Market growth drivers
The following factors are driving market growth:
- Ageing population: The global population is ageing, and this is the most important growth driver. Age-related hearing loss
is known as presbycusis. In most cases, hearing loss affects both ears and can begin when someone is as young as 30 or 40
years old and worsens gradually over time. In the United States, approximately 15 per cent of adults aged 18 and over report
some trouble hearing, and nearly half of those older than 75 years of age have difficulty hearing. The WHO projects that by the year 2030, one sixth of the global population will be aged 60 years or older or 1.4 billion
people. Population ageing initially emerged in high-income countries. For instance, in Japan, 30 per cent of the population is already
aged 60 or older. However, the most significant shifts are now occurring in LMICs. It is projected that by 2050, two thirds
of the global population aged 60 and above will reside in LMICs.
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- Increased awareness and acceptance: Initiatives that address stigma and raise awareness on hearing loss are driving demand
for hearing aids. People are becoming more cognizant of the impact of untreated hearing impairment on overall well-being.
- Technological advancements: Innovations such as Bluetooth connectivity and improved noise cancellation enhance the appeal
and effectiveness of these devices to beneficiaries. In a survey conducted by the Hearing Industries Association (HIA), hearing
aid performance in terms of sound quality is stated as the primary driver for hearing aid satisfaction. This technological progress not only meets the evolving expectations of consumers but also attracts new users.
- Rising disposable income: Studies have shown that hearing-aid demand increases in flourishing economies and decreases during
recessions. As more individuals can invest in their health and well-being, the affordability of hearing aids becomes a less prohibitive
factor.
- Government initiatives: In South Korea, a government subsidy was launched in 2015 and in 2016, 85.3 per cent of individuals
with newly registered hearing disabilities received hearing aid subsidies. In France, hearing aids are covered by Social Security and complementary health insurance. By recognizing the importance of addressing hearing loss at a public health level, governments are actively taking steps
to make hearing aids more available and affordable. These initiatives not only benefit individuals with hearing impairments
but also contribute to the overall growth of the hearing-aid market.
- Provision for over-the-counter (OTC) sales: In 2022, the United States Food & Drug Administration (FDA) published the final
rule for the over-the-counter sales of hearing aids, allowing people with mild to moderate hearing loss to buy hearing aids
online and in retail stores without a need for prescription. OTC sales of hearing aids is further expected to increase accessibility and competition and subsequently, demand.
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These factors position the hearing-aid industry for sustained future growth. As technology continues to advance and public
awareness expands, the global hearing- aid market is poised to play a pivotal role in enhancing the quality of life for people
with hearing loss.