The report compiled by Persistence Market Research offers a forecast on the global for hearing aids during the period 2017–2024. The objective of this report is to provide updates on the market and related information on the growth opportunities in the global hearing aids market. The report also exhibits market dynamics such as key trends and drivers across various regions that are likely to impact the current market and also focuses on the condition of the market in future.
The report starts with an executive summary including market definition and overview that offers vital information on the global hearing aids market. Comparison between various regions and segments has been done to identify the market share of all the key regions in the report during the forecast period. To identify growth opportunities in the market, the market is divided into four segments including product type, end user, technology, and region. The overview section in the report also analyzes market dynamics such as major drivers, challenges, and opportunities in the global hearing aids market.
The report offers an estimation of the global market for hearing aids on the basis of revenue likely to be generated in the segments along with the CAGR in percent form for the forecast period 2017 to 2024, here, 2016 is considered as the base year. Moreover, a study also includes market attractiveness analysis to provide market attractiveness index in order to help manufacturers in identifying growth opportunities. The key segments in the global hearing aids market are further divided into sub-segments.
The last section in the report provides information on all the major companies along with the dashboard view in the global hearing aids market. The report also focuses on short-term and long-term strategies used by companies to grow in the global market. The market share of the key companies in the global hearing aids market is also included in the report.
The report offers data based on the primary and secondary research. Interviews with experts in the global hearing aids market was conducted to determine overall growth in the market and to arrive at suitable market numbers. The forecast offered in the report includes the revenue that is likely to be generated in the global market for hearing aids during the forecast period 2017–2024. The current market size forms the basis for estimating on how the market will perform in the next few years. The report by Persistence Market Research has calculated the data based on the demand and supply side analysis, driving factors in the global market for hearing aids.
The report offers estimated market numbers in form of CAGR, value, and volume. This helps in understanding the market and also identify the opportunities for growth in the global hearing aids market. The data on the all the segments in the report is provided in form of the basis point share. The incremental opportunity is also considered as a vital factor to determine the opportunity in the market hat manufacturer is looking for and also important resources in terms of delivery and sales in the global market for hearing aids.
Hearing technology today offers better hearing aids with advanced features and functionality. Reduction of wind noise is one of the major features offered in the hearing aid by manufacturers. Companies are also focusing on launching hearing aids with software to help user program according to the need. In recent years, 3D printing technology has also gained popularity in the manufacturing hearing aid. The 3D printing technology shortens the process of manufacturing and also the issues related to customization.
Use of lithium-ion batteries is also one of the emerging trends in the global hearing aids market. These batteries can last long as the lifeline of hearing aid device. Companies are also developing silver zinc rechargeable batteries, which are believed to be safe for both environment and user. Increasing number of people are depending on the opinion by hearing aid professional before buying the hearing aid device. This helps the people to buy a correct device. This is resulting in the companies approaching ENT clinics and Audiology clinics to demonstrate their products.
However, hearing devices can cause a number of problems including ear wax and moisture problems, feedback problem, wrong size of the hearing device can result in handling problems. Hence, manufacturers are focusing on the size of the hearing device, providing comfort and providing the cleaning kit to maintain the device.
According to the Persistence Market Research report on the global market for hearing aids, the market is anticipated to experience a sluggish growth during 2017-2024. The global hearing aids market is also projected to reach US$ 10,908.4 Million revenue towards 2024 end.
Behind-The-Ear (BTE) Hearing Aids to Gain Maximum Traction in the Global Hearing Aids Market
Compared to the various types of hearing devices, Behind-The-Ear (BTE) hearing aids are likely to gain popularity in the market during 2017-2024. Behind-The-Ear (BTE) hearing aid is considered to be ideal for most of the people with hearing problem. It also results in less problem in feedback due to the greater distance between receiver and microphone. Moreover, this device rarely needs any repair.
However, there are various disadvantages such as this device can be larger in size as compared to other hearing aid devices. Hence, manufacturers are introducing micro BTE hearing aids that are smaller in size, offering convenience to the user. Another problem with this device is that they may have ear molds or ear buds. Here, ear molds need to be remade every two to four years, in order to preserve the acoustic seal. Need for re-tube at a certain period of time is also a problem with BTE hearing aids.
Lithium-Ion Chargeable Hearing Aid Devices to Witness Fastest Growth
Hearing aid devices with the lithium-ion chargeable batteries are the latest trends and have also emerged as the most promising technology. Lithium-ion chargeable hearing devices can offer around 40% of enhanced power than the traditional rechargeable batteries. Lithium-ion batteries have a longer life and can work till the lifetime of the hearing aid device. Due to the increased number of benefits, companies are focusing on providing advanced hearing aid devices with the lithium-ion battery.