Global Hearing Aids Market – Analysis and Forecast (2019-2024)

1. Global Hearing Aids Market

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3. Global Hearing Aids Market The global hearing aids market is expected to grow at a CAGR of 5.8% during the forecast period with its market size predicted to reach USD 7,098.1 million by 2024. The global hearing aids market is primarily driven by the technological advancements, increasing geriatric population, high prevalence of hearing loss, and improving healthcare infrastructure across the globe. Behind-the-ear hearing aids and receiver-in-the-ear hearing aids are the product types mostly adopted globally.

4. Global Hearing Aids Market Technological advancements, increasing hearing loss prevalence, increasing geriatric population, and improving healthcare expenditure are some of the key factors fuelling the growth of the Hearing Aids market, globally. Different companies are investing in the technological advancements for the hearing aids thus fueling the growth of the market. Wireless connectivity, smartphone integration, unique and comfortable designs, and usage of artificial intelligence are some of the key advancements witnessed in the hearing aids market. The primary factor hindering the growth of the hearing aids market is their high cost and low awareness. High cost of these systems makes them unaffordable in underdeveloped economies and to the consumer with low disposable income. Moreover, the social stigmas associated with the use of the hearing aid are hampering the growth of the market to some extent.

5. Global Hearing Aids Market Asia-Pacific hearing aids market is anticipated to witness the fastest growth during the forecast period. The key factor leading to the significant growth in the Asia-Pacific, are the large population base with hearing loss, developing infrastructure, investment in healthcare sector, and penetration by the number of the large global healthcare providers in the region. Different companies are investing in their research and development for the technological advancements of its systems which offers them a competitive edge over the competitors. Some of the key players operating in the hearing aids industry are Sonova Holding AG, Benson Hearing, GN Store Nord A/S, MED-EL, Starkey Hearing Technologies, William Demant Holding A/S, Widex USA, Inc., Medtronic plc, Zounds Hearing Inc., and Sivantos Group.

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