Solar Rechargeable Hearing Aids Market Share & Growth [2031]

Report Description

The global solar rechargeable hearing aids market size was valued at around USD 38.9 Mn in 2022 and is projected to reach USD 59.2 Mn by 2031, expanding at a CAGR of 4.80% during the forecast period, 2023-2031. The growth of the market is attributed to the rising prevalence of moderate to complete hearing loss across age groups.

Solar rechargeable hearing aids are cost-effective hearing aids with a battery that can be recharged by solar energy. These batteries can be used as alternatives to electricity-based battery solutions for about 80% of hearing aids solutions available in the market.

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The two different causes for hearing loss one is recognized as congenital and the other is acquired. Congenital hearing loss occurs due to family history, complications during childbirth, or prenatal factors. While acquired hearing loss occurs due to factors such as ear infections, constant exposure to loud noises, and other trauma and accidental factors.

Hearing loss is becoming a concerning issue all over the world. In 2017, the World Health Assembly (WHA70.13) directed World Health Organization (WHO) to form an evidence-based report on the rising prevalence of hearing disorders. Accordingly, WHO along with the multistakeholder consultative research process launched the World Report on Hearing (WRH) on March 3, 2021.

The report is intended to enact as guidance to worldwide nations to focus on enhancing access to ear and hearing care solutions for those who require them. According to the estimations provided by the report about USD 1 Trillion in losses occur every year owing to the collective failure to effectively address hearing loss issues.

The report also revealed that about one and a half billion individuals exist across the world who are going through some kind of hearing loss. These numbers are projected to reach 2.5 Billion by 2050.

Solar rechargeable hearing aids can act as viable solutions to rising hearing disorders worldwide, as they are as effective as electricity-based hearing aid devices. Additionally, cost is a significant factor, these hearing aids are available at low costs ranging from USD 100 to USD 250. The affordability of these devices is likely to play a significant role in increasing their adoption in middle- and lower-income earning families.

The World Hearing Day campaign is held by WHO on third March every year to raise awareness related to hearing disorders. Events and other activities are organized to promote healthy hearing habits as well as share information and innovations developed for administering improved health care.

COVID-19 impeded the market, owing to a decline in the number of patients seeking treatment for hearing loss disorders. The Hearing Industries Association (HIA) reported about a 29% decline in sales of hearing aids alone in the US, during the first half of 2020.

Solar Rechargeable Hearing Aids Market Dynamics

Major Drivers

• Rising cases of disabling hearing disorders in low- and middle-income countries is a major driver of the solar rechargeable hearing aids market. Nearly 80% of cases of disabling hearing loss cases are reported in low- and middle-income countries. The affordability of these hearing aids is a key factor driving their demand in these regions.
• Rising preference for devices powered with renewable energy solutions is expected to be another major factor fueling the market. Manufacturers in the industry are developing products with hearing aid battery solutions that can be charged with electricity and solar energy. These batteries are easily removable and replaceable, which is a convenient solution for customers.

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Existing Restraints

• Lack of interest shown by individuals with hearing issues to undergo treatments or wear hearing aid devices limits the market. Numerous studies are being conducted and their results are evidences of the increasing prevalence of hearing disorders due to constant exposure to loud music over headphones or speakers, aging, and diabetes.
• According to WHO’s estimations, about 6.1% worldwide population (roughly equal to 466 million individuals) is living with major hearing disabilities. However, individuals are avoiding treatment for hearing loss due to the social stigma associated by wearing hearing aids.

Emerging Opportunities

Scope of Solar Rechargeable Hearing Aids Market Report

The report on the global solar rechargeable hearing aids market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Solar Rechargeable Hearing Aids Market Segment Insights

Based on product type, the global solar rechargeable hearing aids market is divided into behind-the-ear (BTE), in the ear (ITE), receiver in the ear (RTE), in the canal (ITC), and CROS/BiCROS. The behind-the-ear segment is projected to hold a major share of the market revenue, owing to its high preference from customers.

The behind-the-ear hearing aids are designed in such a way that they fit comfortably into customers’ ears with the support of a back case as a part of the design. These devices are highly compatible to connect with other devices over Bluetooth or other wireless connectivity solutions. BTE hearing aids are suitable for individuals who have mild to severe hearing loss.

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In terms of type of hearing loss, the market is segmented into conductive, sensorineural, and mixed. The sensorineural segment is anticipated to grow at a fast pace owing to the high number of cases and incidences of hearing loss in the geriatric population.

Aging and consistent exposure to loud noises are among the most common factors that cause old adults susceptible to sensorineural deafness. As per estimations by NCBL, 5-27 individuals per 100,000 are affected by sensorineural hearing loss each year, which takes annual cases found to 66,000 in the US. Growing geriatric population across the world and rising prevalence of hearing disorders are likely to fuel the segment.

On the basis of technology, the global solar rechargeable hearing aids market is bifurcated into analog and digital. The digital segment accounts for the largest share of the market owing to the several benefits it offers over conventional hearing aids.

Rising integration of advanced technology features and smartphone applications with hearing aids devices boosts the segment. Moreover, the sales of digital medical devices are growing at a significant pace owing to the possibility of connecting them with smartphones, to derive the maximum benefits.

Based on patient type, the global solar rechargeable hearing aids market is divided into adults and pediatrics. The adult segment accounts for a key share of the market owing to the growing number of cases of deafness in adults worldwide.

Negligence of ear health and constant exposure to loud sounds are among the major reasons damaging to the inner ear and auditory nerve in adults. Tinnitus (ringing in the ear) is a common ear-related disorder in the older population, which can be the first sign of deafness in older adults.

In terms of sales channel, the market is categorized as retail, e-commerce, and others. The retail segment is projected to hold a major share of the market revenue, as it provides an opportunity for customers to have first-hand experience in testing the compatibility of the hearing aids.

The e-commerce sales channel segment is expected to expand at a sustainable CAGR during the forecast period. The e-commerce platforms are becoming a convenient way for customers to browse different hearing aid products available in the market and select the most suitable one for their requirements.

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On the basis of price range, the global solar rechargeable hearing aids market is fragmented into less than 100 USD, 100 USD – 200 USD, and more than 200 USD. The 100 USD – 200 USD segment accounts for a key share of the market, as this price range can be suitable for low and middle-income families in terms of affordability. The high incidences of deafness in developing countries are likely to boost the demand for affordable hearing aid solutions during the forecast period.

In terms of region, the global solar rechargeable hearing aids market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. The key driver for the market in the region is the presence of a high population pool with growing cases of deafness. Emerging economies in the region namely, India, China, and Japan, have the highest diagnosis of hearing loss cases.

The market in North America is projected to expand at a substantial CAGR in the coming years. Growing preference for renewable energy-based solutions and high affordability are likely to boost the market in the region.

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