Hearing aids market growth is driven by the technological advancements in hearing aids, growing prevalence of hearing loss, and the increasing adoption of smart hearing aids due to the rising incidence of noise-induced hearing loss.
The increased pressure due to the growing rate of hospitalization of COVID-19 patients had led to the re-profiling of many hospitals and departments for treating patients with COVID-19. Consequently, many elective surgeries were canceled or postponed worldwide to reserve or redirect the available limited capacities and resources (like hospital beds and patient care professionals) toward COVID-19 patient care.
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The crisis has ushered in a new era in the hearing healthcare space that requires a radical rethinking of service delivery in audiology. Low- and no-touch services are now necessary for audiology patients (who are typically at the highest risk for COVID-19 morbidity and mortality due to their advanced age).
Globally, the rising incidence of hearing loss has made it extremely important to monitor and examine hearing functions. In children, untreated hearing loss negatively impacts language development, learning, and social engagement.
Similarly, older adults with hearing loss often have difficulty following day-to-day conversations. For people entering their retirement years, untreated hearing loss has been linked to several physical and psychological issues, ranging from cognitive decline and depression to an increased risk of trips and falls.
Emerging economies such as India, South Korea, Malaysia, Vietnam, Africa, and Middle Eastern countries such as Israel, Saudi Arabia, and the UAE offer significant growth opportunities to major market players. This can be attributed to their low regulatory barriers, improvements in healthcare infrastructure, growing patient population, and rising healthcare expenditure.
The high cost of hearing aids, such as cochlear implants and bone-anchored systems, is a major factor restraining the market growth, particularly in price-sensitive regions such as the Asia Pacific, Latin America, and Africa. Healthcare providers, especially in developing countries such as Brazil and Mexico, have low financial resources to invest in sophisticated technologies.
