Pune, India -- (SBWIRE) -- 02/07/2018 -- A hearing aid is used to improve sound waves that support people with hearing loss. Microphone, amplifier, and speaker are the key component present in the hearing aid. The microphone receives the sound waves and converts it into electronic signal. The amplifier reproduces this signal and sends them to speaker that is place in the device.

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The global hearing aids market was sized over USD 5.15 billion in 2015. The global hearing aids market is projected to grow with a CAGR between 4.5% and 5.0% during 2017-2023. Growing number of patients with hearing loss, technological advancements in hearing aids sector, increased use of binaural fittings are the key factor driving the growth of global hearing aids market. Moreover, lack of awareness and social stigma, high cost of hearing aids, recompense issues and competition from cochlear implants are the key factors restraining the growth of this market. Growing potential offered by emerging countries, innovation in design, and introduction of directional microphones are likely to bring more opportunities to this market. According to WHO estimates over 5% of the global population, suffers from disabling hearing loss. Moreover, nearly 15% of the global adult population is affected by some degree of hearing loss. Additionally, the estimates also propose that approximately one-third of the population over 65 years of age suffers from disabling hearing loss. The inability to communicate leads to feeling of social exclusion, loneliness, and frustration, especially amongst the aged people.

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Segments Covered:

Global Hearing aids market by Product
- Behind-the-ear
- In-the-ear
- Receiver-in-ear

Geographic Coverage:

Americas was the largest market among the geographies and it is expected to grow at a CAGR of 4.8%. Furthermore, Europe market is expected to grow steadily because of the increased use of hearing aids and the growing geriatric population. Asia Pacific is expected to grow at the highest CAGR rate over the forecast period due increased amount of old people in countries such as Japan and China has a positive impact on the growth of the emerging market in APAC Moreover, Latin America (covered in ROW region) is expected to grow gradually over the forecast period.