Market size

Latest estimates reveal that hearing loss affects 1.6 billion people worldwide (approximately 1 in 5 members of the global population), of whom 430 million (5.5 per cent of the global population) have moderate or higher severity hearing loss. 87 By 2050, the number of people with hearing loss is projected to reach nearly 2.5 billion, of whom 700 million will have moderate or higher severity of hearing loss. 88 Prevalence of hearing loss varies across regions, with 80 per cent living in LMICs. 89

Figure III. Prevalence of hearing loss (of moderate or higher grade) by income group

Bar and Line Graph

Image Description

The image is a bar and line graph that compares the number of people (in millions) and the prevalence percentage of a certain condition across different income groups.

Here are the details:

- The x-axis represents four income groups: Upper-Middle-Income, Lower-Middle-Income, High-Income, and Low-Income.

- The y-axis on the left side represents the number of people in millions, ranging from 0 to 180.

- The y-axis on the right side represents the prevalence percentage, ranging from 0% to 8%.

Each income group has a blue bar representing the number of people and a red line indicating the prevalence percentage.

  1. Upper-Middle-Income:
    • Number of people: 116.4 million
    • Prevalence: 6.2%
  2. Lower-Middle-Income:
    • Number of people: 150.5 million
    • Prevalence: 4.8%
  3. High-Income:
    • Number of people: 87.7 million
    • Prevalence: 7.5%
  4. Low-Income:
    • Number of people: 23.4 million
    • Prevalence: 3.3%

The red line shows that the prevalence percentage is highest in the High-Income group (7.5%) and lowest in the Low-Income group (3.3%).

70

As of the latest available data in 2022, approximately 20 million units90 are sold annually and the global hearing-aid market boasted a valuation of approximately 11 billion dollars. 91 Forecasts indicate a robust year-on-year growth of +8 per cent over the next 8 years, underscoring the sustained expansion of this market. The need is significantly under-tapped despite this growth: fewer than 20 per cent of people who need hearing solutions currently utilize them, presenting a significant growth opportunity. 92