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Hearing aids help people who have hearing loss from damage to the small sensory cells in the inner ear. The Hearing Aids Market is highly competitive with a large number of players. The key market players dominating the global hearing aid market profiled in this report are GN Store Nord A/S (Denmark), Cochlear Limited (Australia) Starkey Hearing Technologies, Inc. (U.S.), William Demant Holding A/S (Denmark) and others
The size of the global hearing aid market is forecasted to be worth USD 10.23 billion by 2026, registering a CAGR of 6.4% from 2021 to 2026.
The Hearing problem has become a common disorder in patients. A recent report was given by the WHO stated that the number of people living with disabling hearing loss is projected to reach over 900 million by 2050. Hearing loss is more common in the United States due to genetic disorders. According to the United Nations' World Population Prospects for 2019, the number of individuals over the age of 65 is expected to rise from 9% in 2019 to more than 16% in 2050.
Impact of COVID-19 on the global hearing aid market:
COVID-19 had a detrimental influence on the global hearing aid market. Deaf or hard-of-hearing hospital patients encountered numerous problems as a result of the epidemic. Furthermore, the growing usage of masks has detrimental influences on people who communicate by lip-reading and facial expressions. To overcome market growth limits, several hospitals have restricted interpreters and visits due to social distance, and they are now offering patients video conferencing with hearing aids. Furthermore, there are restrictions connected with therapies, which have slightly hindered the market's growth.
KEY DRIVING FACTORS:
The increasing prevalence of hearing loss and technological advancements in hearing aids are majorly driving the market growth. Also, the rising adoption of smart hearing aids is owing to the prevalence of noise-induced hearing loss. In Addition, initiatives taken by the government to create awareness about hearing Aid devices are likely to enhance the market growth.
On the other hand, the geriatric population is considered one of the major factors driving market growth. Because the senior population who are above age 60 are often have hearing disabilities which are expected to accelerate the market growth. Increased noise pollution across the world has a substantial influence on people's hearing abilities. Adults' hearing capacity is predicted to be impaired due to noise pollution in heavy-duty industries and public carnivals, increasing demand for hearing aids.
Increasing investment and funding by the government and private organizations for providing advanced hearing devices are expected to influence the market growth. In developing countries, preventable medical concerns, particularly infections like rubella or syphilis, which can cause congenital hearing loss, are frequently the leading causes.
However, inadequate testing methods, consumer shortages, and amplifications are the major factors restricting global hearing aid market growth. In Addition, the poor battery life of hearing aids is one of the market's significant disadvantages. The user is left helpless and quiet when the helping battery runs out.
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