The Latin American Hearing Aid Market is predicted to value USD 1.56 billion by 2027 from USD 1.12 billion in 2020, registering a CAGR of 6.8% from 2022 to 2027.
In addition to the common factors such as increasing incidences, the development of the market for hearing aids in Latin America is also influenced by variables such as increased levels of noise pollution, high decibel exposure, and digital enhancement of hearing aids. Globally, rapidly growing noise pollution has had a significant impact on adult hearing ability. With public carnivals, noise emissions in heavy-duty industries are likely to harm adult hearing capacity, resulting in increased demand for hearing aids.
Low socioeconomic conditions and geographical disparate delay the overall development of healthcare hearing throughout the country. Current short-term awareness campaigns and the relatively small number of organizations and government agencies programs are inadequate to increase adoption rates.
As a result of noisy drilling and dismantling jobs, demand for hearing aids is also increased among construction workers. The latest factor contributing to the growth of improved hearing aids is the inclusion of headphones, Bluetooth, noise cancellation, and several other electronic features to current hearing devices. These technological advances have added additional features to the demand for expensive hearing aids.
This report on the Latin America Hearing Aid market has been segmented and sub-segmented the market into the following categories:
By Hearing Loss:
Regionally, Latin America has substantial market demand for hearing aids, accounting for almost twice the U.S. population and seeing a rise in the over-65 population. According to the World Health Organization reports across Latin America, impaired hearing loss affects 4% to 6%. In comparison, rates in North American and European countries vary from 2% to 4%.
Across Latin America, about 32 million people are suffering from moderate to a severe loss of hearing, accounting for about 9 percent of the total hearing impaired population in the world. Countries like Brazil, have initiated a public health care program that offers free hearing healthcare services, comprising diagnosis, treatment, delivery of hearing aids, and rehabilitation, to address this problem. Therefore, Brazil is anticipated to be one of the most important markets for hearing aids in Latin America accounting for about 50% share of the total market.
Next to Brazil, Argentina, followed by Mexico, are anticipated to account for a significant market share during the forecast period.
Key companies participating in the Latin America 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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