PUBLISHER: Inkwood Research | PRODUCT CODE: 1051516
PUBLISHER: Inkwood Research | PRODUCT CODE: 1051516
The Indonesia hearing aids market is forecasted to develop with a CAGR of 8.25% over the estimated years. The country's market growth is strengthened by the increasing geriatric population, in addition to the surging incidence of hearing problems. The base year considered for the studied market is 2021, and the forecasting period is from 2022 to 2028.
Although the penetration of hearing aids in the Asia-Pacific is relatively lower as compared to developed economies, it poses a substantial growth potential in terms of the adoption as well as the usage of hearing ad devices and products.
Hearing loss is highly prevalent among the older population, typically impacting senior citizens. This type of hearing loss is termed degenerative hearing loss since it results from the degeneration of cells in the cochlea, as per the Health Ministry of Indonesia. In addition, according to Statistics Indonesia, the percentage of elderly in the country was anticipated to increase by around 10% by 2020 and approximately 20% by the year 2024.
Furthermore, it is also estimated that by 2050, the elderly population will reach 74 million, equating to around 25% of the global population, according to the projections put forth by the United Nations (UN) in 2017. As a result, the significant rise in the geriatric populace will subsequently increase the demand for hearing aids in Indonesia over the upcoming years. Therefore, the factors mentioned above are set to play an essential role in fueling the country's hearing aids market growth during the forecasted years.
Leading firms operating in the market are: Med-EL, Siemens AG, Cochlear Ltd, etc.