San Francisco, 31
October 2018: The global hearingaids market was valued
at USD 4.5 billion in 2015 and is expected to reach a value of USD 6.5 billion
by 2024, according to a new report by Grand View Research, Inc. Key factors
driving the market expansion include the dramatic increase in aging population
of 65 years & above and the associated loss of hearing and growing demand
for new-generation instruments that are technologically enhanced and enriched
equipment with better aesthetics.
As per the data
published by the WHO (2013), the prevalence of the same disease in adults over
age of 65 years is expected to be five times more than that for the individuals
below 65 years of age. It also estimates that in the developing nations around
20% of the people with hearing loss require hearing aids and less than 3% of
them are expected to be using it. Other factors leading to the hearing-related
problems in individuals are chronic ear infections, birth defects, exposure to
high decibels of noise, and prolonged listening to loud music through
headphones. Around 90% of the global chronic ear infections prevail in the
South-West Asia, Western Pacific, and African regions.
Education and increased health-related awareness
amongst the population also plays a crucial role in increasing the demand
across the world. The WHO assists the low- and middle-income countries to
develop programs for prevention and management of hearing loss.
Access Research Report
of Hearing Aids Market@ www.grandviewresearch.com/industry-analysis/hearing-aids-market
Further Key Findings from the Study Suggest:
· In 2015, the behind-the-ear devices
accounted for the largest market share of about 47.1%. The high growth was
attributed to the high comfort levels, better connectivity, and high efficiency
of the product.
· The digital aids segment occupied the
majority of the share, accounting for about 85% in 2015. The segment continued
to dominate with a CAGR of 4.8% during the forecast period. The key factors for
growth include enhanced listening experience and high connectivity with smart
phones.
· In 2015, Europe held the majority of the
market share of about 38.3%. The major drivers for the growth of this industry
are an increase in the hearing disorders & deafness and the growing demand
for technologically advanced hearing solutions. The increase in the geriatric
population and the growing purchasing power of the patients also contributes to
the growth in the region.
· Asia Pacific is expected to emerge as the
fastest growing region with a CAGR of 5.4% during the forecast period. The
developing economies possess large pool of patients and exhibit high prevalence
of this disease.
· Some key players in the market are GN
ReSound, William Demant Holdings A/S, Sonova Holding AG, Sivantos Pte Ltd.
(Siemens), Widex A/S, and Starkey Hearing Technologies; they focus on
developing unique technically advanced devices that focus on enhanced listening
and miniaturization.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the
hearing aids market by product, technology and region:
Product Outlook (Market Revenue in USD
Million, 2013 - 2024)
·
In-the-ear hearing aid
·
Receiver-in-the-ear hearing aid
·
Behind-the-ear hearing aid
·
Canal hearing aids ITC, CIC and IIC
Technology Outlook (Market Revenue in USD
Million, 2013 - 2024)
·
Digital hearing aid
·
Analog hearing aid
Regional Outlook (Market Revenue in USD
Million, 2013 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
·
Asia Pacific
o
Japan
o
China
·
Latin America
o
Brazil
o
Mexico
·
Middle East and Africa
o
South Africa
Access Press Release of
Hearing Aids Market@ www.grandviewresearch.com/press-release/global-hearing-aids-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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