LAS VEGAS, October 17, 2017 /PRNewswire/ --
The Global Hearing Aids Market was evaluated over USD 4.17 billion in 2016 and is anticipated to reach approximately USD 6 billion by 2025, while registering a compound annual growth rate (CAGR) of 4.13% over the forecast period. Hearing disability is the most common sensory discrepancy in humans, striking over 250 million people globally. It is turning out to be a terrible health and social issue, especially in the geriatric population. This is directing to troubled change of information due to deafness, inducing dependence, loneliness, and ultimately frustration, plus communication troubles, hence significantly affecting day-to-day life of the aged people. Hence hearing aids, are devices intended to enhance the hearing ability. Hearing aids are segmented as medical devices in the majority countries and governed by the particular policies. Hearing aids are unable to actually rectify a hearing loss, in fact they render support or assistance to make sounds accessible. Some of the common type of hearing aids are; Behind-the-ear (BTE), In-the-canal (ITC), Completely-in-the-canal (CIC), etc. Modern hearing aids need configuration to go with the lifestyle of the wearer and physical features. Also, these aids need to be configured according to the hearing disability. This procedure is referred as fitting and is executed by specialist i.e., audiologists. The number of benefits hearing aids render depends hugely on their fitting quality. Nearly all hearing aids which are used in the United States are digital. Latest technology introduced by NHS surgeons in this field is the new 'Carina' device. It has a battery-powered motor, processor and microphone which are implanted within the skull and underneath the skin near the ear in a complicated surgical procedure. Six to eight weeks following the surgery, the device is turned on and the patient gains the hearing ability again.
Global Market Research Report Overview on Hearing Aids Market @ http://www.crystalmarketresearch.com/report/hearing-aids-market.
Driver and Restraints of Hearing Aids Market
According to National Institute on Deafness and Other Communication Disorders (NIDCD), over 37.5 million American people who are more than 18 years old have hearing disabilities. Therefore, increasing prevalence along with rising geriatric population is driving the requirement for hearing aids, as people with this age group are more vulnerable to developing hearing disabilities. The expansion of hearing aids market can also be assigned to technological innovations in the hearing aids like miniaturization, superior connectivity, improved listening and elevated product efficiency. In 2016, Europe region held a significant i.e., around one-third of the global market share. This is mainly owing to a variety of factors like the growing occurrence of deafness and hearing disabilities along with the rapidly rising elderly population, augmented acceptance of technologically innovative hearing solutions, and increased buying ability of the patients. Asia Pacific region is expected to show lucrative market growth during the projected period, owing to the accessibility of unsaturated and untapped markets along with rising hearing aids demand. Speedy monetary development combined with rising awareness levels among patients, is a key opportunity for the players in the hearing aids market.
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Competitors and Market Classification
The major market players in the global hearing aids market are; Sonova Holding AG, Sivantos Pte Ltd, William Demant Holdings A/S, GN Store Nord A/S, and Starkey Hearing Technologies. According to products types, the global market is divided into; In-The-Ear Hearing Aids, Behind-The-Ear Hearing Aids, Receiver-In-The-Ear Hearing Aids and Canal Hearing Aids. On the basis of Technology, the market industry is split as; Aquaculture: Analog Hearing Aids and Digital Hearing Aids. Geographically, the global hearing aids market is segmented in regions which are; Europe (Germany, Spain, Italy, France, UK and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), North America (the United States, Mexico and Canada) and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
Crystal Market Research Overview
Crystal Market Research is a U.S.-based market research and business intelligence company. Crystal offers one-stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
SOURCE Crystal Market Research