Hearing Care Devices Market is showing fastest growing CAGR of 6.1% | Hearing aids segment is expected to grow rapidly during 2017-2023
The Global Hearing Care Devices Market was valued at $ 6,423 million in 2016, and is projected to reach at $9,729 million by 2023, growing at a CAGR of 6.1% from 2017 to 2023. The hearing aids segment accounted for more than two-thirds share of the total market in 2016.
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Hearing Care Devices Market Key Findings:
• The hearing implants segment is expected to grow at a significant CAGR of 10.5%, owing to various benefits, such as used by patients unable to hear even after the employment of hearing aid.
• The ambulatory surgical center segment is projected to grow at a CAGR of 11.4% during the forecast period.
• The sensorineural hearing loss segment is expected to grow at a significant CAGR of 10.4%.
• France and Germany collectively contributed for more than one-third share of the European hearing care devices market in 2016.
• Japan is the major shareholder, accounting for almost one-fourth share of the Asia-Pacific hearing care devices market in 2016.
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.
The hearing aids segment is expected to dominate the market during the analysis period, owing to its advantages, such as incorporated computerized electroacoustic systems, which transform the surrounding sound waves into digital signals and thus increase audibility.
The home care settings segment, generated the highest revenue, accounting for nearly two-thirds of the global market in 2016. Conversely, the ambulatory surgical segment is expected to grow at the highest CAGR of 11.4% during the forecast period.
Asia-Pacific is projected to grow at the highest CAGR of 7.0% during the forecast period, owing to improvement in healthcare infrastructures and rise in expenditures in the emerging markets (such as India and China) to cater to the unmet medical needs. Technological advancements to develop cost-effective devices offer lucrative opportunities for the market growth.
The major companies profiled in the report include 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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