Soaring to reach an expected figure of USD 9.8 billion by the year 2022, the global hearing aids market size is anticipated to rise at a remarkable CAGR of 7.0% from USD 7.0 billion in 2017. The widespread presence of hearing loss, the increase in senior citizens amongst the population, and the constant improvement in technology significantly contribute to the growth of the market.
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The hearing aids market can be broadly categorized based on- product types and patient types. The market can be bifurcated based on the product types into hearing aid devices and hearing implants. As per the analysis for the year 2017, the hearing aid devices product segment is presumed to commandeer the biggest portion of the hearing aids market share. An increase in the average age of the population, improvements & developments in hearing aid technologies, as well as penetration of highly functional progressive products in the market, acts as a key impacting factor towards the growth of this segment. The hearing implants market segment has an equally essential role to play in the growth and development of the expected CAGR.
Another manner of classification of the hearing aids markets can be based on patient type. The hearing aid market, based on such segmentation, includes adult patients and pediatric patients. As the average age of the population curves steep towards senior citizens, loss of hearing becomes, not only a highly prevalent ailment but also a profoundly generic one. The dependency of this portion of the population towards the use of hearing aid devices or other relative technologies has a large hand in the soaring market CAGR. Congenital hearing ailments are also moderately pushing the growth of this market segment, especially in the case of pediatric patients. In the case of pediatric cases, hearing implants are more widely and explicitly preferred than the other related segments.
Europe is envisioned to control the international markets in the hearing aids segment in the year 2017 due to the presence of an ever-increasing aging population and a high tendency towards loss of hearing. Not far behind, North America is said to contribute with the second-largest share in the market. Strong networking and simplified technologies throughout the globe have made conducting awareness camps, conferences & forums easy and abundant, bringing the latest hearing aid technologies to cognizance before the global population, which helps in pushing the growth of the market segments, at a local and a global level.
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Many large players dominate the global hearing aids markets. However, with the presence of multiple small players, it is evident that the requirement of hearing aids is abundant and widely spread throughout the entire market niche. The major big players in the hearing aid markets are mainly Sonova (Switzerland), William Demant (Denmark), and GN Store Nord (Denmark). Starkey (US), Cochlear (Australia), Widex (Denmark), SeboTek Hearing Systems (US), MED-EL (Austria), Audina Hearing Instruments (US), Horentek (Italy), RION (Japan), Arphi Electronics (India), and Microson (Spain) are the other significant players operating in the global hearing aids market.
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