Hearing Aids Market is Likely to Touch Value US$ 7.01 Bn By 2024

Global Hearing Aids Market: Snapshot

According to an estimate by the World Health Organization, about 15% of the world’s adult population has some degree of hearing impairment. The geriatric population has a major share in this, with more than one third of people above the age of 65 estimated to suffer from some form of hearing loss. This has made the global hearing aids market economically and socially relevant over the last few decades, due to which it now occupies a major space in the global healthcare sector. The global hearing aids market is likely to remain a major revenue contributor to the global healthcare sector in the coming years due to the growing prevalence of hearing problems among the global population and the increasing global geriatric population.

According to Transparency Market Research, the global hearing aids market was valued at US$4.7 bn in 2015 and is likely to rise to a value of more than US$7 bn by the end of 2024. The hearing aids market is expected to exhibit a steady 4.5% CAGR between 2016 and 2024.

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Growing Geriatric Population to Drive Global Hearing Aids Market

One of the prime drivers for the global hearing aids market is the rising volume of the geriatric demographic in developed as well as developing regions across the world. Increasing the lifespan of citizens has been a key objective for governments, which has led to significant extension in average lifespans in numerous countries due to consistent development of the healthcare sector and enhancement in living conditions. The geriatric demographic is particularly prone to hearing issues due to age-related degeneration problems regarding the ears as well as the overall auditory system. This is likely to remain the vital driver for the global hearing aids market in the coming years.

The high disposable income of consumers in developing regions is also likely to be a key driver for the global hearing aids market in the coming years. The geriatric and middle-aged demographic in developed countries is already reasonably affluent, allowing for growing demand from the hearing aids market and steady support for technological advancements in the same. On the other hand, developing economies have seen relatively slow growth of the hearing aids market due to the inability of consumers to purchase products that are already standard in developed regions. The growing disposable income of citizens in emerging regions such as Asia pacific and Latin America is thus likely to aid the growth of the global hearing aids market significantly in the coming years.

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Adult Hearing Aids Likely to Dominate Global Hearing Aids Market

By type, the global hearing aids market is segmented into adult and pediatric hearing aids. Adult hearing aids dominate the global hearing aids market, with the segment accounting for close to 95% of the global hearing aids market in 2015. Adult hearing aids are likely to remain the leading contributor to the global hearing aids market in the coming years, though pediatric hearing aids could play an increasingly important role in the development of the market due to the rising prevalence of hearing problems among younger demographics.

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Regionally, Europe is the key segment of the global hearing aids market due to the widespread support for consistent updation of medical technology and the high disposable income of users in the region. North America is also a major regional player in the global hearing aids market due to the presence of several leading players in the hearing aids industry. Moreover, emerging economies in Asia Pacific are likely to make stellar contributions to the global hearing aids market in the coming years.

Key players in the global hearing aids market include Siemens Healthcare, Starkey, GN ReSound, Widex A/S, Sonova Holding AG, and the William Demant Holding Group.

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