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The worldwide hearing aids market is anticipated to witness tremendous growth over the forecast period (2017-2022. Binaural hearing loss refers to loss of hearing in both ears. Hearing aids are recommended by audiologists after sufficient testing. They play a vital role in speech recognition and can assist persons in all walks of life. According to a report by the Centers for Disease Control and Prevention (CDC), nearly 71% newborns were diagnosed with hearing loss in 2014. Hearing aids can sometimes help correct hearing disorders and enable them to lead a normal life.
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A rise in hearing-related problems is a major driver of the market. Demand for binaural hearing aids is expected to open up new avenues for market growth. Expanding geriatric populace and demand for aesthetically-pleasing devices are projected to drive market growth. Consumer awareness regarding these devices can influence market sales over the forecast period. In addition, technological advances witnessed in these devices in recent years can reduce the social stigma associated with it.
Modern hearing aids have the ability to be programmed to pick up required frequencies according to the degree of hearing loss. Latest devices are equipped with Bluetooth and Wi-Fi and can be used to connect to external electronic devices. For instance, the Signia Pure 13 BT device by Sivantos offers binaural hearing directly from an iPhone and TV. Over-the-counter devices may soon be available for purchase to consumers. Major audio solution providers such as Bose and Panasonic are planning to offer such devices that can seamlessly connect with tablets and smartphones. On the down side, changing medical policies may pose a challenge to market growth.
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The global hearing aids market is segregated by product, application, and region. By product, the market is divided into in-the-ear (ITE), behind-the-ear (BTE), receiver in canal (RIC), completely in the canal (CIC), and in the canal (ITC). Major applications include clinics and hospitals.
Regions covered in the hearing aids market report include India, Japan, China, Southeast Asia, Europe, and North America. North America is expected to lead the global market due to a large consumer base in the U.S. and availability of the latest hearing aids. In addition, higher purchasing power of consumers in the region is predicted to drive market sales during the forecast period.
The Europe market is predicted to exhibit tremendous growth on account of high use of binaural devices. Their increased use in Germany, U.K. and France and their ability to recognize speech in noisy environments may drive market demand. The China and India hearing aids market possess high growth potential due to a large patient pool. But the high cost of these devices can negatively affect the markets. The Japan market can thrive due to rising preference of buying medical devices through online portals and direct mail. The Southeast Asia market is expected to register a steady growth rate due to the availability of the latest hearing aids and establishment of centers designed to teach children with hearing disabilities. High noise levels observed in Singapore may contribute to hearing disorders. This may positively affect demand in Southeast Asia.
Prominent market players include SeboTek Hearing Systems, LLC; Cochlear Limited; Zounds Hearing, Inc.; Sivantos Group; and MED-EL. These players are focusing on improving their products continuously through technology. Distribution agreements between manufacturers and vendors to expand market share is also a common trend witnessed in the market.
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