Published on : Nov 17, 2014
The global hearing aid market involves all aspects of hearing disabilities and their compensation provided in the form of external devices. Most hearing aids are essentially electro-acoustic devices that amplify sound. They are classified as medical devices and therefore fall under the regulatory control of the Food and Drug Association (FDA). Hearing devices have come a long way, from bulky and passive ear horns to nearly invisible and wireless in-ear hearing aids.
One of the biggest reasons for the growing sales figures of hearing aids in developed countries is the increasing number of people who are suffering from auditory impediments, especially senior citizens. A growing number of the elderly who are in need of supplementary devices to hear normal sounds are inclined to purchase hearing aids. Their growing numbers, coupled with the steady recovery from recession provide the much needed growth for the global hearing aid market.
Developing countries face problems in the hearing aid market due to low level of awareness and lower levels of income. Buying a hearing aid can be quite an expensive affair and most of those who suffer from hearing loss tend to forgo the hearing aids. Companies such as Siemens Healthcare, Wildex A/S, Sonova Holding AG, and Starkley Hearing Technologies are instrumental in the development of technology and awareness in the hearing aid market.
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