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Global Hearing Aid Market Revenue is Expected to Reach Over USD 13 Billion by the Year Ending 2023: Ken Research
GURUGRAM, India, Sept. 18, 2019 /PRNewswire/ --
- In Future, it is anticipated that revenue share of Cochlear Implants will reach to 85.0% by 2023E from 80.5% in 2018. This is largely due to the increasing number of reimbursement policies and tender programs by the Government.
- Per Capita health expenditure in US has been rising over the years and is anticipated to reach from USD 10,708 in 2018 to USD 12,449 by 2023E. The rising health expenditure would lead to the higher adoption among the hearing loss patients.
- The rising awareness about hearing aid devices and implants, increasing government reimbursement policies, growing demand for Artificial Intelligence and Rising number of hearing loss patients are the major favorable factors driving hearing aid sales.
Rising demand for Artificial Intelligence: Artificial Intelligence in hearing aid market at global level is rising. Global Hearing Aid market is a technology driven market wherein Artificial Intelligence in Hearing Aid Devices and Hearing Implants is expected to take larger share in the coming future. AI employs machine learning that moves beyond simple decision-making to assist the individual by using data from around the world to benefit to optimize the users hearing experience. Artificial Intelligence in hearing implants has been employed in such a way that it can predict language development in deaf children using cochlear implants. A machine-learning algorithm used pre-cochlear implant surgery MRI scans to detect abnormal brain development with a high degree of accuracy, specificity and sensitivity.
Product Launches and Technological Advancements: Technological developments in hearing aid devices and advancements in implants have driven the hearing aid market over the years. Technologies such as build-in sensors, wherein the device have more healthcare features with better chances of higher performance due to multiple build-in sensors and micro-electronic device that include the smaller devices equipped powerfully with more features such as longer battery stand time, rechargeable batteries and connectivity. For instance, Livio AI by Starkey Hearing Technologies.
Increasing Number of Private Insurers and Dispensers: Increasing number of dispensers would enhance convenience to hearing loss patients and increasing number of private insurers through partnerships and acquisitions would increase the revenue of hearing aid market in near future. For instance, the organization such as Japan Hearing Aid Dispensers Association has helped in the adoption of hearing aid devices among hearing impaired individuals.
Analysts at Ken Research in their latest publication "Global Hearing Aid Market Outlook to 2023 - By Hearing Aid Devices (By Ear and By Canal) and Hearing Implants (Cochlear implants and Hearing implants), By Region (Americas, Europe, Asia-Pacific and RoW), By Type of Distribution channel (Audiology & ENT clinics, Hospitals and Pharmacies)" believed that the Global Hearing Aid market will increase due to rising number of hearing loss patients, increasing personal disposable income, growing demand for artificial intelligence coupled with increasing technological up-gradations in the hearing aid devices.
The market is expected to register a positive CAGR of 5.4% in terms of revenue during the forecast period 2018-2023E.
Key Segments Covered
By Type of Hearing Aid
- Hearing Aid Devices
- Hearing Implants
By Type of Distribution Channel
- Audiology and ENT Clinics
By Type of Hearing Aid Devices
- By Ear
- By Canal
By Type of Hearing Implants
By Hearing Implants in Region
By Ear type of Hearing Device
By Canal type of Hearing Device
- IIC and CIC
By Hearing Aid Devices in Region
Key Target Audience
- Hearing Aid Manufacturing Companies
- International Manufacturers
- Domestic Manufacturers
- Private Equity Investors
- Hospitals and ENT clinics
- Government/ Regulatory Authorities
Time Period Captured in the Report:
- Historical Period: 2013 - 2018
- Forecast Period: 2019E - 2023E
- Sonova Holdings
- William Demant Holdings
- GN Hearing
- Starkey Hearing Technologies
- Cochlear Limited
- Rion Co. Ltd.
- Zounds Hearing Inc.
- Audina Hearing instruments
- NewSound Hearing Aids
Key Topics Covered in the Report
- Global Hearing Aid Market Overview and Genesis
- Global Hearing Aid Market Size, 2013-2018
- Global Hearing Aid Market Ecosystem
- Global Hearing Aid Market Value Chain Analysis
- Global Hearing aid devices and Hearing Implants Pricing Analysis
- Global Hearing Aid Market Size by Revenue (2013-2018)
- Global Hearing Aid Market Segmentation (2018)
- Global Hearing Aid Market Segmentation by Type (Hearing Aid Devices and Hearing Implants)
- Global Hearing Aid Devices Market Segmentation by type (By Ear and By Canal).
- Global Hearing Aid Devices Market Segmentation by Ear type (ITE, BTE and RIC).
- Global Hearing Aid Devices Market Segmentation by Canal type (IIC, CIC and ITC).
- Global Hearing Aid Devices Market Segmentation by Region (Americas, Europe, Asia-Pacific, RoW).
- Global Hearing Implants Market Segmentation by Type (Cochlear and BAHA).
- Global Hearing Implants Market Segmentation by Region (Americas, Europe, Asia-Pacific, RoW).
- Global Hearing Aid Market Segmentation by Distribution Channel (Audiology & ENT clinics, Hospitals and Pharmacies)
- Global Hearing Aid Market Trends and Developments
- Global Hearing Aid Market Snapshot of Major Countries in, 2013-2018
- Global Hearing Aid Market Government Regulations, Certification and Labeling Practices
- Global Hearing Aid Market Investment Scenario
- Global Hearing Aid Market Mergers and Acquisitions of the companies, 2013-2018
- Global Hearing Aid Market Trends and Developments
- Global Hearing Aid Industry Porter's Five Forces
- Global Hearing Aid Market Competitive Landscape
- Global Hearing Aid Market Company Profile of Major Players
- Global Hearing Aid Market Future Outlook and Projections, 2018-2023E
- Global Hearing Aid Market Future Outlook and Projections, 2018-2023E
- Analyst Recommendations
For more information on the market research report, please refer to the below link:
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