1.1 billion young people are at risk of hearing loss

The global hearing aids market size was valued at USD 9.68 billion in 2021. The market is projected to grow from USD 10.23 billion in 2022 to USD 17.68 billion by 2029, exhibiting a CAGR of 8,1% during the forecast period.

A hearing aid is an electronic device designed to enrich hearing in patients suffering from hearing loss or auditory nerve damage. The increasing prevalence of hearing loss is expected to boost the adoption of hearing devices. For instance, according to WHO reports on deafness and hearing loss, about 1,1 billion young people (aged 12-35 years) are at risk of hearing loss due to exposure to noise in recrational settings.

Furthermore, technological advancements in hearing aid devices, such as wirelessly connecting devices with smartphones,are expected to impact the market positively. Besides the demand for cochlear implants is gradually increasing, especially among children. Many healthcare providers support the early implantation of cochlear implants to restore hearing defects.

Source: Fortune Business Insights