Audiological Devices Market Growth Trends, In-depth Analysis, Business Strategies, and Growth Rate
This report analyzes the global audiological devices market in terms of its current and future scenario. Hearing impairment or hearing loss occurs when there is an issue with one or more parts of the ear – the part of the brain that is responsible for controlling the hearing or the nerves in the ears – thereby reducing the ability of hearing. ‘Impairment’ means something is not functioning appropriately or correctly, as it should. In hearing loss, the person may be able to hear some sounds or nothing at all. The cause of hearing loss can include age and exposure to loud noise, which are considered to be the two most common causes.
According to WHO, hearing loss may result from complications at birth, genetic causes, chronic ear infections, certain infectious diseases, the use of particular drugs, exposure to excessive noise, and ageing. Around 60% of childhood hearing impairment is because of preventable causes. Around, 1.1 billion young people (ages between 12–35 years) are considered to be at risk of hearing loss due to exposure to noise in recreational settings. Audiological devices comprise instruments used for the diagnosis and treatment of hearing impairment.
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Global Audiological Devices Witness Most Promising Rise in Demand
The global audiological devices market is expanding due to the increasing number of cases of hearing loss across the globe. The global audiological devices market was valued at about US$ 8.7 Bn in 2017 and is expected to reach a value of US$ 13.4 Bn by 2026, expanding at a compound annual growth rate (CAGR) of over 5.0% from 2018 to 2026. The global market is witnessing expansion at a relatively higher growth rate owing to the increasing geriatric population, adoption of audiological devices due to rising number of cases of hearing loss, and surge in research and development in both developed and developing markets.
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The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touch points. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
Key Players of Audiological Devices Report:
Technological advancements, rising approvals from government bodies, and strengthening of sales and distribution network are key trends in the global market. Key players operating in global audiological devices market and profiled in this report are William Demant Holding A/S, GN Store Nord A/S, Sonova, WIDEX A/S, Sivantos Pte. Ltd., Medtronic, Starkey, Audina Hearing Instruments, Inc., AUDITDATA, and Nurotron Biotechnology Co. Ltd.
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