The size of the Asia Pacific Hearing Aid Market is estimated to be worth USD 2.18 billion by 2027 from USD 1.52 billion in 2022, growing at a CAGR of 7.5% from 2022 to 2027.
An increasing number of patients with hearing loss and growing disposable income are propelling the hearing aid market in this region. According to World Health Organization (WHO), nearly 400 million people suffer from hearing loss problems, which is anticipated to reach 700 million by 2050. In addition, genetic issues such as pregnancy and childbirth, loud sounds for a long time, and hearing unexpected blasts could lead to hearing loss. Furthermore, rising awareness over the availability of smart devices, the growing scale of healthcare centers, and increasing focus on improving the treatment procedures from the market participants are expected to promote the market’s growth rate in the Asia-Pacific region.
YOY rise in the geriatric population across the Asia-Pacific region is one of the significant factors contributing to the growth of the hearing aid market in this region. The risk of hearing loss increases with age, and the aging population segment is expected to increase the need for hearing aid. Moreover, hearing loss is worsened in people suffering from high blood pressure, diabetes, and some other chronic diseases. Hearing loss disorder in these people may affect their quality of life and increase the burden on their families. As a result, demand is in the market during the forecast period due to increasing awareness about different types of hearing aid devices for older people.
Technological advancements and growing R&D activities by the market participants are further anticipated to fuel the market’s growth rate. Most of the key players are focusing on the manufacturing of hearing aid with advanced technology, which helps people with hearing loss in a better way. Manufacturing personalized hearing aid is a significant point for developing the hearing aid market. Manufacturers are focusing on developing hearing aids that are inbuilt into the ear without appearing outside and adding a sensor-based system to the hearing aid to improve the device's quality.
Hearing loss problems are increasing considerably among infants due to several complications, which is anticipated to promote the demand for hearing aids. According to the data published by the Centers for Disease Prevention and Control (CDC), an estimated 6000 U.S. infants born in 2019 were diagnosed with permanent hearing loss. Also, growing complications in pregnant women are expected to favor market growth. Furthermore, the growing penetration of the IT industry in manufacturing hearing aids is supporting market growth. The growing prevalence of developing new devices and reducing high-frequency hearing loss in patients is leveraging the demand for hearing aids in Asia-Pacific.
However, frequent technological changes and updates and high costs associated with hearing aid devices hamper the market growth in this region. APAC has a significant population with moderate earnings, and the costs associated with hearing aids are not affordable to many in this region, resulting in the reduced demand for these products. In addition, stringent rules and regulations by the government limit the growth rate of the Asia Pacific hearing aid market.
This report on the APAC hearing aid market has been segmented and sub-segmented market into the following categories:
By Hearing Loss:
Regionally, the market in the Asia Pacific has been growing steadily over the past few years. It is expected to account for a promising global market share during the forecast period. Factors such as the increasing adoption of hearing aid for hearing problems and increasing healthcare expenditure are the major factors that drive the market forward. India and China are expected to contribute to the APAC market significantly. The growing population and increasing disposable income are promoting the adoption of the hearing aid market in this region. In India, nearly 63 million people have hearing impairments, as the WHO. A large percentage of people are from 0-14 years old. Due to technological advancements, Bluetooth devices are the most used in India. These hearing aids are connected to smartphones to know about the battery percentage in the hearing aid device. In China, nearly 21 million have hearing loss problems, and 14 million people aged above 60, which drives the market forward. Furthermore, due to the latest technologies in China, manufacturers focus on producing different hearing aid devices according to the people's age groups. As a result, people in this region are adopting the use of more hearing aid devices at affordable prices.
The hearing aid market in Japan is anticipated to have a significant growth rate in the forecast period. The emergence of advanced technology and increasing focus on developing innovative products boosts the market's growth. However, according to a recent survey in Japan, only 15 % of people with hearing impairments are using hearing aid devices. After the survey, several programs have been conducted by the government to the importance of using hearing aids to avoid a dangerous situation in their lives.
KEY MARKET PLAYERS:
Some of the notable companies operating in the APAC Hearing Aid Market profiled in this report are GN Store Nord A/S (Denmark), Cochlear Limited (Australia), MED-EL (Austria), SeboTek Hearing Systems, Starkey Hearing Technologies, Inc. (U.S.), Widex (Denmark), William Demant Holding A/S (Denmark), LLC (U.S.), Sivantos Pte. Ltd. (Singapore), Sonova (Switzerland), and Zounds Hearing, Inc. (U.S.).
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