The global hearing aids market was valued at USD 4.5 billion in 2015 and is expected to reach a value of USD 6.5 billion by 2024, according to a new report by Grand View Research, Inc. Key factors driving the market expansion include the dramatic increase in aging population of 65 years & above and the associated loss of hearing and growing demand for new-generation instruments that are technologically enhanced and enriched equipment with better aesthetics.
As per the data published by the WHO (2013), the prevalence of the same disease in adults over age of 65 years is expected to be five times more than that for the individuals below 65 years of age. It also estimates that in the developing nations around 20% of the people with hearing loss require hearing aids and less than 3% of them are expected to be using it. Other factors leading to the hearing-related problems in individuals are chronic ear infections, birth defects, exposure to high decibels of noise, and prolonged listening to loud music through headphones. Around 90% of the global chronic ear infections prevail in the South-West Asia, Western Pacific, and African regions. Education and increased health-related awareness amongst the population also plays a crucial role in increasing the demand across the world. The WHO assists the low- and middle-income countries to develop programs for prevention and management of hearing loss. To request a sample copy or view summary of this report: www.grandviewresearch.com/industry-analysis/hearing-aids-market Further key findings from the report suggest:
www.grandviewresearch.com/industry/medical-devices Grand View Research has segmented the hearing aids market by product, technology and region: Product Outlook (Market Revenue in USD Million, 2013 - 2024)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information: www.grandviewresearch.com
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