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Accounting for nearly twice the population of the United States and experiencing an increase in over-65 population, Latin America has significant market potential for hearing devices. In Latin America, 4% to 6% of the population is affected by a disabling hearing loss, whereas the rates among North American and European countries are between 2% and 4%, according to World Health Organization estimates. There are approximately 32 million people in Latin America who suffer from mild to severe hearing loss, making up about 9% of the world’s total hearing impaired population.
To address this issue, some countries like Brazil have a public health care program that provides free-of-charge hearing health care services, including diagnosis, treatment, hearing aid distribution, and rehabilitation. However, poor socioeconomic conditions and geographical differences slow down the overall development of hearing healthcare across the region. Current short-term awareness campaigns and the limited number of initiatives by associations and government organizations are insufficient to improve adoption rates.
Low Penetration Rates
The largest segment of the Latin American market for hearing devices is the market for hearing aids, accounting for approximately 750,000 hearing aids sold annually. According to a new report published by iData Research entitledBrazilian Market for Hearing Devices and Batteries, 2015 will see a large proportion of the overall hearing aids sold in Brazil, which represents almost 50% of the entire Latin American market. These numbers reveal how underdeveloped the Latin American market is compared to the U.S., where more than 3 million units are sold on an annual basis.
Originally published on Med Device Online, December 10, 2014
Giulliano Pappi is a market research analyst at iData Research and was the lead researcher for the 2015 Brazilian and Mexican Market for Hearing Aids and Batteries report. He has extensive experience in market intelligence within the Brazilian pharmaceutical industry. Reach him at [email protected].