Market Research Reports- Consulting Analysis Crystal Market Research Hearing Aids Market by Product and Technology - Gl | Page 2

Additionally, these aids provide multiple directional microphones for better understanding of speech in
noisy situations.
Digital hearing aids have quickly substituted analog devices while dominating today’s hearing aids
market. This segment accounted for more than three-fourth of the overall market in 2016. These hearing
aids facilitate more complex processing of sound during the amplification process for improving their
performance in certain situations, for instance, background noise.
Europe held a major share of more than one-third of the overall market in 2016. This is primarily
attributed to a number of factors such as the rising incidence of hearing disorders and deafness coupled
with the rapidly aging population, increased adoption of technologically advanced hearing solutions, and
growing purchasing power of the patients. Asia Pacific is expected to witness lucrative market growth
over the forecast period, due to the availability of untapped and unsaturated markets coupled with rising
demand for hearing aids. Rapid economic development along with increasing patient awareness levels is a
major avenue for the companies in the hearing aids industry.
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Some of the major companies operating in the hearing aids market include Sivantos Pte. Ltd., Sonova
Holding AG, William Demant Holdings A/S, Starkey, and GN Store Nord A/S.
Key Findings of the Research Study:
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Behind-the-ear hearing aids segment accounted for almost half of the global market in 2016, due
to the high efficiency of the product with high comfort levels and better connectivity.
Canal hearing aids market is projected to be the fastest-growing segment over the forecast period.
This high growth rate is due to increasing number of R&D initiatives towards the improvement of
device performance and rising demand for esthetically appealing hearing aids.
Digital hearing aids segment is projected to dominate the overall market over the forecast period.
It accounted for more than three-fourth of the overall market in 2016. This high market share is
primarily attributed to factors such as the high connectivity with smart phones.
Europe held more than one-third share of the global market in 2016. Rising incidence of hearing
disorders and deafness and increased adoption of technologically advanced hearing aids are set to
drive the market growth in this region.
Asia-Pacific is projected is poised to grow at the highest CAGR during the forecast period, due to
presence of high unmet medical needs, rising disposable income of patients, and the constantly
improving healthcare infrastructure.
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