Hearing impairment has become a common phenomenon amongst the adults,
primarily due to age. However, the impairment is also seen amongst
children as an after-effect of certain ailments or accidents. Loss of
hearing is also aggravated amongst patients due to untimely
diagnosis. All of these factors have been propelling the global
market across the globe.
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The research report on the global hearing aids market offers a
comprehensive outlook of the overall market. It explains the
competitive landscape present in the market along with stating the
financial outlook of the companies. The research report also uses a
SWOT analysis to determine the strengths, weaknesses, opportunities,
and threats influencing the segments of the overall market.
The global market has been flourishing at a steady pace over the past
few years as the prevalence of hearing loss continues to rise across
the world. Analysts anticipate that the global market will surge at a
CAGR of 4.5% between the forecast years of 2016 and 2024. The
incidence of poor hearing has been equally growing in both developed
and underdeveloped countries. Initiatives by governments to raise
awareness, competitive pricing of hearing aids, and supportive
reimbursement policies are collectively expected to augment the
demand for hearing aids across the globe in the coming years.
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In terms of geography, the global market is segmented into Latin
America, Asia Pacific, Europe, North America, and Rest of the World.
As of 2015, Europe held a dominant share in the global market of
about 39%. The growing pool of geriatrics in region are expected to
be the key consumers in regional market. The Europe market will also
be supported by the soaring disposable incomes that is enabling
patients to make healthcare expenditures on medical devices. North
America is also shown significant contribution to the overall market
as the region boasts a steady healthcare infrastructure and favorable
reimbursement policies.
The report also states that the Asia Pacific market will emerge as a
prominent regional market. The increasing investments by public and
private institutions in raising awareness about hearing disabilities,
growing medical tourism industry, and improving healthcare industry
will be collectively responsible for the rising Asia Pacific market
at a CAGR of 5.2% between 2016 and 2024.
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The products available in the global market are hearing aids and bone
anchored hearing aids (BAHA). The hearing aid segment, which includes
products such as behind the ear (BTE), in the ear (ITE), canal
hearing aids (ITC, CIC, and IIC), and receiver in the ear (RITE), is
expected to lead the global market. ITE, RITE, BAHA, and canal
hearing aids are projected to be popular amongst patients as they are
designed to treat mild loss of hearing.
The end users in the global market are adults and pediatrics. Hearing
loss is primarily seen amongst adults, which will make this end user
segment lead the pack. The adults held a share of about 95% in the
global market in 2015. However, the report also notes that the
incidence of loss of hearing is expected to be on the rise among
children as well.
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The chief players profiled in the research report are William Demant
Holding Group, Siemens Healthcare, Sonova Holding AG, the Starkey,
Widex A/S, and GN ReSound.
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