Hearing Care Devices Market was valued at $6,423 Million in 2016 and is expected to reach $9,729 Million by 2023.
PORTLAND, Oregon, US, Jan. 20, 2022 /EINPresswire.com/ — Hearing care devices are restoring hearing function in hearing-impaired patients. The market has witnessed significant growth in the recent past due to the development of new types of hearing aids and implants.
The major companies mentioned in the report are American Hearing Aids, Amplifon and Cochlear Ltd. and GN Store Nord A/S, IntriCon Corporation, MED-EL, and Sivantos Pte. Ltd. and Sonova, Starkey, and William Demant Holding A/S.
The growth of the elderly population prone to hearing disorders, the increasing prevalence of hearing impairment, and the increasing rate of binaural fitting are expected to drive the market growth. Moreover, increasing adoption of technologically advanced hearing care devices, such as cochlear implants, is complementing the market growth. However, the rising cost of devices and the significant rise in patient drop-out rates are expected to hamper market growth.
The hearing aids segment is expected to dominate the market during the analysis period, due to its advantages, such as computerized photovoltaic acoustic systems, which convert ambient sound waves into digital signals thus increasing the ability to hear.
The home care settings segment generated the highest revenue, accounting for nearly two-thirds of the global market in 2016. Conversely, the ambulatory surgery segment is expected to grow at the highest compound annual growth rate of 11.4% during the forecast period.
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