In terms of revenue, the Global Hearable Devices Market is expected to reach USD USD 37.37 Billion billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 9.60% from 2022 to 2028. The Global Hearable Devices Market is mainly driven by the factors such as increasing demand for health monitoring applications and hearing aids, increasing investment in Research and Development (R&D), and growing demand for smartphones as a source of entertainment. Moreover, the increasing global population and changing consumer preferences are further propelling the demand for hearable devices and further fueling market growth.
- Based on product, the hearing aids sub-segment is anticipated to dominate the segment for Hearable Devices Market and grow at a substantial Compound Annual Growth Rate (CAGR). The growth is attributed to the growing number of hearing-impaired populations across the globe.
- The Healthcare sub-segment held a market significant share in 2021 of the application segment for the Hearable Devices Market. The growth is attributed to the increasing adult and geriatric population suffering from disabling hearing loss across the globe. According to World Health Organization (WHO), it is estimated that over 5% of the global population or 466 million people suffer from disabling hearing loss.
- Asia Pacific is the largest regional segment. This is due to the presence of emerging economies such as India and China among others. Moreover, the presence of manufacturing facilities in the region, increasing industrialization and urbanization, and a rise in energy consumption is likely to fuel the market growth.
Some of key players in Hearable Devices Market includes - Samsung Electronics Co., Ltd. (South Korea), Apple Inc. (US), Sony Corporation (Japan), Sennheiser Electronics GmBH, co. kg (Germany), and GN Store Nord A/S (Denmark)..
Technological improvement in hearable devices to make the device more efficient and user-friendly can propel the growth of the market during the forecast period. Moreover, the rising geriatric population contributing to the huge patient pool, growth in product customization, and introduction of rechargeable cochlear implants are the factors boosting the growth of the market. According to the National Institutes of Health, the global older population is growing at a remarkable rate. It is estimated that 8.5 percent of people globally (617 million) are aged 65 and over. Furthermore, increasing government support and healthcare expenditure have fueled the market growth. Additionally, new improvements for developing innovative next-generation sound processors and developing potential markets provide growth opportunities for the market.
Asia Pacific is expected to emerge as potential market for Hearable Devices Market. The market growth in the region is attributed to, the growing popularity of video & audio entertainment, as well as increasing technological advancements. Also, the presence of a large base of patients suffering from hearing loss is anticipated to propel the market growth over the forecast period. According to the National Institute on Deafness and Other Communication Disorders (NIDCD), it is estimated that about 2 to 3 out of every 1,000 children in the United States are born with a noticeable level of hearing loss in one or both ears. Additionally, around 15% of American adults (37.5 million) aged 18 and over suffer from some trouble hearing. Increasing government support for research and development, well-developed technology, and high healthcare expenditure are driving the growth of the market, especially in the U.S.