Published on : May 23, 2016
ALBANY, New York, May 23, 2016: The market study, titled “Global Hearing Aids and Implants Market: Trends, Opportunities and Forecasts (2016-2021),” presents a complete and unbiased analysis of this market on the basis of its historical performance, current status, and future prospects.
As per the World Health Organization, approximately 360 million people globally suffer from hearing impairment due to various reasons such as aging, genetic factors, certain infectious diseases, complications at birth, chronic ear infections, the usage of a particular drug, and exposure to excessive noise. The trend is likely to continue in the coming years, thereby boosting the demand for hearing aids and implants.
According to this research report, the global market for hearing aids and implants market is expected to expand at a CAGR of more than 6.25% during the period from 2016 to 2021.
The increasing incidence of profound as well as partial hearing impairment among people has fueled the demand for hearing aids and implants remarkably over the past few years. The increasing geriatric population and the alarming rise in noise pollution is projected to augment demand for hearing aids and implants considerably during the forecast period, resulting in a significant market rise. However, the absence of appropriate reimbursement policies, especially in developing economies is anticipated to limit the growth of the worldwide market for hearing aids and implants, notes the market study.
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The report analyzes the global hearing aids and implants market on the basis of the type of product, end purchase, and the region. Based on the type of product, the market has been segmented into hearing aids and hearing implants. The hearing aids segment is witnessing a higher demand than the hearing implants segment. The rising prevalence of partial hearing impairment is the key driving force behind the growth of this market segment. The increasing adoption of hearing aids in emerging economies is also expected to propel this market segment over the forecast period.
Further, the hearing aids segment has been categorized into behind-the-ear, receiver-in-the-ear, in-the-ear, in-the-canal, and completely-in-the-canal. Cochlear implant has been identified as the key hearing implant available in this market.
Based on end purchase, the global market for hearing aids and implants has been segmented into the independent purchase, buying groups/wholesale, retail, and the government sector. By region, the report has classified this market into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa.
North America and Europe have emerged as the major regional markets for hearing aids and implants due to higher adoption rate, whereas, Asia Pacific and Latin America are likely to witness rapid rise over the forecast period due to the increasing per capita expenditure on healthcare.
Cochlear Ltd., GN Store Nord A/S, Sivantos Pte. Ltd., Widex A/S, William Demant Holding A/S, RION Co. Ltd., Med-El, Sonova Holding AG, Amplifon SpA, and Starkey Hearing Technologies are the prime international producers of hearing aids and implants mentioned in this report.
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