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Global Hearing Aid Market Report: 2011 Edition
Koncept Analytics, Sep 2011, Pages: 47
The past few decades have witnessed a significant increase in the population suffering from hearing problems. However, advancements in science and technology have successfully taken up the challenge and produced hearing aid devices addressing the complex medical needs of hearing loss patients. This has enabled millions of people suffering from hearing loss to lead a safer and happier life. The global market for hearing aids has continued to gain strength in terms of volume since past many years. As the incidence of hearing loss continue to rise, the demand for hearing aids will keep on increasing in the coming years.
The market for implantable hearing aids is also gaining ground, further strengthening the overall hearing device market. A major share of sale of hearing aids is carried out thorough public distribution channels with the US Veteran Affairs market registering high positive growth in the first half of fiscal 2011 as against negative growth in the previous quarter. The principal markets of the global hearing aid industry include Europe, North America, and Asia-Pacific.
The market is characterized by certain clear features which are indicative of the trends likely to affect the market. One major trend is still low market penetration of hearing aids which in turn provides significant opportunity for further growth. In addition, the industry is responding to the diverse market need with new product innovations. The global hearing aid market growth is being supported by several driving forces such as growing ageing population and rising incidence of hearing loss due to over exposure to high decibel sound. Further, strong growth in demand for hearing aids in the emerging markets will continue to drive the worldwide market. However, the industry faces serious challenges in the form of continued reluctance relating to the use of hearing aids. Also, the failure to meet the rising demand for hearing instruments on the part of suppliers may prove to be a setback for the future growth of the market.
The competition in the global hearing aid market is intense with few large players accounting for the majority share. These players include Sonova, William Demant, Siemens, GN ReSound, Starkey, and Widex, among others. The companies operating in the market compete largely on the basis of price, quality, product innovation, and expansion of distribution network.
The report analyzes the worldwide hearing aid industry with focus on the US and European markets. In addition to discussing major market trends and growth drivers, it also gives an overview of the demographic characteristics of the hearing loss population. The report feaures profiles of the major players in the market and discusses the competitive landscape.
By combining SPSS Inc.’s data integration and analysis capabilities with relevant findings, the report predicts the future growth of the industry. Various significant variables that have an impact on this industry and created regression models with SPSS Base have been used to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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