Global Hearing Aids Market is Expected to Reach USD 8,325.6 Mn by 2023: Credenc

Posted by johnson on September 14th, 2017

The latest market report published by Credence Research, Inc. “Hearing Aids Market, By Device Type (In-The-Ear (ITE) Hearing Aids, Receiver-In-The-Ear (RITE) Hearing Aids, Behind-The-Ear (BTE) Hearing Aids, Canal Hearing Aids (ITC, CIC and IIC ), Cochlear Implants & Bone Anchored Hearing Aids) - Growth, Future Prospects and Competitive Analysis, 2016 - 2023,” the hearing aids market was valued at USD 5,083.3 Mn in 2015, and is expected to reach USD 8,325.6Mn by 2023, expanding at a CAGR of 6.4% from 2016 to 2023.

Browse the full report Hearing Aids Market - Growth, Future Prospects and Competitive Analysis, 2016 – 2023 at http://www.credenceresearch.com/report/hearing-aids-market

Market Insights

Significant prevalence of hearing loss in geriatric population and growing incidence of sensorineural hearing loss in children along with favorable insurance scenario has facilitated growth in hearing aids market. Prevalence of hearing loss is above 10% in several developed countries in Europe, with a major patient pool belonging to the senescent population. Due to technological advancements, the adoption of hearing aids        and replacement of older analog hearing aids is occurring rapidly. With the ever-growing population of geriatric individuals, it is anticipated that the hearing aids market will further flourish through the forecast period. For the first time in the history of this market, the private sector sales are also witnessing impressive growth.

Among the various product types, in-the-ear (ITE) hearing aids capture the largest market share in 2015. Ease of use, technological advancement in terms of connectivity and competitive prices of these products facilitate the dominance of this segment. This segment also enjoys early bird advantage as against the other novel hearing aids. Liberty of availing custom fit devices along with cosmetic appeal further facilitate to high demand for ITE hearing aids over behind-the-ear devices. Canal hearing aids are gaining rapid growth in the hearing aids market as a result of intensive development in the product design, aesthetic appeal, enhanced amplification and patient preference.

To Know More About Assumptions Considered For The Study, Download Report Sample: http://www.credenceresearch.com/sample-request/58093