A
research study titled, “Hearing Aids
Market by Product Type and Technology – Global Industry
Analysis and Forecast to 2025” published by Crystal Market Research, states
that the hearing aids market is projected to be around $6 billion by 2025.
Hearing
impairment is the most frequent sensory deficit in humans, affecting more than
250 million individuals worldwide. It is becoming a severe social and health
problem in the elderly population. This is leading to impaired exchange of
information due to hearing loss, causing loneliness, dependence, and
frustration, as well as communication disorders, thus significantly impacting
everyday life of the elderly. As per National Institute on Deafness and Other
Communication Disorders (NIDCD), around 37.5 million American adults aged 18
years and above suffer from hearing impairment. Hence, growing geriatric
population base is propelling the need for hearing aids, as this age group of
people is more prone towards developing hearing disorders. The growth of
hearing aids market can also be attributed to technological advancements in the
hearing aids such as enhanced listening, better connectivity,and
miniaturization with high efficiency of the product.
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full research report with TOC @: https://www.crystalmarketresearch.com/report/hearing-aids-market
Behind-the-ear hearing aids segment occupied
for almost half of the global market in 2016. These hearing aids are used for
the treatment of all types of hearing losses ranging from mild to profound and
they are available in different styles ranging from Miniature-BTEs to the
larger SuperPower instruments. Additionally, these aids provide multiple
directional microphones for better understanding of speech in noisy situations.
Digital
hearing aids have quickly substituted analog devices while dominating today’s
hearing aids market. This segment accounted for more than three-fourth of the
overall market in 2016. These hearing aids facilitate more complex processing
of sound during the amplification process for improving their performance in
certain situations, for instance, background noise.
Europe
held a major share of more than one-third of the overall market in 2016. This
is primarily attributed to a number of factors such as the rising incidence of
hearing disorders and deafness coupled with the rapidly aging population,
increased adoption of technologically advanced hearing solutions, and growing
purchasing power of the patients. Asia Pacific is expected to witness lucrative
market growth over the forecast period, due to the availability of untapped and
unsaturated markets coupled with rising demand for hearing aids. Rapid economic
development along with increasing patient awareness levels is a major avenue
for the companies in the hearing aids industry.
Some
of the major companies operating in the hearing aids market include Sivantos
Pte. Ltd., Sonova Holding AG, William Demant Holdings A/S, Starkey, and GN
Store Nord A/S.
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Key
Findings of the Research Study:
- Behind-the-ear
hearing aids segment accounted for almost half of the global market in
2016, due to the high efficiency of the product with high comfort levels
and better connectivity.
- Canal
hearing aids market is projected to be the fastest-growing segment over
the forecast period. This high growth rate is due to increasing number of
R&D initiatives towards the improvement of device performance and
rising demand for esthetically appealing hearing aids.
- Digital
hearing aids segment is projected to dominate the overall market over the
forecast period. It accounted for more than three-fourth of the overall
market in 2016. This high market share is primarily attributed to factors
such as the high connectivity with smart phones.
- Europe held
more than one-third share of the global market in 2016. Rising incidence
of hearing disorders and deafness and increased adoption of
technologically advanced hearing aids are set to drive the market growth
in this region.
- Asia-Pacific
is projected is poised to grow at the highest CAGR during the forecast
period, due to presence of high unmet medical needs, rising disposable
income of patients, and the constantly improving healthcare
infrastructure.
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