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In-depth insights, Growth Analysis and Various Key Players in Hearing Aids Market
Hearing Aids Market
Increasing prevalence of hearing loss in geriatric population, and incidence of genetically caused hearing impairment in children are major factors driving growth of the global hearing aids market. In addition, noise emission in public carnivals, and working at heavy duty industries may affect hearing capacity of an individual, which are other factors expected to fuel growth of the global hearing aids market over the forecast period.
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Development of cost effective hearing aids and introduction of wireless charging facility for hearing aids, can create opportunity for players in the market.
Among technology segments, digital hearing aid segment is expected to register highest CAGR of 4.9% owing to its various benefits such as, to process and separate background noise and simultaneously enhance critical speech signals necessary for understanding to individuals.
The digital hearing aid segment accounted for a revenue contribution of over US$ 6,000.0 Mn in 2016, and is anticipated to a be valued over US$ 9,000.0 Mn in 2026
Favorable government support for product development in countries in North America is fueling growth to the North America hearing aids market to a significant extent, and this trend is expected to continue in near future.'
In 2016, Europe accounted for the second largest revenue share contribution to the global hearing aids market followed by markets in Asia Pacific, Latin America, and Middle east & Africa respectively. Rising number of individuals that experience hearing difficulties and increasing adoption of hearing aids are key factors fueling growth of the Europe hearing aids market currently.
The market in Asia Pacific is expected to witness considerable growth and is expected to register highest CAGR of 5.1% over the forecast period, owing to Increasing prevalence of disabling hearing loss in adults, and increase in disposable income in emerging economies such as India, China, and Japan.
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