A hearing aid refers to an electronic device that amplifies sound so that a person with hearing loss can listen and communicate in day-to-day activities. The three basic elements of a hearing aid are a speaker, a microphone, and an amplifier.
The global hearing aids market is set to attain a CAGR of 7% and hold a valuation of USD 10.2 Billion.
The global hearing aids market is driven by various factors such as increasing incidence of hearing loss, raising awareness about hearing loss treatment, increasing geriatric population, and the launch of new products. However, the truncated penetration of hearing aids and the rise in product recalls are likely to limit the progress of the global hearing aids market.
The global hearing aids market is presently influenced by several market players. The key players are involved in strategic collaborations and product launches to sustain their market positions.
Major market players that are actively driving the hearing aids market with their product and services include Audina Hearing Instruments, Inc., GN Store Nord A/S, SeboTek Hearing Systems, LLC, Arphi Electronics Private Limited, Cochlear Ltd, Microson, Starkey, Sonova, Sivantos Pte. Ltd., Demant A/S, WIDEX INDIA PRIVATE LIMITED, Zounds Hearing. Manufacturers are aggressively working on the development of high-tech, customized, and aesthetically appealing hearing aids to make the devices user-friendly. New entrants launching their product portfolios and emerging trend of acquisition and mergers is estimated to create competition in the market, thus laying lucrative opportunities.
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The global hearing aids market is broadly divided based on the product, product type, technology, hearing loss, and distribution channel.
The global market, based on the product, has been segregated into implants devices, and accessories. The implant segment is the fastest-growing segment.
The global hearing aids market has been bifurcated, on the basis of product type, into wireless and wired. Wireless is the fastest-growing segment due to technological advancements and product launches.
The type segments of the hearing aids market are classified into conductive, sensorineural, and others. The growth of the segment is owing to the high prevalence of hearing loss.
On the basis of technology, the global market is diversified into analog hearing aids and digital hearing aids. The digital hearing aids segment is anticipated to be both, the fastest-growing segment and the largest shareholder owing to its advantages over analog counterparts.
Based on the distribution channel segment, the global market is classified into e-commerce and retail stores and others. The e-commerce segment is anticipated to be the fastest-growing segment due to ease of access to products for customers.
Region-wise, Europe dominates the global market owing to sophisticated healthcare infrastructure and increased cases of hearing loss. The growing geriatric population in countries such as France, Germany, and the UK are predicted to spur the market in the region.
The Americas, standing at a second position in the global hearing aids market, is expected to show a noteworthy growth and sustain its momentum during the forecast period. The growth is attributed to rising healthcare expenditure.
Asia Pacific region is anticipated to become a rapidly developing market owing to rising numbers of hearing disorders and availability of hearing aids at affordable prices.
Moreover, limited penetration of hearing aids and lack of specialized healthcare facilities in the Middle East and Africa region is anticipated to show moderate growth trends in the region.
Otolaryngologists have developed a novel solution that makes use of a flexible silicone-wrapped platinum electrode implant to present a hopefulness to those suffering from serious hearing impairment. These implants are body-safe, conformable, and resilient without the usual stiffness of metal implants. These implants are crafted with help of micron-level machining that is encouraged by kirigami paper cutting techniques.
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