The Increasing Aging Population Is Boosting the Demand for Global Hearing Aids Market to Evolve at 5.42% Cagr by 2027
“According to the new market research report published by Inkwood Research, the global hearing aids market is growing at a CAGR of 5.42% throughout the forecasting years of 2019-2027.”
“Browse 34 market Data Tables and 37 Figures spread over 140 Pages, along with an in-depth TOC on global hearing aids market forecast 2019-2027.”
Global hearing aids market is primarily growing due to the increasing number of aging population and technological advancement in hearing aids. The increase in disposable income and a high prevalence rate of hearing impairment is further influencing the growth of the hearing aids market. The up-surging geriatric population is the major end-user of these hearing aid devices. The hearing aid market is segmented as per the type of hearing loss and patient type. Companies manufacturing and distributing these devices are technologically savvy and incur costs for further research and development.
Technological advancement is developing the hearing aids market
Many technological advancements in hearing aid devices are boosting the reach of the market. Many technologies like the Bluetooth technology, wireless systems, etc. are introduced in the market, which when further coupled with digitalization, they provide the hearing aid with fine enhancements, improved battery life, minimized background noise and augmented speech sound. Companies are producing rechargeable batteries which provide the hearing devices with a long-lasting lifespan. These advancements are boosting the demand for hearing devices and aids due to the comfort and ease offered to the patients and other users.
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Hearing aid devices are the dominant product offered by the global hearing aids market
The market is segmented into two types of products, namely, hearing aid devices and hearing implants. Hearing aid devices is the dominating segment as per product type. There are behind the ear hearing aid devices and receiver-in-the-ear hearing aid devices. A typical hearing device will include a microphone, receiver/speaker, an amplifier, and powered by a battery. The technological advancements in hearing devices are expected to supplement growth for the aid devices. Several new companies are entering the hearing aids device market which is helping the global market for further expansion.
Europe holds the largest market share in the global hearing aids market
Europe is the surging market for the hearing aid devices among the other regions. Hearing aid primarily is part of the healthcare sector. The governments in Europe have initiated programs to minimize hearing loss. For the same, the government has initited action plans to create awarness about hearing loss, noise pollution and commision services to provide better treatment for people with hearing problems. The government has started reimbursement schemes to support the increasing prevalence of hearing loss medically. United Kingdom, France, Germany, and Spain are the major markets for hearing aid in Europe. Financial support from the government in these countries is augmenting market stability.
The global hearing aids market is growing at a rapid pace. The top players operating in the global market are Willian Demant Holding A/S, Siemens AG, Rion Co. Ltd., Med-EL, Cochlear Ltd., Arphi Electronics Pvt. Ltd., GN Store Nord, Arphi Electronics Private Ltd., Microson, Starkey Hearing Technology, Zounds Hearing Inc., Sonova Holdings AG, Sebotex Hearing Systems, Horentex, Amplifon Hearing Health Care.
These players are focusing on various strategies for development such as new product launch, acquisitions, partnerships, research and development, investment in different geographies and business expansions. The market is still at its evolving stage, which is making room for new entrants to undergo business expansions. However, the market is lead by major niche players like William Demant, Sonova, Siemens, Starkey technology.
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