Hearing Aid Market Predicted to grow at a CAGR of 7.6 By 2021 | Leading Market Players - Cochlear Ltd, GN Store Nord A/S, Med-El, Sonova, Starkey Hearing Technologies Inc., Sebotek Hearing Systems LLC, SivantosPvt. Ltd.
The global demand for hearing aids market was valued at approximately USD xx billion in 2017 and is expected to generate revenue of around USD 8.5 billion by the end of 2021, growing at a CAGR of around 7.6% between 2018 and 2021.
Hearing aids cannot restore normal hearing but are capable of improving hearing by amplifying soft sounds, helping to hear sounds that previously had trouble hearing. They contain a microphone which collects sounds from the environment and convert it to a digital code, which is then analysed, and the sound is adjusted based on hearing loss and amplified into the ear. Currently, most hearing aids are digital, and are powered with a hearing aid battery. The rise in aging population and the increasing number of natural and accidental hearing loss incidences are some of the key factors responsible for the growth of the global hearing aid market. The increased use of binaural fittings as an effective alternative will drive the growth prospects for the global market during the forecast period. Furthermore, with a rise in technology-enabled diagnosis and treatments, awareness about under-diagnosed medical conditions which can cause hearing impairment has risen over the years, pushing hearing aid market growth.
Browse details of 130 number of pages research report developed on Hearing Aid Market Research Report @ https://www.researchcosmos.com/reports/global-hearing-aid-market-analysis-by-product-type-ite-bte-other-by-industry-congenital/2026044
Hearing Aid Market Key Drivers, Challenges, and Opportunities:
The prevalence in growing incidences and rise in popularity among consumers is extending the demand for hearing aid market. The increased demand in hospitals and especially in specialty centers for hearing impairments is driving the market. In addition, government support in investment of hearing aids, which made ease of availability is impacting positive growth of the hearing aid market. The market is also gaining popularity by advertising the devices and increase in sales through the distributor channels. The shifting trend towards advanced technology with rechargeable batteries is an outshining factor for the demand of hearing aid market. However, its high price and discomfort in wearing the devices are slightly hindering the growth of this market.
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Hearing Aid Market – Regional Presence:
United States is the largest market for hearing aid in North America closely followed by Canada, which is the second-largest market. Growing geriatric population and quick adoption of technology has led to the growth of this market in North America. Asia pacific being most populated region is also expected to have an accelerated growth in the hearing aid market in the forecast period.
Some of the Key Players Profiled in this Hearing Aid Market Report are:
Cochlear Ltd, GN Store Nord A/S, Med-El, Sonova, Starkey Hearing Technologies Inc., Sebotek Hearing Systems LLC, SivantosPvt. Ltd, WIDEX A/S, William Demant Holding A/S, Zounds Hearing and others.
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