(PharmaNewsWire.Com, April 12, 2020 ) The ongoing COVID-19 pandemic—and the worldwide reaction to it—has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.
At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Hearing Aids Market. We are working diligently to help companies take rapid decisions by studying:
The impact of COVID-19 on the Hearing Aids Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
The rapid shifts in the strategies of the Top 50 companies in the Hearing Aids Market
The shifting short-term priorities of the top 50 companies’ clients and their client's clients
You can request an in-depth analysis detailing the impact of COVID-19 on the Hearing Aids Market:
According to the recent report “Hearing Aids Market by Product (Receiver In The Ear, Behind The Ear, In The Ear, In The Canal Hearing Aids, Cochlear Implant, BAHA implant), Types of Hearing Loss (Sensorineural, Conductive Hearing loss) & Patient (Adult, Pediatric) - Forecast to 2022", published by MarketsandMarkets™, the global Hearing Aids Market size is projected to grow from USD 9.78 Billion by 2022 from USD 6.97 Billion in 2017, at a CAGR of 7.0% from 2017 to 2022.
Factors such as high prevalence of hearing loss, rising geriatric population, and technological advancements in hearing aids are driving the global market.
Hearing aid devices segment to dominate the market in 2017
Based on product, the hearing aids market is segmented into hearing aid devices and hearing implants. In 2017, the hearing aid devices segment is expected to account for the largest share of the hearing aids market. Growth in this segment is majorly driven by the rising geriatric population, technological advancements in hearing devices, and the development and introduction of new and advanced products.
The adult patients segment is projected to register the highest CAGR during the forecast period.
By patient type, the hearing aid market is segmented into adult patients and pediatric patients. The adult patients segment is estimated to register the highest growth rate during the forecast period. The high growth in this segment can primarily be attributed to the high prevalence of hearing loss in this section of the population.
In 2017, Europe is expected to dominate the global market primarily due to factors such as the growing aging population and high prevalence of hearing loss in this region. In 2017, North America is expected to account for the second-largest share of this market. Rising geriatric population and increasing conferences and symposiums help create awareness on market products and the latest technologies in hearing aids are the major factors supporting the growth of hearing aids market in this regional segment.
At a global level, companies such as Sonova (Switzerland), William Demant (Denmark), and GN Store Nord (Denmark) with the presence of several small players as well. Some of the players operating in this market include Cochlear (Australia), Starkey (US), Widex (Denmark), MED-EL (Austria), SeboTek Hearing Systems (US), Audina Hearing Instruments (US), RION (Japan), Horentek (Italy), Microson (Spain), and Arphi Electronics (India).
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