{"id":485619,"date":"2020-05-20T17:00:02","date_gmt":"2020-05-20T17:00:02","guid":{"rendered":"https:\/\/www.abnewswire.com\/pressreleases\/?p=485619"},"modified":"2020-05-20T17:00:02","modified_gmt":"2020-05-20T17:00:02","slug":"hearing-aids-market-to-cross-revenues-of-over-7-billion-by-2024-arizton","status":"publish","type":"post","link":"https:\/\/www.abnewswire.com\/pressreleases\/hearing-aids-market-to-cross-revenues-of-over-7-billion-by-2024-arizton_485619.html","title":{"rendered":"Hearing Aids Market to cross revenues of over $7 Billion by 2024 – Arizton"},"content":{"rendered":"
\"Hearing<\/a><\/p>\n
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Hearing Aids Market<\/div>\n<\/div>\n<\/div>\n

The global hearing aids market<\/a> is expected to grow at a CAGR of over 4% during the period 2018–2024.<\/strong><\/p>\n

Hearing loss affects millions of people worldwide and is the fourth highest cause of disability worldwide, with an estimated annual expenditure of around $750 billion on hearing care. The growing prevalence of disabling hearing loss (DHL) and the rising awareness about the adverse effects of non-treatment for the same have contributed to the growing consciousness globally on the need for accessible and improving hearing care. As a result, the demand for hearing care is likely to increase significantly in the coming years<\/p>\n

Geographical Insights<\/strong><\/p>\n

In 2018, North America was the largest market for hearing aids and accounted for a 40% share of the global hearing aid market. The growing population suffering from hearing losses is the primary factor for its high market share.<\/p>\n

APAC is the fastest-growing region compared to other regions and is likely to grow at a CAGR of 4% during the forecast period. The increasing diagnosis rate of hearing loss, high awareness levels regarding the availability of a wide array of hearing aids, and growing prevalence of disabling hearing loss (DHL) are the major factors contributing to the market growth of hearing aids in the region.<\/p>\n

Product Insights<\/strong><\/p>\n

In 2018, the Behind-the-Ear (BTE) hearing aids segment accounted for a share of 38% of the global hearing aids market. These are the most commonly used hearing aids compared to other available hearing aids in the market since they are robust, easy-to-use, and appropriate for all types of hearing loss. The global rise in the prevalence of hearing loss is a major factor contributing to the growth of this segment. Key market players such as WS Audiology, Sonova, Demant, GN Store Nord, and Starkey Hearing Technologies are focusing on introducing innovative BTE hearing aids to end-users. For instance, WS Audiology launched the EVOKE series in 2018 and Motion 13 Nx under brand Signia in 2017.<\/p>\n

The following factors are likely to contribute to the growth of the hearing aids market during the forecast period:<\/p>\n