Hearing Aid Market Analysis
Size, Growth rate and Overview:
The global demand for hearing aids market was valued at
approximately USD xx billion in 2017 and is expected to generate revenue of
around USD 8.5 billion by the end of 2021, growing at a CAGR of around 7.6%
between 2018 and 2021.
Hearing aids cannot restore normal hearing but are capable of
improving hearing by amplifying soft sounds, helping to hear sounds that previously
had trouble hearing. They contain a microphone which collects sounds from the
environment and convert it to a digital code, which is then analysed, and the
sound is adjusted based on hearing loss and amplified into the ear. Currently,
most hearing aids are digital, and are powered with a hearing aid battery. The rise in aging population and the
increasing number of natural and accidental hearing loss incidences are some of
the key factors responsible for the growth of the global hearing aid market. The
increased use of binaural fittings as an effective alternative will drive the
growth prospects for the global market during the forecast period. Furthermore,
with a rise in technology-enabled diagnosis and treatments, awareness about
under-diagnosed medical conditions which can cause hearing impairment has risen
over the years, pushing hearing aid market growth.
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Hearing Aid Market Key Drivers, Challenges, and Opportunities:
The prevalence in growing incidences and rise in popularity
among consumers is extending the demand for hearing aid market. The increased
demand in hospitals and especially in specialty centers for hearing impairments
is driving the market. In addition, government support in investment of
hearing aids, which made ease of availability is impacting positive growth of
the hearing aid market. The market is also gaining popularity by advertising
the devices and increase in sales through the distributor channels. The
shifting trend towards advanced technology with rechargeable batteries is an
outshining factor for the demand of hearing aid market. However, its high price
and discomfort in wearing the devices are slightly hindering the growth of this
market.
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Hearing Aid Market – Regional Presence:
United States is the largest market for hearing aid in North
America closely followed by Canada, which is the second-largest market. Growing
geriatric population and quick adoption of technology has led to the growth of
this market in North America. Asia pacific being most populated region is also expected
to have an accelerated growth in the hearing aid market in the forecast period.
Some of
the Key Players Profiled in this Hearing Aid
Market Report are:
Cochlear Ltd,
GN Store Nord A/S, Med-El, Sonova, Starkey Hearing Technologies Inc., Sebotek
Hearing Systems LLC, SivantosPvt. Ltd, WIDEX A/S, William Demant Holding A/S,
Zounds Hearing and others.
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kevin@researchcosmos.com
Global Sales Manager
Research Cosmos
www.researchcosmos.com
+1 888 709 8757
https://marketreportsweb.com/
https://acutemarketinsights.com/
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