New York City, NY, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Hearing impairments hinder the normal flow of life, and are unfortunately highly prevalent across the world. The World Health Organization (WHO) revealed that in 2012, 360 million people were suffering from hearing loss across the globe. This despairing statistic has escalated the global hearings aids market. PMR’s report titled, “Global Market Study on Hearing Aids: Digital Hearing Aids Technology Segment Anticipated to Register 3.9% CAGR Between 2016 and 2024”, reveals that the market is anticipated to reach 10,908.4 mn by 2024 as compared to US$ 8,049.6 mn in 2016. This would register a CAGR of 3.9% for the global hearing aids market over the forecast period from 2016-2024.
In the domain of product types, Behind-the-Ear (BTE) Hearing Aids segment is expected to reach US$ 3,109.0 mn by the end of 2016 from US$ 3,032.6 Mn in 2015. The Receiver-In-The-Ear (RIE) Hearing Aids segment would see steady growth and is anticipated to stand at US$ 1,974.2 Mn by the end of 2016 as compared to US$ 1,912.9 Mn in 2015. In the technology segment, it is expected that the Hearing Aids segment would settle at a CAGR of 3.9% over the forecast period. In the end use categorization, Audiology Clinics segment is forested to account for 47.8% of the total value share for the global hearing aids market by the end of 2016.
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The regional analysis reveals that North America is anticipated to be the most prosperous market in terms of revenue, reaching worth US$ 4,630.0 Mn by 2024 with a CAGR of 4.4% during the forecast period. With a CAGR of 3.7%, Europe would take the second position amongst all other regional markets for hearing aids.
The rise of the geriatric population has been the pioneer reason for the growth of the global market for hearing aids. Moreover, the disposable income of the people has seen an ascension over the past years which has further accelerated demand within the market. There are congenial reimbursement policies which assure people to make an investment in the hearing aid devices, thus, bolstering the demand within the market. Moreover, the hearing aid devices are now equipped with noise cancellation, Bluetooth, and other digital features that attract people towards them. This has launched a high demand for advanced hearing aid devices across the globe. Awareness amongst the patients has also taken the purchasing bar high which has consolidated the entire global market for hearing aids.
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A major challenge faced by the market is the failed diagnosis of hearing impairments which plummets the demand in the market for hearing aid devices. Besides this, people have complained of the feeble battery life which on exhaustion renders the sufferers deaf and void of any sound. The continuous reverberation noise caused by the devices aches the head and irritates the patients, often causing disruptions in conversations. This has substantially lowered the confidence of the people in hearing aid devices, thus, placing a negative toll on the entire market. On the intrinsic front, the lack of proper infrastructure hampers the development of these devices which underhandedly obstructs the market. Despite these pitfalls, the market for hearing aids is expected to see a substantial lift owing to the developments in technology and a growing instance of hearing loss.
The success of the market players is resting against their ability to innovate, and offer better solutions to consumers. The huge market entities are engaging in core research and development to adhere to the expectations, needs, and demands of an explosive market. Nevertheless, the market is expected to thrive on strategic collaborations amongst huge market players in order to expand their horizons. The key market players in the global hearing aids market include Sivantos Pte. Ltd,Starkey Hearing Technologies Inc., Cochlear Ltd., William Demant Holdings A/S, Sonova, Widex A/S, GN ReSound, and Amplifon S.p.A.
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