New York, NY -- (SBWire) -- 06/12/2019 --The global hearing aids market is estimated to be over US$ 6.5 Bn in 2017. It is anticipated to grow at a substantial CAGR from 2019 to 2030.
The global hearing aids market is segmented by region, end user, type of hearing loss product, and. The region based segmentation of the global hearing aids market is as follows-Europe, Asia Pacific, North America, the and Rest of World (ROW). The Asia Pacific region came after North America, and the Europe region dominated the market. The market share dominance of Europe can be due to many factors such as better awareness among the population, high disposable income and the high prevalence of hearing related ailments.
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Asia Pacific, however, is predicted to witness the highest CAGR, with the growth in this market centered at Japan, China and India. The rising focus of leading players in emerging Asian countries, supportive government regulations, the rise in population, the increase in healthcare systems, increasing disposable incomes and the adoption of latest technologies are driving the growth of the hearing aids in this region.
Market Definition: Hearing Aids Market
Though audiologists and the patients themselves are well aware that hearing aids are not capable of fully curing a hearing impairment, they do tend to help make sounds more commonly audible. The most prevalent version of hearing loss for which hearing aids are chosen is sensorineural, which is caused due to the damage of hair cells and synapses of the cochlea and auditory nerve. It decreases the sensitivity to sound; in cases such as these a hearing aid could partly increase the volume of sound being hear by the patient in order to facilitate proper hearing. The devices that were used early on were mostly passive amplification cones that had been devised to help collect sound energy sound and then channel it to the ear canal.
However, nowadays, the modern devices are essentially transforming environmental sounds to help in making them audible, based on cognitive and audimetral rules. In addition, the devices use high-end digital signal processing with the aim of providing comfort to the user while also improving speech limpidity. The processing of signals includes management of feedback, noise reduction, lowering frequency, wide dynamic range compression and even directionality. These new age hearing aids demand that the configuration should match the lifestyle of the wearer, the hearing loss, and the physical features of the wearer.
The hearing aids market can be segmented into product, type, end user, region, ongoing trends, and the forecast. The hearing aids devices segment is likely to have the largest market share in the market globally owing to factors such as the increasing prevalence of hearing loss and affordability prospect of such devices. In terms of the type of hearing loss the market can be segmented into conductive hearing loss and sensorineural hearing loss.
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Market drivers: Hearing Aids Market
The increase in the number of incidences and prevalence of hearing loss
The focus of the market players in introducing new and innovative products
The presence and availability of rising geriatric population
Market Restraints: Hearing Aids Market
The high cost related of the devices
Key Developments: Hearing Aids Market
The hearing aids market is accelerating at a huge growth circle that promises a potential for diversified career opportunities.
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Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing geriatric population, continuously growing economy, and increasing awareness regarding latest healthcare technology is anticipated to present a lucrative growth scenario for the hearing aids market in this region. Furthermore, improving healthcare facilities, coupled with supportive government healthcare regulations and norms is expected to present an attractive growth prospect for the market in the coming years.
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Hearing Aids Market by Product Global Analysis & Forecast 2019-2030
The factors that drive the global hearing aids market are the hike in number of incidences and widespread prevalence of hearing loss, the surge of the availability of elderly population, the focus of key market players in bringing new and innovative products.