Increasing number of incidences regarding hearing ailments and hearing disorders around the overall geriatric population has fueled the total sales of the effective and accurate hearing aid devices across the globe. Hearing disabilities especially across the new born infants as well as war veterans is one of the most common and crucial concerns in the global healthcare industry. The increasing demand for improved and efficient hearing aid products is procuring popularity and increasing preference towards the same as the untreated hearing loss might result in permanent impairment in the speaking abilities as well as may affect the overall academic and psychological abilities of the suffering infants. Moreover, as the geriatric population across the globe is strongly susceptible to damages from hearing, this segment of population may drastically affect the social lives and personal relationships. Owing to this, the global hearing aids market is projected to account for a major growth and hence the global demand for hearing aid devices is anticipated to increase during the forecast period.
As the geriatric population is comparatively more prone to impart hearing ailments and hearing disorders and impairments, the demand for hearing aid products is largely affected by the geriatric population around the world. Over the last ast few years, increasing health awareness among patients regarding the hearing impairment has foreseen a considerable growth. In addition to this, recent advancements in the technology especially in hearing aids is a major aspect driving the overall sales of the hearing aid devices across the globe. In addition to this, the launch of rechargeable hearing aids having quick charging properties and with long lasting batteries is also anticipated to bolster the overall growth of the global hearing aid market over the forecast period.
The global hearing aid market can be categorized based on technology type, product type, the type of hearing loss, end user and region. Based on product type, the market can be categorized into behind the ear hearing aid, in the ear hearing aid, canal hearing aids, receiver in the ear hearing aid and others. On the basis of technology type, the global hearing aid market can be categorized into analog hearing aid and digital hearing aid. By type of hearing loss, the global hearing aid market can be categorized into conductive and sensorineural. Based on end user, the global hearing aid market can be categorized into pediatrics and adults.
On the basis of region, the global hearing aid market can be categorized into Latin America, North America, Europe, Middle East & Africa and Asia Pacific. The robust demand especially in the Asia Pacific region is anticipated to be one of the key driving factors for the overall growth of the global market. Moreover, China is further projected to account for the highest share in the global market and is predictable to maintain its lead in the overall demand during the forecast period. This can be attributed to rapid industrialization and rising urbanization during the past few years. The markets in various other developing economies such as Indonesia, Poland, Brazil, Russia, Argentina,Korea, New Zealand and India among others are also predictable to witness a rapid growth throughout the forecast period. Moreover , increasing per capita disposable income and surge in the global economy is also another key factor which is anticipated to bring impetus.
Key players operating in the global market are keeping close eye on some of the major market strategies such as partnerships,mergers, collaborations and acquisitions in order to keep hold in the ever competitive global market. In addition, they are focusing on gaining hold on the local players to strengthen their goodwill as well as to enhance their market reach in the global market. Some of the players actively involved in the manufacturing of hearing aids include GN Store Nord A/S, WIdex, SeboTek Hearing Systems, Cochlear Limited, Sonova, MED-EL, Zounds Hearing Inc., William Demant Holding A/S and SivantosPte Ltd. among others.
The global hearing aid market can be categorized
Based on product type
• Ear hearing aid
• Canal hearing aids
• Receiver in the ear hearing aid
Based on technology type
• Analog hearing aid
• Digital hearing aid
Based on end user
Based on region
• Latin America
• North America
• Middle East & Africa
• Asia Pacific