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Launch of Smart Hearing Aid Devices for Treating Hearing Impairment in Adults to Open Up Exciting Avenues

Press Release   •   Aug 09, 2017 07:03 EDT has announced the addition of a new report, titled “Global Hearing Aid Market (2017-2021 Edition).” The comprehensive report on the global hearing aid market offers in-depth insights into the key drivers and restraints, emerging opportunities, recent technological advancements, market potential of prominent segments, and competitive landscape. The research provides elaborate assessment of notable demographic trends in various regions expected to shape the market dynamics. The study takes a closer look at placement and suitability of various product types and recent offerings of major players.

The growing adult and geriatric populations in various regions, especially in developing countries, suffering from some form of hearing impairment and loss, is a key factor driving the evolution of the global hearing aid market. The inability to meet the burgeoning needs of hearing aids with limited production has led to a large untapped market in several regions. The unmet medical needs has opened up promising growth avenues for manufacturers.

The growing number of people suffering from hearing impairment due to chronic ear infections is expected to present a substantial demand for hearing aids. Furthermore, the launch of high-end devices and advancement in healthcare facilities in developing regions are key trends expected to boost the market.
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The major product segments of the hearing aid market are behind-the-ear (BTE), in-the-canal (ITC), in-the-ear (ITE), and implantable hearing aid. The implantable hearing aid segment is further divided into cochlear implants and bone-anchored hearing implants. Behind-the-ear hearing aids find wide applications in treating any degree of hearing loss, while others may be more suitable for treating mild-to-moderate hearing impairment in adults. The prevalence of loss of hearing among adults aged 65 years or more is a key trend bolstering the uptake of hearing aids.
The launch of smart hearing aid devices such as internet-connected hearing aids and their rising popularity are developments that bode well for the market. However, limited awareness of the availability of hearing aids to meet varying degree of hearing loss is a key factor likely to hinder the market to an extent. Nevertheless, in recent years, various governments, especially in emerging nations, have made intensive efforts in creating awareness among elderly populations regarding the debilitating effect of hearing loss on their general health. This is a key factor accentuating the hearing aids market. In addition, in less developed nations, there is a growing incidence of childhood hearing loss, which is anticipated to boost the demand for hearing aids in the coming years.
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The competitive landscape features a high degree of consolidation. Prominent players operating in the global hearing aid market include GN ReSound, the William Demant Holding Group, and Sonova Holdings AG.