During the forecast period, the hearing aid devices is expected to report larger share, among all the products of hearing aids, due to technological advancement and increasing regulatory approvals in the market.
Behind-the-ear hearing aids segment dominate the hearing aids devices market; however the canal hearing aids are expected to grow at the highest rate in the forecasted period, due to increasing number of research and development initiatives.
On the basis of type of hearing loss, sensorineural hearing loss segment led the market, due to increasing prevalence of hearing loss. Moreover, on the basis of end users the adults segment led the market, due to growing geriatric population.
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The unexplored market in the hearing aids industry of the developing economies is creating abundant growth opportunities for the global market. Some of the major trends in the global market are growing product innovation, increasing number of collaborations and partnerships, and increasing number of mergers and acquisitions.
Hearing aids are the devices and implants used for people suffering from hearing loss or impairment. Hearing aid devices are electronic devices, which amplify sound waves in order to help people hear sound.
There are various types of hearing aids, such as receiver-in-the-ear (RITE) hearing aids, canal hearing aids, behind-the-ear (BTE) hearing aids, and in-the-ear (ITE) hearing aids. In addition, the cochlear implant helps deaf person to recognize and interpret various sounds, in order to improve the quality of life of a deaf person.
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Some of the factors driving the growth of the global hearing aids market are growing geriatric population, increasing healthcare expenditure, and increasing prevalence of hearing loss. In addition, the increasing research and development for the innovative and advanced hearing aids, and increasing public awareness about hearing loss are also driving the growth of the market.
However, the high cost of hearing aids and low penetration rate of devices are some of the factors, restraining the growth of the global hearing aids market. In addition, limited reimbursements, lack of primary healthcare facilities in developing countries are also inhibiting the growth of the global market.
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Some of the companies operating in the global hearing aids market are William Demant Holding A/S, Zounds Hearing Inc., GN Store Nord A/S, Sonova Holding AG, Cochlear Limited, Widex, Sivantos Pte Ltd., Sebotek Hearing Systems LLC, and Starkey Hearing Technologies Inc.
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