TMR’s experts’ projection reveals that the global hearing aids market will expand at a promising 4.5% CAGR during the assessment period from 2016-2024. The market was valued US$4.7 bn in 2015, and is expected to gain valuation of US$7bn by 2024-end.

From the perspective of end-users, the adult hearing aids segment is dominating over the pediatric hearing aids segment on account of capturing a total market share of approximately 95%. On the regional front, Europe showcases the maximum share in the global hearing aids market as the region has witnessed a consistent upgradation of medical technology.

Rapid Technological Advancements in Healthcare to Propel Growth

With the help of hearing technology, several advanced hearing aids have launched in the market with enhanced functionality and smart features. The factors highly responsible for fueling growth in the global hearing aids market include rising global adoption of hearing devices and increasing awareness regarding technologically advanced machines to treat deafness. Along with this, another major factor stimulates growth in the global hearing aids market is rising prevalence of hearing loss on account of growing burgeoning population.

Governments in both developing and developed economies are highly emphasizing on early screening process of deafness. This factor is also propelling expansion in the global hearing aids market. Besides this, education and raised awareness about health among younger as well as adult population are also playing a crucial role in elevating demand for these hearing devices and other diagnostic services, which in turn is complementing the growth of the global hearing aids market.

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Furthermore, a recent trend in using lithium-ion batteries inside the hearing aid devices is gaining traction. This is because of the batteries possess a long-lasting capacity. However, several other factors triggering the growth of the global hearing aids market include rising noise pollution worldwide and medical issues such as syphilis or rubella infections, which lead to congenital hearing loss.

Poor Healthcare Infrastructure in Emerging Economies to Obstruct Growth

Several developing countries are still far from achieving prominence within the healthcare industry. Thus, these countries are facing difficulties in providing hearing aids to the all the patients, which clearly hampering the growth of the global hearing aids market. Additionally, regular battery replacements and repairing hearing machinery are major challenges in the global hearing aids market. Nonetheless, various market players are making their efforts to offer advanced, durable products at low prices, which is expected to underpin the growth momentum of the global hearing aids market in the forthcoming years.

The global digital health market will witness high growth, as the competition among the players is expected to increase, observes Transparency Market Research (TMR). Leading players in the market are focusing on integrating advanced technologies to deliver better services to their users. Use of some organic and inorganic activities is will help the players to get a stronger hold in the market and will provide them an upper edge among other players. In case to get a stronger geographical reach, these players are using various other strategies.

According to the TMR’s report, analysts have profiled some of the prominent players including Philips Healthcare, Cerner Corp., Truven Health Analytics, GE Healthcare, Qualcomm Inc., Epic Systems Corp., and Cisco Systems Inc. operating in the global digital health market. Strategies adopted along with other crucial decisions made by these players are specified in detail in the report.

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Thanks to the increasing adoption of advanced technologies, the global digital health market is expected to generate a revenue of US$536.6 bn by the end of 2025. In 2016, the market earned US$179.6 bn. The global digital health market is required to augment a healthy 13.4% CAGR over the period of eight years from 2017 to 2025.

Focusing on digital health components, and the demand for digital health services is high as compared to software and hardware components. Use of digital health services can be used from a distant location and helps in reducing healthcare costs, which has led to an increasing demand in digital health services at a splendid rate.

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Increasing Penetration of Smartphones to Influence Positively Growth of Digital Health

Significant rise in chronic diseases such as diabetes, cardiovascular disease, and others has boosted demand for digital health solutions to a keep regular check on patient’s health development. Now, healthcare providers also suggest the adoption of digital health, as it helps in providing real-time analysis and better monitoring of the patient’s health. Growing prevalence of mhealth, wearable devices, health information technology, telehealth and telemedicine, and personalized medicine is also benefitting growth in the digital health market.

Technological advancements and virtualization technologies paved a new way for the growth of health care IT. Moreover, increasing use of smartphones and the availability of health apps are triggering demand in the global digital health market. With the growing availability of 3G and 4G network is an add-on that has further enhanced the development of digital health across the globe.

Cyber-Attacks to Challenge Growth in Digital Health Market

Despite the growing demand for digital health, increasing cyber threats and attacks are likely to hamper the growth of wide adoption of digital health. Additionally, the high costs associated with the installation of digital health services and solutions has also posed a great challenge in the growth of this market.

Although, wide adoption of cloud-based systems by hospitals and health care organization will help in overcoming these restraints and push growth in the global digital health market. Initiatives taken by manufacturers and healthcare authorities to integrate advanced techniques are likely to accelerate growth in the global digital health market.

The implantable medical devices market is expected to register a healthy growth. Chronic illnesses such as various forms of cancers and lifestyle diseases such as diabetes and obesity are on the rise. Moreover, technological advancements such as skin-absorbable materials and recent FDA approvals are expected to drive growth in the market too.

The global implantable medical devices market depicts a fragmented and competitive landscape. Growing number of players and emergence of new competitive regions are expected to drive up the competition in the near future. Some key players in the global implantable medical devices market are Medtronic plc, Danaher Corporation, Johnson & Johnson, Institut Straumann AG, Zimmer Biomet, Smith & Nephew plc, and Stryker Corporation.

Recently, FDA unveiled programs such as Humanitarian Device Exemption or HUD, which provides a free-hand to device manufacturers in regards to medical trials of rare illnesses. The majority of rare illnesses do not have approved treatments. Additionally, rare illnesses affect less than 2,00,000 people, a large potential number nonetheless.

This new legal pathway provides a safer way to test new devices. Supportive regulatory framework is expected to result in significant growth for the implantable medical devices market in the near future. Additionally, advent of new polymers, nano- materials, and mechanisms such as sonic control of devices are on the future horizon. Such developments are expected to create new opportunities for growth in the implantable medical devices market.

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The global implantable medical devices market is expected to reach US$49.8 bn in evaluation by 2024 end. The market is expected to clock a steady 4.9% CAGR during 2016-2024. Among the various material segments in the market, the titanium material is witnessing the highest demand currently. However, it is expected to be soon be replaced by Zirconium in the near future.

Region wise, North America is predicted to register the highest revenue total in the implantable medical devices market. Rising geriatric population is expected to increase demand for implantable medical devices market. Additionally, the region’s reliance on third-party insurance services makes it more suitable to absorb the high costs of implantable devices.

Dental Industry and Cosmetic to Drive the Implantable Medical Devices Market

According to a recent World Health Organization Report, one in two Americans are affected by a musculoskeletal condition. This number is on par with chronic respiratory illness and cardiovascular disease combined. Additionally, there are over 150 musculoskeletal conditions, affecting bones, joints, and a leading cause of disability globally. On the other hand, implantable medical devices have shown a real promise in catering to the needs of disable patients.  According to an article recently published in the US National Library of Medicine, implantable medical devices have proven to deliver high impact on several applications including spine fixation, fracture fixation, and joint arthroplasty.

Additionally, these devices also show promise in collecting important data. Moreover, new material advances are scalable and promise to be non-invasive in nature. Hence, growing number of elderly patients, rising musculoskeletal condition cases, growing FDA approvals, and safer pathways for clinical trials are expected to result in a significant growth for the implantable medical devices market.

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Dental and Cosmetic Applications to Open Lucrative Opportunities

Cosmetic surgeries are gaining increased popularity world over. Growing disposable income, rising acceptance of cosmetic enhancements, and influence of popular culture on young population are expected to drive significant gains for the implantable medical devices market. Currently, implantable medical devices serve various dental surgeries with an-depth look at dental problems. Additionally, growing influx of artificial intelligence in the devices are expected to help physicians make better decisions in the near future. The high costs of these surgeries can limit growth of the implantable medical devices market.