Hearing Aid Market Growth Prospects 2022 and Projected to Reach US$ 7.62 billion


Posted July 5, 2019 by jayshree

ReportsnReports.com the exclusive leading provider of market research reports published research report on “Global Hearing Aid Market”.

 
Hearing aid market is an emerging healthcare market due to introduction of various innovations and dynamics. Hearing aid helps the people to increase their hearing capability who are suffering from loss of hearing. The hearing aids are sold through multiple channels such as company-owned stores, hearing aid clinics, big box retailers, and through government agencies. The global hearing aid market is segmented into hearing aid, implants and diagnostics.

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The global hearing aid market is estimated to reach US$7.62 billion in 2023, growing at a CAGR of 6.38% for the period spanning from 2019 to 2023. The factors such as escalating diabetic population, increasing aging population, rising prevalence of hearing loss and growing awareness are expected to drive the market. However, growth of the industry will be challenged by high cost of hearing aids, low average selling price and regulatory issues. A few notable trends include digitalization, rechargeable technology and wireless hearing aids.

#Company Coverage: Sonova, William Demant, GN Re Sound, Sivantos Group, Starkey Hearing Technologies & Cochlear Limited

Key Target Audience:

1. Hearing Aid Manufacturers

2. Raw Material/Component Suppliers

3. End Users (Hospitals, Medical Centers & Clinical Institutes)

4. Consulting Firms

5. Investment Banks

6. Government Bodies & Regulating Authorities

The global knee and hip implant market comprises of three major segments: Primary Implant, Partial or Unicompartmental

Implant and Revision Implant. Prevalence of arthritis is contributing to the increase in the number of primary implant

Procedures among geriatric population. However, the failure of primary implant gives rise to the need for revision implant.

Partial or unicompartmental implant is done to fix partial fracture in a knee or hip, caused by sports or accidental injuries.

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The global hearing aid market is broadly segmented into four types which are hearing devices, cochlear implants, bone conduction system and diagnostic instruments. The number of advanced technology product launches helped hearing devices to remain at top position amongst all the segments. In the hearing aid market, hearing devices accounted for the highest share in 2018.

The fastest growing regional market is Asia-Pacific due to high noise pollution levels in Asia-Pacific countries, such as India, China, and Japan that have a major impact on the growth of the market. The U.S. and Europe are highly established premium markets that contribute to significant shares in the global market. Rise in the number of people suffering from hearing loss in the U.S. propelled the need for advanced technology in hearing aids. The UK represents one of the largest markets for hearing aid and is already a well-penetrated market.

This research report provides an in-depth analysis of the global market along with markets of the US and Europe. The major trends, growth drivers as well as issues being faced by the industry are being presented in this hearing aid market report.

Scope of the report:

The report provides a comprehensive analysis of the global hearing aid market, segmented into hearing devices, cochlear implants, bone conduction system and diagnostic instruments.

The major regional markets (The U.S., Europe) have been analyzed, along with country coverage of the UK, Germany and France.

The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.

The competitive landscape of the market, along with the company profiles of leading players (Sonova, William Demant, GN Re Sound, Sivantos Group, Starkey Hearing Technologies & Cochlear Limited) are also presented in detail.

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Tags 2019 hearing aid market , global hearing aid market , hearing aid , hearing aid industry , hearing aid market , hearing aid market forecast , hearing aid market growth , medical devices
Last Updated July 5, 2019