Ringing Bells in Hearing Devices Market

Close to 0.38 billion people globally suffer from hearing impairment. And the rising noise pollution and viral infections is tipped to make loss in ability hear an even bigger menace in the years to come.

And this is just the tip of the iceberg! The percentage of undiagnosed and untreated individuals with inability to hear is higher due to lack of awareness, high price of hearing devices, and high surgery cost.
And to add to the misery, even in many developed countries like the US, hearing exams, hearing devices, and exams for fitting of hearing aids are not covered under Medicare.

But all hope is not lost yet. With the rise in 3D printing technology and other innovative technology-driven solutions, coupled with growing awareness about listening disabilities and actions taken by governments, NGOs, and foundations across the globe, hearing devices and hearing implants are becoming more and more accessible and affordable.

There is rise in prevalence of loss of auditory perception in younger population, due to which there is a growing demand for invisible and miniature hearing devices in the market. These devices have been designed to provide assistance in loss in ability to hear, without causing social discomfort in the younger population.

The use of hearing devices is increasing, as these are now compatible with all types of phones, iPads and iPods.

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Global Hearing Aids Market: Insight

According to a market research report, Hearing Aids Market – Global Outlook and Forecast 2017−2022 by Arizton Advisory & Intelligence, the global market is expected to cross $37 by 2022.
One of the major drivers for the growth of the market, globally, is its increasing synchronization with technology that has helped in improving standard of living for hearing impaired patients.

The change in reimbursement policies is also driving the increased adoption of hearing devices across the emerging economies such as India, South Africa, and Middle East.

The report also highlights the diversity, competitive dynamics, and intensity of competition in the global hearing aids market. Although the market is characterized by the presence of diversified international and regional vendors, as international players increase their footprint in the market, regional vendors would find it increasingly difficult to compete with them. The competition in the global market is solely in terms of features such as quality, quantity, technology, innovation, and price.

Global Hearing Aids Market: Manufacturer Dynamics

The competitive scenario in the global market is currently intensifying. Customers expect continual innovations and upgrades in line with the rapidly changing technological environment. This is forcing vendors to alter and redefine their unique value proposition to achieve a strong market presence. The market is moderately fragmented with many international players providing hearing aids with high functionality and compact designs. These major vendors continually compete among themselves for the leading position in the market, with occasional spurts of competition coming from other local vendors.

The global market is highly fragmented with many international and local vendors. Many local vendors dominate their respective regions or countries of origin. Cochlear is the largest hearing implant manufacturer in the world followed by MED-EL.

Cochlear, William Demant, and Sonova are the major global providers of hearing care solutions. The other prominent players in the global are Microson, Starkey, Widex, Audina Hearing Instruments, New Sound Hearing Aids, and Nurotron Biotechnology. Solarear, Exsilent, IN4 Technology, Earnet, and Earlens are a few emerging companies in this market.

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About Arizton Advisory & Intelligence

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