According to BlueWeave Consulting, the global Hearing Aids market is anticipated to worth USD 8387 million by 2025, with a CAGR of 7.1% during 2019-2025. The global Hearing Aids market is propelling due to the increasing prevalence of hearing disorders & hearing loss, the rising aging population, technological developments in hearing care devices like wireless devices.
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Growing noise pollution throughout the world has also a significant impact on the hearing abilities of people. Noise emission in heavy-duty industries, as well as public carnivals, is expected to damage the hearing capacity of adults, thereby resulting in an increase in the demand for hearing aids devices. Today, hearing disabilities among infants and war veterans are one of the biggest concerns in the healthcare sector.
Thus, there is a requisite for improved hearing aid devices since several remain untreated, especially among infants, which can further lead to speaking impairment and psychological disabilities among them. Furthermore, technological developments related to the products that combine cochlear implants, and hearing aid technology to overcome the high-frequency hearing loss in patients, are also found creating new opportunities for the players in the global hearing aids market.
On the basis of product, the hearing aids market is segmented into Behind the Ear, Receiver in the Ear, In the Ear, Canal Hearing Aids, and Others. Behind the Ear Hearing Aids dominates the entire hearing aids market during the forecast period due to the advantages associated with it like its high efficiency, better connectivity, and ease of use. Penetration of the internet is helping the development of e-commerce websites that sell hearing devices to end-users. The hearing aids market is witnessing a surge in demand for the products through on-line websites. The canal aids segment is estimated to be the fastest growing product segment.
Geographically, the hearing aids market is analyzed across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is the leading region of overall hearing aids market due to the increasing geriatric population base, the growing prevalence of hearing loss, and high purchasing power of the patients. North America is the second leading region during the forecast period. Asia-Pacific region is projected to experience the fastest growth rate over the forecast period. Factors like high noise pollution levels, an upsurge in the aging population, and increasing healthcare infrastructure.
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Companies such as Sonova, William Demant, GN Store Nord, Cochlear, Starkey, Widex, MED-EL, SeboTek Hearing Systems, Audina Hearing Instruments, RION, Horentek, Microson, Benson Hearing, ReSound, Siemens Healthcare GmbH, Widex A/S and Arphi Electronics are the leading players of hearing aids market across the globe.
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