LONDON--(BUSINESS WIRE)--The global hearing aid market is expected to register a CAGR of close to 6% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the market’s growth is the global rise in number of hearing loss patients. At present, there has been an increase in the number of people with hearing impairment and related disorders. The global aging population is increasing, leading to a rise in hearing impairments. This, in turn, increases the need for hearing aids. Growing noise pollution across the world has had a significant impact on the hearing ability of people. Genetic factors, noise pollution, trauma, aging, and bacterial infections are some of the causes of hearing impairment.
This market research report on the global hearing aid market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increase in development of new products as one of the key emerging trends in the global hearing aid market:
Global hearing aid market: Increase in development of new products
The continuous development of new products by players that are investing heavily in R&D is one of the main trends in the global hearing aid market. Such product upgrades in the market will lead to an increase in the demand for hearing aids.
“Upgraded products will also encourage competitors to invest heavily in developing advanced products for maintaining their position in the market. Thus, the introduction of new products will support the revenue inflow in the market during the forecast period,” says a senior analyst at Technavio for research on orthopedics and medical devices.
Global hearing aid market: Segmentation analysis
This market research report segments the global hearing aid market into the following products (hearing devices and hearing implants) and key regions (the Americas, APAC, and EMEA).
The hearing devices segment held the largest market share in 2017, accounting for nearly 77% of the market. This product segment is expected to dominate the global market throughout the forecast period.
EMEA held the highest share of the global hearing aid market in 2017, accounting for a market share of approximately 46%. The market share occupied by this region is anticipated to increase during 2018-2022.
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