From USD 5.6 billion in 2019, the global hearing aids market is predicted to grow to USD 7.6 billion by 2030, registering a CAGR of 5.1% during the forecast period (2020–2025). Main growth factors for the global hearing aids market is growing prevalence of hearing loss due to increasing aged population, rising adoption of these devices, driven by technological advancements, and improving healthcare infrastructure across the globe.

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Furthermore, increasing geriatric population is one of the other factor boosting the growth of the global hearing aids market. For instance, according to the WHO by 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015. Older people are getting more aware regarding the hearing products.

The primary factor hindering the growth of the global hearing aids market is their high cost and low awareness. High cost of these systems makes them unaffordable in underdeveloped economies and to the consumer with low disposable income. Moreover, the social stigmas associated with the use of the hearing aid are hampering the growth of the market to some extent.

Asia-Pacific hearing aids market is anticipated to witness the fastest growth during the forecast period (2020–2025). The key factor leading to the significant growth in the Asia-Pacific, is the large population base with hearing loss, developing infrastructure, investment in the healthcare sector, and penetration by the number of large global healthcare providers in the region.

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Different companies are investing in their research and development for the technological advancements of its systems which offers them a competitive edge over the competitors. Some of the key players operating in the global hearing aids market industry are Sonova Holding AG, Benson Hearing, GN Store Nord A/S, MED-EL, Starkey Hearing Technologies, William Demant Holding A/S, Widex USA, Inc., Medtronic plc, Zounds Hearing Inc., and Sivantos Group.

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