Hearing Aid Market By Product Type ((In-The-Ear, Receiver-In-The-Ear, Behind-The-Ear, Canal Hearing Aids ITC, Completely In Canal, Invisible-in-the-Canal, Cochlear Implants, Bone Anchored Systems), By Technology Type (Digital & Analog Hearing Aid), Hearing Loss (Sensorineural, Conductive), By End User (Adults, Pediatrics), By Geography – Global Industry Trends and Forecast to 2024
The Hearing Aid Market accounted to USD 6.0 billion in 2016 growing at a CAGR of 5.4% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
The hearing aid devices are the medical devices that help the people suffering from disabling hearing impairment. These devices come in various forms which can be worn behind the ear or in the ear.
The increasing geriatric population with hearing disorders drives the market. The hearing disabilities in new-born infants are one of the major concerns which also boosts the market.
Major market drivers and restraints: Global Hearing Aids Market
- Rising initiatives by various governments
- Raise awareness about hearing loss treatments
- Technological advancements in the hearing aid devices
- Social stigma associated with the hearing aid devices
- Favorable reimbursement policies
Market Segmentation: Global Hearing Aids Market
- The hearing aids market is segmented by product type into in-the-ear, receiver-in-the-ear, behind-the-ear, canal hearing aids ITC, completely in canal (CIC), invisible-in-the-canal (IIC), cochlear implants and bone anchored systems.
- On the basis of technology the market is segmented into digital and analog hearing aid.
- On the basis of hearing loss the market is segmented into sensorineural and conductive.
- By end user the market is segmented into adults and pediatrics.
- On the basis of geography, hearing aids market report covers data points for 28 countries across multiple geographies such as North America & South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others. In 2017, North America is expected to dominate the market.
Competitive Analysis: Global Hearing Aids Market
The hearing aids market is highly fragmented and is based on new product launches and clinical results of products. Hence the major players have used various strategies such as new product launches, clinical trials, market initiatives, high expense on research and development, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market.
The report includes market shares of hearing aids market for global, Europe, North America, Asia Pacific and South America.
Major Market Competitors: Global Hearing Aids Market
Some of the major players operating in hearing aids market are Sonova Holding AG, Benson Medical Instruments, MED-EL, Microtech Systems, Starkey, WIDEX USA, INC., William Demant Holding A/S, Cochlear Ltd., GN Store Nord A/S, SeboTek Hearing Systems, LLC., Sivantos Pte. Ltd., Hansaton Akustik GmbH, Zounds Hearing, Oticon Inc., Ideal Hearing Aids and Aetna Inc.
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