According to World Health Organization, currently, over five percent or 466 million people suffer from hearing loss, globally. This number is likely to reach a figure of 900 million people by the end of 2050. Hearing loss is a condition in which a person’s ability to hear thresholds of 25 decibels (dB) is compromised. It can occur due to congenital and acquired causes. Infection during pregnancy, low birth weight, and lack of oxygen during birth, among others are factors that are congenital causes of hearing loss.
In addition, chronic ear infections, fluid collection in ears, injury to the head or ear, and excessive noise are some of the most commonly acquired causes of hearing loss. Based on the symptoms, the severity of hearing loss can be determined as to whether it is a mild or severe case of hearing loss. It has been noticed that this condition is more common in newborns and geriatric population.
Hearing aids can help patients overcome the limitations associated with hearing loss. Hearing aids are small electronic wearable devices, which amplify sounds and enable a patient suffering from hearing loss to communicate better. However, it is highly recommended that one must consult an audiologist to understand which type of hearing aid will be more beneficial for a patient. Also, now-a-days, based on individual’s requirement customized hearing aids are also available.
The hearing aids market primarily includes hearing aid devices and hearing implants. Although, the complications associated with hearing implants are further expected to increase the popularity and adoption of hearing aids in the near future. Presently, the hearing aid devices segment holds a share of over 78% in the global aid market.
The hearing aids devices can be of multiple types such as behind-the-ear, in-the-ear, and in-the-canal aids. Furthermore, the hearing implants includes cochlear and BAHA implants. Besides being directly available to the patients, hearing aids are also distributed with the help of audiology and ENT clinics, hospitals, and pharmacies.
Figure: Global Hearing Aids Market, 2018-2028
Source: Expert Interviews, Secondary Research, and BIS Research Analysis
According to the market intelligence published by BIS Research, the global hearing aids market generated $6.55 billion revenue and is projected to reach $16.34 billion by 2028. The growth of the market is augmented by the increasing number of people suffering from hearing loss, thereby rising requirement for compact hearing aids.
Moreover, product launches along with increasing demand for custom-made hearing aids are further expected to generate multiple business opportunities for the key players operating in the market. Some of the key players present in the market are Cochlear Limited, GN Store Nord A/S, MED-EL, Sonova Holding AG, Starkey Hearing Technologies, Widex A/S, William Demant Holding A/S, Microson, and RION Co. Ltd.
With the introduction of artificial intelligence (AI) in the hearing aids devices it is expected that it will enhance the interpretation of sound and improve the communication experience for the patient. The technology can also enable a person to translate one language to another in real time, making it one of the most sough-after technologies. The incorporation of AI in hearing aids can be the future of hearing aid technologies. The integration of hearing aids devices with an advanced technology such as AI would help in benefiting the functioning of device like a normal human ear.