Latin America Hearing Aids Market Size & Outlook
Latin America hearing aids market, 2018-2030 (US$M)
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Latin America hearing aids market highlights
- The Latin America hearing aids market generated a revenue of USD 454.1 million in 2023.
- The market is expected to grow at a CAGR of 7% from 2024 to 2030.
- In terms of segment, outpatient facilities was the largest revenue generating end use in 2023.
- OUTPATIENT FACILITIES is the most lucrative end use segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 454.1 million |
| Market revenue in 2030 | USD 728.8 million |
| Growth rate | 7% (CAGR from 2023 to 2030) |
| Largest segment | Outpatient facilities |
| Fastest growing segment | OUTPATIENT FACILITIES |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | HOSPITALS, OUTPATIENT FACILITIES |
| Key market players worldwide | Audicus, Audina Hearing Instruments, Eargo, GN Store Nord A/S, MDHearingAid, SeboTek Hearing Systems, Sonova Holding AG, Starkey Hearing Technologies, WS Audiology |
Other key industry trends
- In terms of revenue, Latin America region accounted for 7.2% of the global hearing aids market in 2023.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 2,838.0 million by 2030.
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Hearing Aids Market Scope
Hearing Aids Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America hearing aids market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to hearing aids market will help companies and investors design strategic landscapes.
Outpatient facilities was the largest segment with a revenue share of 79.89% in 2023. Horizon Databook has segmented the Latin America hearing aids market based on hospitals, outpatient facilities covering the revenue growth of each sub-segment from 2018 to 2030.
Latin America holds significant growth potential for hearing aids. Poor socioeconomic conditions and geographic differences hamper the growth of hearing aids market across the region. The penetration rate of hearing aids is low in the region owing to lack of awareness about them. Presence of a large elderly population is contributing to an increase in the prevalence of hearing loss in Latin America.
According to recent WHO estimates, Latin America, and the Caribbean region account for around 9% of the global count of individuals with hearing loss. The adoption of hearing aids is still less due to low awareness and knowledge about these devices.
Increase in the number of government initiatives for detecting hearing loss, rise in elderly population, and increase in need for technologically advanced devices to help people with hearing impairment are among the factors expected to drive the market in Latin America.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America hearing aids market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America hearing aids market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America Hearing Aids Market Outlook Share, 2023 & 2030 (US$M)
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