Albany, New York, Sept. 12, 2019 (GLOBE NEWSWIRE) — In the past few years have experienced a considerable amount of growth in technology across all globe affecting nearly every major commercial sector. Healthcare sector has been no exception, rather it can be argued that the sector has benefitted the most from the technological explosion. As a natural consequence, the global Hearing Aids Market has also benefitted from the technological advancements. In 2015, the global hearing aid market was valued at US$4.7 bn. A recent report by Transparency Market Research expects the market to grow at a CAGR of 4.5% over the period of 2016 to 2026. This growth rate will help the market to reach to a new valuation of US$7 bn by 2026.
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It is interesting to note here that even with such an impressive growth of the global hearing aid market, the vendor landscape still remains quite consolidated. The research report notes that the market is controlled by the top six players. These players cumulatively accounted for nearly 98% of the overall market share in 2015 and are expected to continue their dominance over the course of the given forecast period. Such dominance obviously means that the entry in the market for a new player is quite difficult. In addition to this, the initial investment to enter the market is also quite high and that too is acting as a barrier for a promising new company to disrupt the current establishment.
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Product Innovation is Key for Established Market Players
The aforementioned top six players in the global hearing aid market are William Demant Holding Group, GN ReSound, Sonova Holding AG, Widex A/S, Starky, and Siemens Healthcare. These players are now concentrating on developing innovative products that will further cement their position as the industry leaders and enhance their revenue systems. For instance, in June 2016, Sonova Holding AG announced that its brand Phonak has launched Belong, a next-generation hearing aid product platform that introduced the use of lithium-ion rechargeable battery technology in the product for the first time. This new platform is based on the highly acclaimed Palio 3 technology and is particularly designed to simplify the lives of the consumers.
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A major driving factor for the growth of the global hearing aid market has been the solid support offered by the governments across the globe. They are trying to improve the quality of their respective populace and spending on the development of healthcare infrastructure is one of the prime focus. This has created ample opportunities for growth for the hearing aid market. As mentioned before, technological advancements have played a significant role in the development of the market. The products in the market have come a long way from being heavy, clumsy, and wired to small, more efficient, and at times completely in-ear to conciliate the demands of the growing consumer base. The innovative and wider range of products has also been a major driving factor for the growth of the market as it has catered to the variety of consumer demands.
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Easy Availability of New Technologies is Driving Europe Market
Geographically, Europe has been traditionally been the leading market segment across the globe. The market growth has been high due to superior healthcare infrastructure and easy availability of newer hearing aid technologies in the region. The market is expected to continue its growth over the course of the given forecast period of 2016 to 2026. North America has also been a significant contributor to the global hearing aid market and is expected to have a steady growth in the near future.
The review is based on a market research report by TMR titled, “Hearing Aids Market (Product Type – Hearing Aids (Behind the Ear (BTE), Receiver in the Ear (RITE), In the Ear (ITE), Canal Hearing Aids (ITC), (CIC), & (IIC)), Bone Anchored Hearing Aids (BAHA); End-user (Pediatric, Adult)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
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