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Futuresource Consumer Hearables Market

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Current Global Hearable Market Trends

Hearables continue to capture the attention of consumers, with 37% global growth in 2021, ending the year on close to 300 million shipments. As the markets for hearables and hearing health products converge, hearing aids are also on the rise. After a difficult 2020, with COVID-19 restrictions deterring visits to audiologists, the market rebounded, posting 17% year-on-year growth, to achieve 22.5 million shipments in 2021.

In the USA, new FDA regulations are introducing a new class of devices that can be purchased over the counter, rather than through certified medical channels. This will result in new releases in the medical grade OTC segment by the second half of 2022. Meanwhile, the World Health Organisation estimates one in five people have some form of hearing loss, which is expected to increase to one in four by 2050.

The hearing aid market is far from saturated, with only 7% of those with hearing impediments owning a hearing aid. Combine this with the growing popularity of hearables, and there will be a widening section of the population beginning to adopt hearing assistive devices in the longer term.

Smartphone brands continue to dominate the hearables market, with Apple leading the pack, and Xiaomi and Samsung occupying second and third positions. Futuresource expects smartphone vendor dominance to continue, with many offering industry-leading features and positioning themselves as an extension of the mobile experience.

 

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