Smart Hearing Aids Market size is poised to cross USD 24 Billion by the end of 2033, growing at a CAGR of 8% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of smart hearing aids was over USD 10 Billion. The growth of smart hearing aids market is primarily attributed to the increasing prevalence of hearing loss and technological advancements in hearing aid devices. According to World Health Organization (WHO), Over 5% of the world’s population, around 430 million people require rehabilitation to address their ‘disabling’ hearing loss (432 million adults and 34 million children). It is estimated that by 2050 over 700 million people will have disabling hearing loss.
The smart hearing devices are designed to transmit sound from the environment into the ear by making it louder, helping deaf people. The global smart hearing aids market trends such as, a higher number of untreated hearing disabilities boosting the demand for hearing rehabilitation. According to World Health Organization, by 2050 nearly 2.5 billion people are projected to have some degree of hearing loss and at least 700 million will require hearing rehabilitation.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
8% |
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Base Year Market Size (2022) |
USD 10 Billion |
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Forecast Year Market Size (2033) |
USD 24 Billion |
Type of Hearing Loss (Sensorineural Hear Loss, Conductive Hear Loss)
The global smart hearing aids market is segmented and analyzed for demand and supply by hearing loss into sensorineural hear loss and conductive hear loss, out of which, the sensorineural hear loss segment is attributed to garner the highest market share by 2033. Owing to the increasing geriatric population across the globe. According to the data published by NIDCD, approximately one in three people in the United States between the ages of 65 and 74 has hearing loss, and nearly half of those older than 75 have difficulty hearing.
Our in-depth analysis of the global smart hearing aids market includes the following segments:
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By Product Type |
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By Type of Hearing Loss |
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By Patient Type |
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By Technology Type |
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Regionally, the global smart hearing aids market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033. The growth of the market in the region can be attributed to the high incidence rate of hearing loss in the US and the increased adoption of hearing aids. According to the reports published by NIDCD, 1 in 8 people in the United States (13%) aged 12 years or older has hearing loss in both ears.
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Author Credits: Radhika Gupta, Shivam Bhutani
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