The global hearing aids market is antcipated to rise at 4.5% CAGR during the forecast tenure from 2016 to 2024. By rising at this rate, the valuation of the market is expected to reach US$7 bn by the end of 2026. In 2015, the valuation of the market was US$4.7 bn. As the healthcare sector in emerging economies is moving towards privatization, healthcare infrastructure in these countries is undergoing rapid development. Education and increased awareness about health among people are also playing an important role in increasing the demand for these devices and its diagnostic services.
ITC Hearing Aids market report focuses on ITC Hearing Aids volume and value at global level, regional level and company level. From a global perspective, this report represents overall ITC Hearing Aids market size by analyzing historical data and future prospect. Regionally, this report focuses on several key regions: North America, Europe, China and Japan.
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Hearing aid is a small device used by a hearing-impaired person to amplify sound in order to capture it through an ear. Initially, ear devices were designed to gather sound energy in order to pass it into the ear canal. Modern devices are made of computerized electroacoustic systems that help to transform sound in a more intelligible and comfortable way. Audiologists play a vital role in configuring these devices in order to match the frequency with the physical features and lifestyle of the wearer. Hearing aid is not a solution for correction of hearing loss, rather to make the sound accessible to the ear.
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One of the primary drivers for this market is the market penetration of digital technologies for hearing aids. With the use of digital technology, the background noise can be eliminated. In some hearing aids, the background noise can be controlled by using volume controller and noise blocker. Furthermore, smartphones have been integrated with the modern applications for helping hearing impairment patients in leading a normal lifestyle. The digital hearing aids are also equipped more than one listening programs. For instance, Signia Insio Primax 7px IIC is one of the premium, digital technology based canal hearing aid device. Signia has introduced a free mobile application called Touch Control, which is compatible with iPhones and Android devices. With the use of this application, the individual can discreetly control the hearing aids using a smartphone. This technological development in the ITC Hearing Aids market is expected to propel the market growth in the coming years.
In terms of region, the market in Europe is expected to expand at the highest growth rate, followed by North America. Rapid rise in geriatric population, growing incidence/increasing prevalence of hearing loss, and high purchasing power of patients is projected to augment the market in the region. Asia Pacific is expected to emerge as the fastest growing market. Developing countries in Asia Pacific such as India and China present significant expansion opportunities. Large patient pool, increasing geriatric population, and rising noise pollution drive the market in these countries. Increase in hearing-related problems, increasing awareness among patients about deafness, and expanding health care infrastructure are factors likely to boost the growth of the market in Latin America.
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At company level, this report focuses on the production capacity, ex-factory price, revenue and market share for each manufacturer covered in this report.
The following manufacturers are covered:
William Demant, Sonovav, GN Store Nord, Sivantos Group, Widex, Starkey
Segment by Regions
Segment by Type
Segment by Application