Global Hearing Loss Technology Market: Overview
The impact of hearing loss is a huge burden on health care and governments. Globally, 466 million people have disabling hearing loss, and a large portion of about 34 million are children. And, according to the World Health Organization (WHO), in 30 years – by 2050 – that number will reach 900 million. In addition, an estimated 1.1 billion people between the ages of 12 and 35 are at risk of developing conditions that lead to hearing loss.
It contributes to global growth hearing loss technology market significantly, credit a stable CAGR (Compound Annual Growth Rate) between 2017 and 2025. This will significantly improve the market value and help generate lucrative growth opportunities for the market players. Who will hurry to make the most of these opportunities, securing a bigger slice of the growth pie.
Some of the more futuristic technologies that exist in the market landscape today include infrared systems, audio loops, and FM systems.
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Global Hearing Loss Technology: Trends and Key Factors
There is an increase in the prevalence of hearing loss. And it will positively contribute to the growth of the global hearing loss technology market. Some of the major factors propelling the market growth include massive technological advancements in the market landscape and increasing geriatric population. Another important factor in itself should be noted – the upward trend in custom implants.
By 2015, 2 billion people will be aged 60 and over and one in six people in the world will be 65 and over. And, the ratio of people aged 65 and over will be one in four in regions of Europe and North America. Also, in 2018, history was created when the demographics drastically changed. For the first time in human history, this year the number of people aged 65 and over exceeded the number of people aged 5 and under. And, this demographic is susceptible to hearing problems.
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There is also the problem of noise pollution which is growing at an alarming rate, especially for people employed in heavy industries. A number of other factors related to noise pollution hamper the ability of adults.
Also, sometimes a problem during pregnancy can lead to hearing loss in infants.
Global Hearing Loss Technology Market: Key Companies
The hearing loss technologies market is consolidated and the major players operating the playing field include MED-EL, Starkey, Oticon, Sonova Holding AG, Widex, GN Hearing (ReSound), Sivantos Group (Siemens), Beltone, Sonic Innovations and Unitron, among other major players around the world.
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Global Hearing Loss Technology Market: Regional Analysis
A comprehensive regional analysis containing details such as the extent of growth and the opportunities that would be generated in the regions of North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Middle East and Africa. According to TMR report, North America will dominate the market landscape due to technologically advanced landscape and sophisticated infrastructure.
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