The global Hearing Amplifiers Market size is expected to value at USD 78.2 million by 2022. The market is subject to witness substantial growth due to the prevalence of hearing impairment along with growing cost of hearing aids. Growing popularity of the hearing amplifiers over the hearing aids devices is attributed to the lower cost of hearing amplifiers and overall efficiency of the devices.
Introduction to personal sound amplification products (PSAPs) is expected to favor market growth in the upcoming period as well. Globally, the hearing amplifiers market is predicted to grow at a higher CAGR over the forecast period, providing numerous opportunities for market players to invest in research and development.
The recent technological advancement in the healthcare sector coupled with development of novel products & techniques such as the latest wireless technologies is anticipated to foster market growth in the years to come. The hearing amplifiers offer promising alternatives to patients suffering from temporary or permeant hearing loss, thereby propelling market growth in the recent years. Rising number of cases related to hearing loss cases in the U.S. alone is estimated to be doubled in the next three decades.
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A large number of manufacturers are focusing on development of innovative products that could be embedded in the ear, thus making them invisible in order to overwhelm the social stigma attached with these devices. Additionally, use of Bluetooth connectivity feature in the devices offers patients necessary comfort and improves their quality of life. Moreover, addition of digital signal processing in the healthcare sector is estimated to completely revolutionize the hearing amplifiers industry in the upcoming years.
The recent enhancement in the existing hearing amplifiers products such as digital noise cancellation and speech enhancement are also predicted to foster the market growth over the forecast period. In addition, easy availability of hearing amplifiers in privately owned stores, clinics, large-scale retailers and governmental stores are anticipated to expand the overall market reach in the near future. As per reports, growing trade margins for the hearing aid devices is credited due to growing consumer demand, thus fostering market growth.
As per World Health Organization (WHO), over 5% of the global population currently experiences temporary or permanent hearing impairment. Growing geriatric population, particularly in the developing economies is looked upon as one of the prominent factors driving demand for hearing amplifiers.
While, approximately one-third of the overall population over age of sixty suffers from disabling hearing loss, which is likely boost market growth over the forecast period as well. In addition, increasing unmet need of such instruments in underdeveloped and developing economies across the globe is anticipated to drive the growth of hearing amplifiers market in the upcoming years.
On-the-ear hearing amplifiers is considered as one of the fastest growing segment in the hearing amplifiers market with significant revenue generation in the last couple of years. Growing popularity of the on-the-ear hearing aids market segment is attributed to the numerous benefits associated with it such as its better efficiency, high connectivity, and ease of use.
The hearing amplifiers industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. European region has shown major growth in recent years owing to the rise in the implementation of latest technologies in medicine and pharmaceutical sector, increase in the geriatric population, higher purchasing power of the patients, and existence of well-established infrastructure in the healthcare industry.
Asia-Pacific region is predicted to hold major market share in the hearing amplifiers industry with massive growth in the forecast period. Countries such as India, China, and Japan are leading the Asia-Pacific market with presence of large patient pool, soaring geriatric population, growing in hearing-related problems, rising health awareness among the general population, increasing healthcare infrastructure activities, and growing government funding coupled with significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the hearing amplifiers industry are SoundHawk Co., GN ReSound, Foshan Vohom Technology Co., Sound World Solution, Inc., Shenzhen LA Lighting Company Ltd., Austar Hearing Science & Technology (Xiamen) Co., Huizhou Jinghao Electronics Co., and ZipHearing LLC.
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Global Hearing Amplifiers Market, Product Outlook (Revenue, USD Million, Volume (Number of Units), USP (Price/Unit) 2012 – 2022)
• On-the-Ear/On the ear
• In-the-Ear/ In the ear
Hearing Amplifiers Market, Regional Outlook (Revenue, USD Million, Volume (Number of Units), USP (Price/Unit) 2012 – 2022)
• North America
• Asia Pacific
• New Zealand
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/medical-devices
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