NEW YORK, April 16, 2018 /PRNewswire/ --
MarketResearch.biz announces publication of its most recently generated research report titled, "Global Hearing Aids Market by Product Type (Behind the Ear Hearing Aids, Receiver in the Ear Hearing Aids, In the Ear Hearing Aids, Completely In the Ear Hearing Aids, and In the Canal Hearing Aids), Technology, Distribution Channel, and Region - Global Forecast to 2026.", which offers a holistic view of the hearing aids market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2017-2021) is projected to be US$ 42,081.6 Mn, which is expected to increase rather significantly over the latter part of the five-year forecast period. According to report, the hearing aids market is projected to reach a value of over US$ 11,747.0 Mn in 2026 at a CAGR of 4.8% over the forecast period.
Hearing aids are sound‐amplifying medical devices to aid individuals with hearing loss. Hearing aid are used for individuals with hearing loss that may or may not be medically treatable. Hearing aid has three basic parts - microphone, amplifier, and speaker. Hearing aid receives sound through a microphone, which converts the sound waves to electrical signals and sends them to an amplifier. The amplifier increases the power of the signals and then sends them into the ear through a speaker.
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Global Hearing Aids Market: Market Dynamics
Increasing incidence of hearing impairment in developed and as well as in developing countries, coupled with rising use of hearing aid devices are major factors driving growth of the global hearing aids market. In addition, increasing government initiatives for spreading awareness about hearing impairment and availability of various hearing aid solutions in the market, and rising geriatric population suffers with hearing loss problem are other major factors expected to fuel growth of the global hearing aids market over the forecast period. Moreover, manufacturers developing & introducing advanced hearing aid solutions that provides improved sound quality, efficient fitting, and offer users with severe to profound hearing loss a new hearing care experience is another factor anticipated to aid in growth of the global hearing aids market to a significant extent.
However, high product cost is a major factor restraining growth of the global hearing aids market. Additionally, lack of awareness about use of hearing aids in developing economies is another factor anticipated to hamper growth of the global hearing aids market over the forecast period.
Introduction of wireless charging facility for hearing aids and development of cost effective hearing aid solutions, can create major potential opportunities for players in the market.
Global Hearing Aids Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global hearing aids market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global hearing aids market is expected to expand at a moderate CAGR of 4.8% during the forecast period.
Global Hearing Aids Market: Segmental Snapshot
The market report has been segmented on the basis of product type, technology, distribution channel, and region. The product type segment includes behind the ear hearing aids, receiver in the ear hearing aids, in the ear hearing aids, completely in the ear hearing aids, and in the canal hearing aids. The technology segment includes digital hearing aid and conventional hearing aid. The distribution channel segment includes Audiology Clinics, ENT Clinics, and Online Stores. The regions covered in the analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By product type: The behind the ear hearing aids segment accounted for highest revenue share contribution as compared to that of the other product type segment. The in the canal hearing aids segment is expected to register a CAGR of over 4.0% between 2017 and 2026.
By technology: The digital hearing aid segment is accounted for highest revenue share contribution in 2016, and is expected to register a highest CAGR of over 4.0% over the forecast period (2016-2026).
By distribution channel: The online stores segment is estimated to register highest CAGR of 5.1% as compared to that of the other distribution channel segments. Audiology clinics segment is projected to account for a dominant revenue share in the global hearing aids market over the forecast period.
By region: The market in North America accounted for highest revenue share in the global hearing aids market in 2016, and is expected to register a CAGR of over 4.0% between 2017 and 2026.
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Global Hearing Aids Market: Competitive Analysis
The research report on the global hearing aids market includes profiles of some of major companies such as Sivantos Pte. Ltd., Sonova Holding AG, Cochlear Ltd., SeboTek Hearing Systems, LLC, Zounds Hearing Inc., William Demant Holding A/S, GN Store Nord A/S, MED-EL, Starkey Hearing Technologies, Inc., and Widex A/S.
The Global Hearing Aids Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017-2026 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the Global Hearing Aids Market for 2017-2026.
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