Hearing disorders are one of the least explored fields in modern medicine, with 2015 figures from the WHO showing that up to 90% of the global demand for hearing aids may be unmet. In developing countries, the extent of the problem reaches even more worrying heights, as, according to the WHO, only 3% of the demand for hearing aids in developing countries is fulfilled. The growing awareness about the easy availability and reliability of modern hearing aids has thus been vital for the global hearing aids market in the last few years.
Browse the full Global Hearing Aids Market Report: http://www.mrrse.com/hearing-aid-market
According to Transparency Market Research, the global hearing aids market is expected to exhibit a steady CAGR of 4.5% from 2016 to 2024. The market was valued at US$4.5 bn in 2015 and is expected to rise to an overall valuation of US$7.01 bn by the end of 2024.
Rising Prevalence of Hearing Disorders Key for Hearing Aids Market in Developing Countries
The rising incidence of hearing disorders in developing countries has generated a key opportunity for manufacturers of hearing aids. On the other side of the coin, though, the pricing structure of the modern hearing aids industry can be incompatible with the economic structure of the developing world, where the average consumer may not have the purchasing power to avail modern healthcare solutions. Nevertheless, the widespread unmet demand in emerging regions is likely to have a lasting effect on the global hearing aids industry, as many key players are expected to enter or expand their operations in developing countries in the coming years.
The expanding geriatric demographic is the most important driver for the global hearing aids market. Due to degenerative damage to the ear canal caused by the aging process, most geriatrics experience auditory problems of variable intensity. The increasing support being given by governments across the world to improving the living standard has been instrumental in enabling the sustained growth of the geriatric demographic, generating significant impetus for the hearing aids market. The growing awareness about the effectiveness and convenience of modern hearing aids has also been crucial in driving the demand for the same from the geriatric demographic, as many geriatrics perceive hearing aids based on their previous experience with outdated technology and thus may be unfairly biased against them.
Europe to Remain Dominant Regional Market despite Steady Market Growth in APAC
On a regional basis, Europe dominated the global hearing aids market in 2015. The Europe market for hearing aids is expected to remain the global market leader in the 2016-2024 forecast period, despite the steady growth of the North America and Asia Pacific hearing aids markets. Asia Pacific followed both North America and Europe in 2015, but it is expected to exhibit the highest CAGR in the 2016-2024 forecast period.
Browse the full Press Release of Global Hearing Aids Market at http://www.mrrse.com/global-hearing-aid-market
Key players in the global hearing aids market include Cochlear Ltd., Sonova Holding AG, Siemens Healthcare, Starkey, and GN ReSound Group.