Hearing Aids Market Volume Forecast and Value Chain Analysis 2016-2026
A hearing aid can be defined as sound-amplifying devices designed to aid people who have a hearing impairment. Hearing aids treat hearing loss by helping person hear the sounds that are missing out on by fitted an audiologist at active audiology, person will get a device that is measured in ear and set up according to a prescription to match their hearing needs.
Hearing aids are much more than just an amplifier. They have a computer chip with artificial intelligence. This chip gives person the details of sounds whilst reducing background noise to give them the best sound experience possible.
Hearing loss can be caused by many different causes, some of which can be successfully treated with medicine or surgery, depending on the disease process. There are three types of Hearing loss: Conductive hearing loss, Sensorineural hearing loss, mixed hearing loss.
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According to the WHO's estimates, there will be approximately 1.2 billion people in the world over the age of 60 by 2026. This marks a shift in population demographics, from a demographic majority of young people globally to a more balanced proportion of young and old. Hearing loss is one of the six leading global disease burden. According to the Royal National Institute for Deaf People, the prevalence of hearing loss increases with age, affecting 42% of people over 50 and more than 70% of people over 70. Rising life expectancy is therefore likely to result in an increasing numbers of people living with hearing loss.
Hearing Aids Market: Drivers and Restraints
The factors driving the market is the high incidence of hearing loss with increasing ageing population, and increase in the customization of hearing aids devices. Most of the leading hearing aids device manufacturers have been customizing their product lines to appeal more to consumers and as a result help them to stay ahead of the competition. A large number of people are experiencing hearing loss and are unaware of the necessity of hearing aids. Increased public awareness of hearing loss increases the demand for hearing aids. Wireless hearing devices and attachments allow users access to communication, information, and entertainment such as Bluetooth and FM. To calculate the hearing aids market size, this research uses revenue generated from different types of hearing aids, including behind-the-ear, in-the-ear, and receiver-in-ear.
Further, the major challenges faced by the market is the high cost of Hearing aids devices. Various end-users do not have the budget to capitalize on expensive Hearing aids device procedures.
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Hearing Aids Market: Segmentation
Hearing aids market is segmented on the basis of following product types:
• In the ear hearing aids (ITE)
• In the canal (ITC)
• Completely in the canal (CIC)
• Behind the ear (BTE)
• Receiver in canal (RIC)
Hearing Aids Market: Overview
With rapid technological advancement, increase in the incidence of hearing loss with increasing ageing population, and increasing awareness of hearing loss among global population, the global hearing aids market is expected to have a healthy growth rate in the forecast period (2016-2026).
Hearing Aids Market: Region- Wise Outlook
Depending on geographic regions, global hearing aids market is segmented into seven key regions: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, Middle East and Africa
Europe holds the highest share in the global hearing aids market both in terms of revenue and volume. The introduction of latest products mostly takes place in the European market since majority of the key market players are located in this region. Continuous developments in healthcare infrastructure, greater incidence of deafness, and healthcare reforms are the key factors driving the Asia Pacific hearing aids market.
Hearing Aids Market: Key Players
Some of the key participating player in global hearing aids market are Cochlear Limited (Australia), GN Store Nord A/S (Denmark), MED-EL (Austria), SeboTek Hearing Systems, LLC (U.S.), Sivantos Pte. Ltd. (Singapore), Sonova (Switzerland), Starkey Hearing Technologies, Inc. (U.S.), Widex (Denmark), William Demant Holding A/S (Denmark), and Zounds Hearing, Inc. (U.S.), Phonak International, Beltone, Oticon Inc., Resound Inc., and etc.