The global HearingAmplifiers 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.
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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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