According to a study by WHO, more than 5% of the global population suffers from hearing impairment, about 15% of the global population suffers from a kind of hearing loss. The report shows that most of this population belongs to the developing nations. More than a third of the elderly population suffers from hearing disability. Hearing disabilities leads to mental distress and agony, loneliness and frustration especially among the older population.
The global market for hearing aids is growing due to the unmet needs of the population. Technological development in the market has led to innovation in the market by embedding the device in the year and making them invisible. This has been developed to remove the social stigma revolved around hearing aids. Further, digital signal processing has been introduced in the market along with digital noise reduction and speech enhancement technology.
The report “Global Hearing Aid Market-Technologies, Market Share And Industry Forecast to 2024” gives a detailed report on the global market of hearing aids. The report includes Hearing Aids market, market research report, market share, market analysis, market trends and market forecast 2017-2024. The top players in the global market are Arphi Electronics (India), Audina Hearing Instruments (U.S.), Cochlear Limited (Australia), Gn Store Nord (Denmark), Horentek (Italy), Med-Ei (Denmark), Microson (Spain), Rion (Japan), Sebotek Hearing Systems, Inc (U.S.), Siemens (Germany), Sonova (Switzerland), Starkey Hearing Technologies. Inc (U.S.), Widex (Denmark), William Demant (Denmark) And Zounds Hearings Inc, (U.S.). This report will help in making strategic business decisions through competitors’ analysis for the new entrants.
The companies use multiple channels to market their aids like company – owned stores, hearing aids clinic, Big Box retailers and government agencies, with the big retailers more profitable owning to their purchasing power and wide spread presence across the cities. Many of the new entrants in the market offer the consumer with low costs, accessibility whenever their situation and needs warrant it. But if the market is disrupted, these entities can provide comprehensive case history and review of systems, the photocopy, speech – in – noise testing, aural rehabilitation and hands – on – hearing aid fitting. Disruptive entities can and will soon offer these features in their products.
The global hearing aid market is expected to grow at a CAGR of 6.3% during the forecast period of 2017-2024. Geographically, Europe dominated the market due to high purchasing power and rising greying population.
For more information on the research report, refer to below link:- https://www.kenresearch.com/healthcare/medical-devices/global-hearing-aid-market/171808-91.html
Ankur Gupta, Head Marketing