The Global Hearing Aid Devices Market is estimated to witness a CAGR of 5.1% during the forecast period 2017-2023.
The market growth can be attributed to the rising initiatives by various governments and NGOs to raise awareness about hearing loss treatments. Moreover, latest technologies, such as IT-enabled hearing aid devices, are revolutionalizing the way hearing loss treatments were performed. However, the battery issues, such as battery life of the advanced and multipurpose hearing aid devices, is one of the major concerns of the hearing aid devices market presently.
The major drivers of the hearing aid devices market include increasing prevalence of hearing loss patients, especially in the emerging economies. Moreover, latest advancements in 3D printing has enabled the procedure of constructing 3D images of defective ear canals to provide the perfect hearing aid device or treatment to the patients. This step is expected to drive the market in the developed countries during the forecast period. The vendors are currently focusing on the technological advancements, new product launches, and mergers and acquisitions lead the market position. These factors are expected to drive the Global Hearing Aid Devices market in the future.
Increasing Prevalence of Hearing Loss
Increase in Online Sales of Hearing Aid Devices
Increasing Demand for Binaural Hearing Aids
Demand for Invisible and Water Resistance Hearing Aid Devices