The research report on the global hearing aids market offers a comprehensive outlook of the overall market. It explains the competitive landscape present in the market along with stating the financial outlook of the companies. The research report also uses a SWOT analysis to determine the strengths, weaknesses, opportunities, and threats influencing the segments of the overall market.
Hearing impairment has become a common phenomenon amongst the adults, primarily due to age. However, the impairment is also seen amongst children as an after-effect of certain ailments or accidents. Loss of hearing is also aggravated amongst patients due to untimely diagnosis. All of these factors have been propelling the global market across the globe.
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Global Hearing aids Market Witness Most Promising Rise in Demand:
According to the report published by Transparency Market Research, the global hearing aids market is antcipated to rise at 4.5% CAGR during the forecast tenure from 2016 to 2024. By rising at this rate, the valuation of the market is expected to reach US$7 bn by the end of 2026. In 2015, the valuation of the market was US$4.7 bn.
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The global hearing aids market is classified on the basis of end-user, product type, and region. In terms of end-user, the market is bifurcated into adult and pediatric. Out of these two, the adult hearing aids dominated the market in 2015 and held 95% market share in the global market. Over the next few years, this segment is expected to lead the market across the globe. However, pediatric hearing aids segment is also likely to gain traction as the hearing problem is increasing among younger population.
Key Players of Hearing aids Market Report:
Top leading players in the global hearing aids market held dominated the market. In 2015, the top six players held 98% share in the global market. In addition, these players are using similar business development strategies to expand their business and strengthen their position in the market. Leading players are also investing in research and development activities to offer better product to their customers. GN ReSound, Widex A/S, Siemens Healthcare, Starkey, the William Demant Holding Group, and Sonova Holding AG are the leading players in the market.
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