4 Reasons the Hearing Aid Market Continues to Grow
By gahear on December 27, 2022 in Hearing Aids For Sale
It might surprise you to know that the global hearing aid market continues to grow each year – in fact, in 2021 the global hearing aid market was valued at $9.9 billion and is expected to reach $13 billion by 2028. One of the many benefits of this is that more hearing aid types, brands, and technologies are available than ever and developments in hearing aid technology are showing no signs of slowing down. There are a few reasons that the hearing aid market is seeing explosive growth right now, so here are just a few.
Increased Noise Pollution
Noise pollution is becoming a huge problem when it comes to hearing health. As many as 26 million adults have some form of irreversible hearing loss due to exposure to loud noises, or about 17% of adults aged 20-69. Hearing loss can occur from a single exposure to a loud noise or from repeated exposure to loud environments. Some of the biggest contributors are environments that include industrial machinery like factories, machine shops, or construction sites. Traffic sounds and loud vehicles can also have a large negative effect on people who live in urban areas or near major highways. The more prevalent these sounds become as urban areas develop and expand, the more people experience gradual or sudden hearing loss and require treatment.
Rise in Elderly Population
Elderly people are much more likely to experience hearing loss for a variety of reasons. Some of it is simply related to the aging process and changes in the inner ear and auditory mechanisms. Other times, elderly people lose hearing because of a lifetime of noise exposure. The likelihood of becoming fully or partially deaf increases with age – and the population of elderly people increases each year. In fact, the elderly population around the world is expected to double by 2050. With more elderly people experiencing hearing loss, the demand for hearing aids continues to grow.
Growing Awareness of Hearing Loss
Hearing loss hasn’t always been as widely recognized as it is now. Previously, hearing loss was thought of as something only the elderly experienced, and even then, many people simply lived with the symptoms. The more we learn about the causes of hearing loss, the more we recognized its prevalence in all age groups – and that it’s treatable. It’s also now widely understood that the best treatment for hearing loss is hearing aids. As we continue to diagnose more people with hearing loss, the more hearing aids become essential to patients’ everyday life.
Reduced Stigma Around Hearing Aids
One of the many factors that turns people away from seeking treatment for hearing loss is embarrassment around wearing hearing aids. There are a variety of reasons for this, one of which is the misunderstanding that hearing aids are unfashionable or difficult to use. As more hearing aid types and technologies become available, a wider variety of hearing aids can accommodate all levels of technological literacy or cosmetic needs. Hearing aids also become more normalized in people of all ages. The result is that many more people are comfortable pursuing treatment with hearing aids than ever before.
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