Global Hearing Aids Market expected to cross $9.25 billion by 2023

Nov 16, 2017

  • Increased usage of 3D printing technology to propel hearing aids market growth
  • Change in reimbursement policies to also bolster market growth

A recent report on the Hearing Aids Market - Global Outlook and Forecast 2018−2023, released by Arizton Advisory & Intelligence says that the global hearing aids market is expected to see a substantial growth during the next five years. 

Analysts at Arizton Advisory & Intelligence say that the market is likely to cross $9.25 billion in terms of revenue by 2023, owing to increase in sales of both hearing devices and hearing implants. Further, they add that this rise in demand would be seen across geographical markets in both developed and developing economies.

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Increased Usage of 3D Printing Technology to Propel Hearing Aids Market Growth

The use of 3D printing technology to manufacture hearing devices is on the rise. Customized ear shells and hearing devices, manufactured using 3D printing technology, helps in ensuring perfect fit for the individual, thereby increasing customer satisfaction and product customization in the market. 

This will positively impact the sale, and in turn, the growth of the global hearing aids market over the next few years.

Increasing Synchronization with Technology to also Promote  Hearing Aids Market Growth

Introduction of miniature hearing devices as well those compatible with various phones, iPads and iPods help in bringing social confidence and improving speech and hearing ability. There are different types of styles available which increases the market penetration for implantable solutions. Wireless Bluetooth hearing device are increasing in the market acting as one of the potent drivers for hearing aids market, as the adoption has increased across all the geographical locations.

Change in Reimbursement Policies to also Bolster Hearing Aids Market Growth

In many developed countries like the US, traditionally hearing exams, and exams for fitting of hearing aids were not covered under Medicare. However, the recent change in the reimbursement policies bringing these devices within the purview of Medicare and similar government benefits, has given a much needed boost to the market globally.

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About Arizton Advisory & Intelligence

Arizton – Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

Arizton has gained a paramount standpoint in the market research arena as it offers top of the line solutions to clients to assess market landscape and to finalize foolproof business strategies. We are committed to provide inclusive market research reports and consulting services to clients from diversified industries including –Consumer Goods & Retail Technology, Automotive and Mobility, Smart Tech, Healthcare and Lifesciences, Industrial Machinery, Chemicals and Materials, IT and Media, Logistics and Packaging

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