Hearing can deteriorate throughout the course of your life for various reasons, including aging or prolonged exposure to loud environments. The important thing is to quickly act on the early signs and invest in a hearing aid best suited for your needs.
Hearing aids growth is driven by the technological advancements in hearing aids, growing prevalence of hearing loss, and the increasing adoption of smart hearing aids due to the rising incidence of noise-induced hearing loss.
Globally, the rising incidence of hearing loss has made it extremely important to monitor and examine hearing functions. In children, untreated hearing loss negatively impacts language development, learning, and social engagement.
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Similarly, older adults with hearing loss often have difficulty following day-to-day conversations. For people entering their retirement years, untreated hearing loss has been linked to several physical and psychological issues, ranging from cognitive decline and depression to an increased risk of trips and falls.
In addition, the regulatory policies in the Asia Pacific region are more adaptive and business-friendly than those in developed countries. This, along with the increasing competition in mature markets, has drawn key players in the hearing aids market to focus on emerging countries.
Currently, several countries are facing a shortage of skilled professionals who are capable of effectively performing ENT procedures, such as cochlear implantation. Underdeveloped countries and regions face this problem on a much wider scale.
The dearth of skilled ENT surgeons in these countries is expected to limit the number of ENT procedures performed, including cochlear implantation, carried out per year despite the presence of a large target patient population base. This is a major challenge for the growth of the hearing aids market.
Some key players in the hearing aids market (2021- 2026)
- Sonova Group (Switzerland)
- Demant A/S (Denmark)
- GN Store Nord A/S (Denmark)
- Cochlear Ltd. (Australia)
- RION Co., Ltd. (Japan)
The hearing aids market is segmented into sensorineural hearing loss and conductive hearing loss based on type of hearing loss. In 2020, the sensorineural hearing loss segment accounted for the largest share. Factors such as the high prevalence of sensorineural hearing loss, coupled with the growing geriatric patient pool and an increase in the number of product approvals are driving the growth of this segment.