According to the recent study the hearing aid market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 5% to 7% from 2023 to 2028. Growth in this market is primarily driven by increasing public awareness, technological advancement in hearing aid devices for better efficiency, and growing need for hearing aid among the aging population due to the high prevalence of their hearing loss.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in hearing aid market by product type (hearing devices and hearing implants), technology (analog and digital), hearing loss type (sensorineural and conductive), patient type (adult and pediatric), and region (North America, Europe, Asia Pacific, and the Rest of the World)
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“Digital market is expected to remain the largest segment during the forecast period.”
Based on technology, the hearing aid market is segmented into analog and digital. Lucintel forecasts that the digital market is expected to remain the largest segment due to the growing demand for digital devices that converts acoustic sound waves into digital form based on the listener’s needs and facilitating the exact duplication of sound, and rising demand among the consumer as it provides multiple program memories.
“Within the hearing aid market, the adult segment is expected to remain the largest patient type”
Based on patient type the adult segment is expected to witness the highest growth over the forecast period due to rising aged population suffering from hearing loss, and increasing awareness about various hearing devices and implants availability among consumers.
“North America will dominate the hearing aid market in near future”
North America will remain the largest region due to the growing number of patients with hearing loss who require a hearing aid, aging population, rising hearing loss problems at younger age, and increasing research and development leads to new product launches by prominent players in the NA region.
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Major players of hearing aid market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Phonak, Benson Hearing, GN Store Nord A/S, Starkey, MED-EL, William Demant Holding A/S, and Medtronic are among the major hearing aid providers. This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/hearing-aid-market.aspx or [email protected]