Global Hearing Care Devices Market To Be Worth Around $10 Billion by 2023: Acumen Research and Consulting
Author: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled "Hearing Care Devices Market (Hearing Aids, Hearing Implants, Type of Hearing Loss: Sensorineural Hearing Loss, Conductive Hearing Loss, End User: Hospitals & Clinics, Home Settings, Ambulatory Surgical Centers (ASCs) - Global Industry Analysis, Market Size, Opportunities and Forecast 2023 ", forecasts that the global market is expected to grow at a CAGR of over 6% from 2017 to 2023 and reach the market value of around $ 10 billion by 2023. A hearing aid is a device that is used by people with hearing problems. Hearing loss is an unfortunate damage that occurs in the face of the skin. Such damages can be the result of aging, injury or disease and hearing aids are beneficial in the event of death. Hearing devices amplify the amount of sound in order to make it audible to the person with hearing aid. These devices include an amplifier, speaker, and a microphone. Hearing devices receive sound via microphone which converts sound waves into electrical signal and sends them to an amplifier. An amplifier increases the power of the audio signal and sends it through the speaker. The rising elderly population, accelerating incidences of hearing disorders, and upsurge in binaural fitting rate, and the development of the market.
Increasing Drop-Out Rates Adversely Affecting Market Growth
The main obstacle for the growth of hearing care devices includes high drop-out rates of patients. This is owing to the lack of enthusiasm of patients to visit an ENT doctor. This fact is made from the data provided by "Anovum 2015 - JapanTrak 2015" according to which ENT or family doctor. These statistics implied an increased dropout rate of 68% as compared to 67% of 2012. The most common reason for the low adoption of these devices, especially in emerging regions, is that patients find them uncomfortable to use. This, in turn, leads to the decrease in use of these devices and thus obstructs the market growth.
Hearing Aid Segment Was the Highest Contributor to the Global Hearing Care Devices Market
Hearing aids segmented by product type in the world of hearing loss in 2016. Hearing aids are external devices that improve hearing. Previously, devices such as ear trumpets or ear horns acted as passive amplification cones that gathered sound energy and directed it into the ear channel. Modern hearing aids are computerized electroacoustic systems which transform the surrounding sound to increase audibility. However, hearing aids of correct hearing loss in the true sense; rather, they act as mother to increase the accessibility of sound.
GN Store North A / S, Amplifon, Cochlear Ltd., Starkey, American Hearing Aids, Sivantos Pte Ltd, Sonova, MED-EL, IntriCon Corporation, and William Demant Holding A / S among others.