Trends in the global hearing aids market
market
According to a new market analysis, the digital hearing aids technology segment is expected to register a compound annual growth rate (CAGR) of 3.9% between 2016 and 2024.
This CAGR corresponds to a change in market value from USD 8,049.6 million by 2016 to USD 10,908.4 million by 2024. The analysis predicts that favorable reimbursement policies, the gradual increase in disposable income in many countries, the increasing elderly population worldwide, and the increased prevalence of hearing impairment will promote growth in this market over the forecast period.
Estimates quoted in the report, published by Persistence Market Research, show that approximately one-third of people over 65 years of age are affected by impaired hearing or other hearing-related conditions. The increasing prevalence of hearing impairment and hearing loss is believed to be fueling demand for hearing assistive devices.
Interestingly, rapid increases in usage rates of digital hearing aid technology and higher levels of patient awareness are also given as strong growth drivers. The lack of infrastructure in certain geographic zones and low levels of innovation in treatment methods are cited as potential obstacles to future growth.
Audiology clinics hold the largest market value share in 2017 (47.8%), followed by ENT clinics and online stores. The top markets geographically are expected to be North America (CAGR of 4.4%) and Europe (CAGR of 3.7%).
Source: Persistence Market Research
