Emerging Economies in Asia Offer Growth Opportunities for the Hearing Aids Market

Globally, the hearing aids market is witnessing high growth due to factors such as increasing aging population, high prevalence of hearing loss, and technological advancements. On the other hand, low penetration rate of hearing aids is expected to restrain the growth of this market during the forecast period. Key players are focusing on enhancing their products to increase their shares in the market. Companies are focusing on the strategies of new product launches, regulatory approvals, partnerships, agreements, & collaborations, acquisitions, and expansions to strengthen their foothold in the market.

Based on products, the hearing aids market is segmented into hearing aid devices and hearing implants. Hearing aid devices is further segmented into receiver-in-the-ear, behind-the-ear, in-the-ear, canal hearing aids and other hearing aids. Hearing aid devices is expected to account for largest share of the market. Hearing implants is categorised into cochlear implants and bone anchored systems. Hearing implants showcase a high growth potential owing to increasing technological advancements.

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Based on type of hearing loss, the hearing aids market is segmented into sensorineural and conductive. The sensorineural segment is projected to witness the highest growth rate in this market and represents a new revenue pocket for the hearing aids market. The growth in this market is likely to be driven by the high prevalence of sensorineural hearing loss (SNHL).
Based on end-user, the hearing aids market is segmented into adult and pediatric. The adult segment is poised to witness the highest growth rate in this market due to rising aging population coupled with incidence of hearing loss.

In the coming five years, growth in the hearing aids market is likely to be centered in Asia. Growth in this region can be attributed to the high prevalence of hearing loss. Furthermore, increasing initiatives by companies to expand their distribution network and large customer base in the Asia region is further driving the growth of this market.

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