Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Hearing Care Devices Market size is expected to reach $10.5 billion by 2028, rising at a market growth of 5.0% CAGR during the forecast period.
The Hearing Implants segment is showcasing a CAGR of 6.8% during (2022 - 2028). Cochlear implants & bone-anchored implants are the two types of hearing implants available. The significant expansion of the sector is attributed to the integration of new born hearing screening tests into routine healthcare & the introduction of new products into the market. Patients who are unable to hear despite wearing a hearing aid may benefit from hearing implants. A high incidence of hearing diseases, technological developments in hearing implants, and a rise in patients’ preference for minimally invasive procedures are driving the growth of this segment.
The Home-use segment acquired maximum revenue share in the Global Hearing Care Devices Market by End User in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $5.8 billion by 2028. The growth of this segment is due to the rise in the demand for home hearing tests and hearing aids.
The Sensorineural Hearing Loss segment has shown growth rate of 5.7% during (2022 - 2028). The permanent loss of hearing at high frequencies between 2,000 and 8,000 hertz is referred as high-frequency sensorineural hearing loss. Because high-frequency loss is the most common ailment around the world, implants are frequently utilized to treat it. The expansion of this market is being driven by factors such as the high prevalence of sensorineural hearing loss, as well as the expanding geriatric population and growth in the number of product approvals.
North America is the fastest growing region in the Global Hearing Care Devices Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.7 billion by 2028. The Europe market is estimated to witness a CAGR of 4.6% during (2022 - 2028). Additionally, The Asia Pacific market would display a CAGR of 5.7% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of WS Audiology, Cochlear Ltd., Intricon Corporation, Starkey laboratories, Inc., GN Store Nord A/S (GN Hearing A/S), Sonova Holding AG, William Demant Holding A/S, Amplifon SpA (Ampliter N.V.), and MED-EL GmbH.
By End User
By Type of hearing loss
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