Hearing Aids Market Size, Share and Growth Analysis
Hearing Aids Market Size and Growth Rate:
As per the latest reports published by Research Cosmos, Hearing Aids Market is expected to reach USD 8.5 billion by 2021 growing at a CAGR of 7.6% during the forecast period 2017 to 2021.
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Hearing Aids Market Growth Drivers and Restraints:
The increase in the number of hearing problems and hearing loss among the population has led to the sale of a large number of hearing aids in the market. Today, hearing impairment in babies and veterans is one of the main concerns of the health sector. Therefore, it is necessary to improve the hearing aids, since many of them do not receive treatment, especially in babies, which can also result in speech deficiency and psychological disabilities. In addition, technological developments related to products that combine cochlear implants and hearing technology to overcome high frequency hearing loss in patients are creating new opportunities for players in the hearing aid market.
Another prominent growth aspect for the global market is the increasing ration of geriatric population. Compared to previous decade, the number of aged populations has drastically and will continue to increase in the coming years. This part of the demographics is more susceptible to the hearing problems, offering growth opportunities for the respective market. Furthermore, the technological advances in the manufacturing of these devices, rise in disposable income of the people, growing awareness about the benefits of this hearing aids, and the supportive government reimbursements are also expected to support the world hearing aids market in the coming years.
Geographical Analysis of Hearing Aids Market:
At the regional level, the market for hearing aids is segmented in Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America. Europe and North America are the main contributors to the global market for hearing aids. In 2016, only Europe accounted for the largest market share in terms of revenue, followed by North America, due to the growth of the geriatric population, the high awareness of patients and government initiatives like reimbursement scenario, speech therapies and technological innovations.
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Key Players of Hearing Aids Market:
Some of the leading players in global hearing aids market include Horentek, MED-EL, Audina Hearing Instruments, Microson, SeboTek Hearing Systems, Sonova, RION, Arphi Electronics, Siemens AG, and Widex A/S.
Hearing Aids Market Segmentation:
By Product Type:
- ITE
- BTE
By Industry:
- Congenital
- Hearing loss in elderly
- Acquired Trauma
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
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