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Hearable Devices Market to Reach Valuation of USD 37.37 Billion by 2028 - Increasing Demand for Health Monitoring Applications and Hearing Aids to Bloom Market
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 9.9% 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.
Key Findings:
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.
Hearable Devices Market to Reach Valuation of USD 37.37 Billion by 2028 - Increasing Demand for Health Monitoring Applications and Hearing Aids to Bloom Market
02 Feb 2022
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Hearable Devices Market to Reach Valuation of USD 37.37 Billion by 2028 - Increasing Demand for Health Monitoring Applications and Hearing Aids to Bloom Market
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