The hearing aids market is expected to reach USD 8,373.9million by 2020 from USD 6,183.3 million in 2015, at a CAGR of 6.3%. On basis of type of hearing loss, the Hearing Aids Market is segmented into sensorineural and conductive. Sensorineural segment is expected to account for the largest share of the this market in 2015. High prevalence of hearing loss & rising aging population are factors propelling growth of this market. End-users, included in Hearing Aids Market are adult and pediatric. Adult segment is expected to account for largest share of in this market. High incidence of hearing loss with increasing ageing is driving growth of this market.
Hearing Aids Market is segmented into North America, Europe, Asia, and the Rest of the World (RoW) by based on regions, Europe is expected to account for largest share of the market during the forecast period. Growth in this regional segment is driven by factors such as high prevalence of hearing loss, increase in aging population, and increasing number of research activities to develop new and advanced hearing aid products in Europe.
Complete report 140 market data table & 34 figure spread through 168 page and in-depth TOC on “Hearing Aids Market” http://www.rnrmarketresearch.com/hearing-aids-market-by-product-receiver-in-the-ear-behind-the-ear-in-the-ear-canal-hearing-aids-cochlear-implants-bone-anchored-systems-hearing-loss-sensorineural-conductive-end-user-adults-pediatrics-global-forecasts-to-2020-market-report.html .
Rise in geriatric population, increasing prevalence of hearing loss such as congenital hear loss problem and nerve deafness, increasing usage of digital hearing aid technology, rise in health care awareness and expenditure, growing awareness about advanced hearing aid devices, and increasing disposable income in developing countries are some of key factors driving growth of global hearing aids market. However, strict government regulations and high cost of hearing aids act as major restraints for the growth of global hearing aids market.
Key players in the Hearing Aids Market include 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.).
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Based on products, hearing aids market is segmented into hearing aid devices and hearing implants. The hearing aid devices segment is expected to account for the largest share of the market in 2015. Increasing technological advancements and regulatory approvals will drive the growth of this market segment.
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For instance,in April 2015, Bernafon launched Supremia, a Super Power BTE hearing aid for adults and children with severe and profound hearing loss.High growth potential in emerging markets has opened an array of opportunities for the hearing aids market. However, factors such as low penetration rate of hearing aids is hampering the growth of the market to a certain extent.
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