Market Brief: Device-Makers Answer Call For Better Hearing Aids; Global Market Will Grow 7.4% By 2023

The global market for hearing aids is expected to reach $11bn by 2023, driven by demand from the rising aging population and younger generation looking for technologically advanced hearing aids.

Soundwave through the human ear - Vector

Some 466 million people suffer from disabling hearing loss, including 34 million children. That number is expected to reach 630 million by 2030 and more than 900 million by 2050, according to the World Health Organization. Roughly 72 million people globally could benefit from using hearing aids or cochlear implants, with the majority of people who have hearing loss living in developing countries and unable to afford hearing aids or do not have access to audiological care. 

With the rising aging population and global demand for hearing aids, device-makers have a tremendous opportunity to expand into under-penetrated markets such as Latin America, China and India, as well...

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