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Global Hearing Aid Market Size, Share, Trends, Outlook, Growth, Challenges and Analysis Report

Kenneth Research has recently added a report titled Global Hearing Aid Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2022-2031.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Hearing Aid Market products.

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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

Global hearing aid market is valued at approximately USD 7.0 billion in 2017 and is anticipated to grow with a healthy growth rate of more than 7.0 % over the forecast period 2018-2025. Key trends for the global hearing aids market are technological advancements such as noise reduction circuits, wireless and bluetooth technology and feedback reduction, aesthetically appealing miniature devices. Moreover, factors such rising genetic factors, noise pollution levels, birth complications and ear infections are also expected to supplement the growth the hearing aid market across the globe.

Global hearing aid market is significantly driven by the rising aging population. For instance: according to the Population Reference Bureau, in United States people aged 65 years or above in 2016 were around 46 million which is projected to get double near approx. 98 million by 2060. However, the geriatric population rate will rise from 15 % to nearly around 24 % by 2060. Thus, rapid increase in geriatric population would increase the demand for hearing aid devices owing to gradual hearing loss thereby, supplementing the growth of the hearing aid market over the forecast period. However, low penetration rate of hearing aid is expected to hinder the growth of the market during the forecast period.

Based on segmentation, the hearing aid market is segmented into product, type of hearing loss and type of patients. The product segment of global hearing aid market is classified into hearing aid devices and hearing implants of which of hearing aid devices is expected to dominate the market owing to the growing acceptance of these devices among people having hearing loss. Based on type of hearing loss segment, the market is classified into conductive hearing loss and sensorineural hearing loss. The patient type segment is classified into adults and pediatrics of which adult segment is expected to hold largest share of global hearing aids market.

The regional analysis of hearing aid market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW. North America holds the leading position in Hearing aid market owing to the growing number of people suffering from hearing losses along with increasing geriatric population. Whereas, Asia-Pacific is expected to emerge as the fastest growing region in terms of market share. The growth of Asia-Pacific region is witnessed owing rising awareness among the patients, increasing hearing-related problems, surge in the geriatric population and developing healthcare infrastructure and services due to rising government funding.

The leading market players include-
Sonova
Cochlear
Widex
Zound Hearing
Med-EI
Rion
Sebotek Hearing systems
Audina Hearing Systems
Starkey
Sivantos

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product
Hearing Aid Devices
Receiver-In-The-Ear Hearing Aids
Behind-The-Ear Hearing Aids
Canal Hearing Aids
In-The-Ear (ITE) Hearing Aids
Other Hearing Aid Devices
Hearing Implants
Bone-anchored systems
Cochlear Implants

By Type of hearing loss:
Conductive Hearing Loss
Sensorineural Hearing Loss

By Type of Patient:
Adults
Pediatrics

By Regions:
North America
U.S.
Canada
Europe
UK
Germany
ROE
Asia Pacific
China
India
Japan
ROAPEC
LAMEA
Brazil
Mexico
ROW
Middle East & Africa

Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025

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Target Audience of the Global hearing aid market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

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