Global Analysis and Forecasts for Hearing Aids Market
The hearing aids market is segmented into sensorineural hearing loss and conductive hearing loss. In 2020, the sensorineural hearing loss segment accounted for the highest growth rate. Factors such as the increase in the number of product approvals and the high prevalence of sensorineural hearing loss, coupled with the growing geriatric patient pool are contributing to the growth of this segment.
The adult patients segment accounted for the largest share of the hearing aids market, by patient type segment, in 2020
Based on patient type, the hearing aids devices market is segmented into adults and pediatrics. In 2020, the adult patients segment accounted for the largest share of the market. The growing incidence of hearing loss among the adult population is driving this segments growth.
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Europe is the largest regional market for hearing aids market
The global hearing aids devices market is segmented into five major regions-North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, Europe accounted for the largest share of the market. The large share of this region can be attributed to the rising geriatric population, the increasing incidence of hearing disorders, the rapid adoption of technologically advanced hearing aids, and the well-established healthcare industry.
Growth of this market is driven by rising geriatric population, growing prevalence of hearing loss and the rising incidence of noise-induced hearing loss. As hearing aids are designed to amplify sound, they are widely used to help restore hearing in individuals with sensorineural hearing loss.
Moreover, technological advancements in hearing aids, such as digital hearing aids, have enabled better sound amplification and improved user experience. This is further projected to drive the market growth over the forecast period.
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The growth of the hearing aid devices segment can be attributed to the increasing number of technological advancements. Currently, many companies are investing in the development of novel hearing aid devices and launching hearing aids equipped with advanced features. However, a lack/inadequacy of reimbursements for hearing aid devices is challenging the growth of this market segment.
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