Hearing aids have proved to be very useful in enhancing the hearing and speech comprehension of patients who have hearing loss. The damage in the inner ear can occur due to aging, any kind of disease, or injury from noise. The rising prevalence of this condition has augmented the growth of the hearing aids market across the globe. Detection and treatment of hearing loss at an early stage can mitigate its severity.
The global hearing aids market can be broadly classified into hearing aids and bone anchored hearing aids. The hearing aids segment can be further sub-segmented into in the ear, canal hearing aids, behind the ear, and receiver in the ear. On the basis of end use, the global market can be segmented into pediatric and adult. Among these, in 2015, the adult segment accounted for a 94.83% share in the global hearing aids market and is expected to remain in the leading position in the coming few years.
Technological Enhancements in Hearing Aids to Bolster Growth of Global Hearing Aids Market
In 2015, the global market for hearing aids was worth US$4.7 bn and is projected to reach a value of US$7.01 bn by the end of 2024. The market is estimated to exhibit a 4.50% CAGR between 2016 and 2024.
As the elderly are comparatively more prone to hearing impairment, the demand for hearing aids is expected to grow with rising geriatric population. Additionally, high decibel exposure and increasing noise pollution levels are expected to boost the demand for hearing aids in the coming few years. The primary factor encouraging the growth of enhanced hearing aids is the addition of headphone, Bluetooth, noise cancellation and other digital functions in the prevailing hearing devices. Such technological developments are driving the demand for expensive hearing aids with innovative features.
Developing Healthcare Infrastructure to Encourage Growth of Hearing Aids Market in Asia Pacific
Among the key geographical segments, Europe is expected to lead the global hearing aids market in the next few years. In 2015, this region held a 39% share in the global market, thanks to the rising willingness of consumers to spend on technologically advanced medical devices. In addition, the presence of a large pool of the elderly population is expected to benefit the growth of the overall market. The Europe market for hearing aids market is projected register a 5.20% CAGR between 2016 and 2024. On the other hand, Asia Pacific is estimated to witness robust growth owing to the growing investment in the healthcare infrastructure. In addition, governments across developing nations are making remarkable efforts to create awareness regarding hearing disorders, thus fuelling the growth of the market.
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Key players in the global hearing aids market include Starkey, Sonova AG, Widex A/S, William Demant Holding, Siemens Healthcare, and GN ReSound A/S. The global market is expected to grow at a steady pace in the forecast period with growing a geriatric population across the globe. However, the high capital required for initial production set-up is likely to make it difficult for new players to cut through the competition.