do not require any type of surgery and are very feasible to use and are best suited for people with less severe hearing loss and fair speech understanding. Hence, increasing the demand of hearing aid devices demand globally. Also, flourishing healthcare industry and increasing healthcare expenditure by both the governments and population across the different regions is expected to foster the market growth during the forecast period.

Growing Prevalence of Hearing Loss Driving Market Growth

Hearing loss and impairments are becoming more common in people of all ages, from newborns to adults to the elderly, which is predicted to raise demand for hearing aids globally. The market is predicted to expand through 2027, thanks to rising rates of prenatal hearing impairments and adult hearing loss. According to the World Health Organization (WHO), the number of persons with hearing loss was over 430 million in 2019 and is anticipated to rise to 711 million by 2050. As a result, the need for hearing aids is likely to rise over the world.