2nd December 2019 – 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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