Global Hearing Aids Market Size, Analytical Overview, Growth Factors, Demand and Trends Forecast to 2024
Technological advancements, increasing hearing loss, increasing research and development activities, and increasing geriatric population are driving the growth of the Hearing Aids market.
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Different companies are investing in the technological advancements for the hearing aids thus fuelling the growth of the market. Wireless connectivity, smartphone integration, unique and comfortable designs, and usage of artificial intelligence are some of the key advancements witnessed in the hearing aids market.
Based on product, the hearing aids market is categorized into receiver-in-the-ear, behind-the-ear, in-the-ear, and in-the-canal hearing aids. Of all, behind-the-ear hearing aids hold the largest share in the global market. The largest share of the category is attributed to their easy configuration, wireless connectivity, high sound amplification, and large batteries. The market for in-the-canal hearing aids is anticipated to witness the fastest growth during the forecast period as these devices are discreet reduces external voices significantly, extremely, and extremely popular among young adults.
Asia-Pacific hearing aids market is anticipated to witness the fastest growth during the forecast period. The emerging economies such as India and China offer huge opportunities for the growth of the market. The key factor leading to the significant growth in the Asia-Pacific, is the large population base with hearing loss, developing infrastructure, investment in the healthcare sector, and penetration by the number of the large global healthcare providers in the region.
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Some of the key players operating in the hearing aids industry are Sonova Holding AG, Benson Hearing, GN Store Nord A/S, MED-EL, Starkey Hearing Technologies, William Demant Holding A/S, Widex USA, Inc., Medtronic plc, Zounds Hearing Inc., and Sivantos Group.
Source: VynZ Research
