Hearing Care Devices Market Key Players : American Hearing Aids, Amplifon, Cochlear Ltd., GN Store Nord A/S, IntriCon Corporation, MED-EL, Sivantos Pte. Ltd., Sonova, Starkey, and William Demant Holding A/S.

Global Hearing Care Devices Market was valued at $6,423 million in 2016, and is estimated to reach at $9,729 million by 2023, growing at a CAGR of 6.1% from 2016 to 2023. Hearing care devices are used to improve or restore hearing in individuals suffering from temporary or permanent hearing loss. Growth in geriatric population susceptible to hearing disorders, rise in prevalence of hearing loss, and increase in binaural fitting rate are expected to drive the growth of the global hearing care devices market. Moreover, rise in adoption of technically advanced hearing care devices, such as cochlear implants supplement the market growth. However, high cost of the devices and increase in drop-out rates of the patients from the treatment of hearing loss are expected to hamper the market growth.

Hearing care devices restore hearing function in patients suffering from hearing loss. Some of these devices (mainly implants) are expected to restore hearing function in profoundly deaf individuals. There are two types of hearing care devices, namely, hearing aids and hearing implants.
The key companies operating in the hearing care devices market are American Hearing Aids, Amplifon, Cochlear Ltd., GN Store Nord A/S, IntriCon Corporation, MED-EL, Sivantos Pte. Ltd., Sonova, Starkey, and William Demant Holding A/S.

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Rise in Incidence of Hearing Disorders and Increase in Ageing Population
According to the estimates of National Institute on Deafness and Other Communication Disorders (NIDCD), about 2 to 3 out of every 1,000 children in the U.S. are born with a detectable level of hearing loss. In addition, according to the 2016 estimates of Population Reference Bureau, the number of Americans in the age group of 65 years and above is anticipated to increase from 46 million in 2017 to over 98 million by 2060. Thus, increase in incidence of hearing loss and rise in pool of geriatric population contributes to the market growth.

Technological Advancements in Hearing Care Devices

Hearing care devices have witnessed several technological advancements in the recent years. The cochlear implants available in the present scenario have speech recognition in difficult listening situations, which differentiate speech in noisy and reverberant situation, understand sound from television or telephone, and identify a specific sound from distance. In addition, hearing aids feature acoustic scene classifiers, which classify and identify any sound on the basis of background noise, speech in quiet or in noise, music, wind, and number of other parameters.

Key Benefits for Stakeholders

• The study provides an in-depth analysis of the global hearing care devices market, with current trends and future estimations to elucidate the imminent investment pockets.
• Quantitative analysis from 2017 to 2023 is expected to enable the stakeholders to capitalize on the prevailing market opportunities.
• Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
• Extensive analysis is conducted by following key product positioning and monitoring the top contenders within the market framework.

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