Hearing Aids Market by Key Manufacturers, Product Type and Application, and Demand Forecast To 2024

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The global hearing aids market is growing, due to technological advancement in the hearing aids, such as Bluetooth integrated hearing aid. During the forecast period, the hearing aid devices is expected to report larger share, among all the products of hearing aids, due to technological advancement and increasing regulatory approvals in the market. 

Behind-the-ear hearing aids segment dominate the hearing aids devices market; however the canal hearing aids are expected to grow at the highest rate in the forecasted period, due to increasing number of research and development initiatives. On the basis of type of hearing loss, sensorineural hearing loss segment led the market, due to increasing prevalence of hearing loss. Moreover, on the basis of end users the adults segment led the market, due to growing geriatric population.
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Some of the factors driving the growth of the global hearing aids market are growing geriatric population, increasing healthcare expenditure, and increasing prevalence of hearing loss. In addition, the increasing research and development for the innovative and advanced hearing aids, and increasing public awareness about hearing loss are also driving the growth of the market. However, the high cost of hearing aids and low penetration rate of devices are some of the factors, restraining the growth of the global hearing aids market. In addition, limited reimbursements, lack of primary healthcare facilities in developing countries are also inhibiting the growth of the global market.

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Geographically, Europe is expected to dominate the global market in the coming years, due to growing geriatric population and technological advancement. Asia-Pacific is expected to be the fastest growing region, due to increasing healthcare expenditure and large pool of patients in the region. In addition, the Asia-Pacific market is growing, due to increasing awareness about hearing aids in the emerging countries, such as India and China.

Some of the companies operating in the global hearing aids market are William Demant Holding A/S, Zounds Hearing Inc., GN Store Nord A/S, Sonova Holding AG, Cochlear Limited, Widex, Sivantos Pte Ltd., Sebotek Hearing Systems LLC, and Starkey Hearing Technologies Inc.

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