Dublin, April 15, 2022 (GLOBE NEWSWIRE) -- The "Global Hearing Amplifiers Market Size, Share & Industry Trends Analysis Report By Product (Behind-the-ear, and In-the-ear), By Type (Analog and Digital), By Distribution Channel, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Hearing Amplifiers Market size is expected to reach $116.9 million by 2027, rising at a market growth of 4.3% CAGR during the forecast period.
Hearing loss is a prevalent condition that affects older persons and is increasing in prevalence, with symptoms appearing in patients as young as 40 years old. In addition, a variety of medical diseases can cause hearing loss. Additionally, ongoing studies reveal a link between age-related hearing loss and the development of risk of cognitive impairments, physical dysfunction, increased hospitalization rates, poor quality of life, and even mortality.
Hearing amplifiers have recently been customized to meet the needs of the elderly population, which improves hearing and makes the sound louder and more audible by decreasing distracting external voices. According to the World Health Organization, over 466 million individuals worldwide suffered from hearing loss in 2018, with the majority of these people being aged 50 and up. As a result, the rise in the market for hearing amplifiers will be aided by the growing elderly population.
The growing number of infants born with sensorineural hearing loss, as well as the efficacy of cochlear implants in correcting these hearing abnormalities in children, are expected to propel the paediatrics segment forward. Furthermore, the World Health Organization estimates that roughly 34 million children globally suffered from hearing loss in 2018. South Asia has the greatest rate of debilitating hearing loss.
COVID-19 Impact Analysis
The global hearing amplifiers market has been significantly damaged by the coronavirus pandemic. People are defending themselves during the COVID-19 emergency by social isolation, wearing masks, and washing their hands frequently. According to a new survey by the Hearing Health Foundation, more than 87 percent of people with hearing impairments have trouble communicating. Additionally, these characteristics are making it more difficult for people with hearing loss to communicate, which hampered the demand for hearing amplifiers during the pandemic period.
The outbreak of the COVID-19 pandemic had a detrimental impact on the market for hearing amplifiers. Hearing-impaired hospital patients face challenges as a result of the pandemic. During the pandemic, the use of masks rose, making it more difficult for persons who rely on lip-reading and facial expressions to communicate. Many hospitals have banned translators and visitors due to social alienation, and instead offer patients video conferencing with hearing aids to address market growth limits.
Market Growth Factors:
Integration of advanced technologies
Hearing aid technology has advanced dramatically in the last few years. Smart technologies and the introduction of digital platforms in tiny devices have assisted various patients in overcoming their issues and improving their hearing experience. In addition, hearing aids that are digital are being brought to the market. Smartphone compatibility, Bluetooth connectivity, high sound processing, artificial intelligence (AI), rechargeable batteries, and the most recent tinnitus masking have pushed the hearing device's capabilities to new heights.
High Demand in Developing countries and emergence of telehealth
Major market players can benefit from emerging economies such as India, South Korea, Malaysia, Vietnam, Africa, and Middle Eastern countries such as Israel, Saudi Arabia, and the United Arab Emirates. This is because of the low regulatory hurdles, advancements in healthcare infrastructure, an increasing patient population, and rising healthcare expenditures. In addition, regulatory rules in the Asia Pacific area are more flexible and pro-business than those in industrialized countries. This, combined with increased rivalry in mature regions, has prompted major players in the hearing aids business to concentrate their efforts in emerging markets.
Marketing Restraining Factor:
Low willingness among patients to take a hearing test
Many people find it difficult to acknowledge that they have a hearing loss and never get a hearing test done. In addition, many people are also hesitant to utilize these products because of the social stigma attached to them. According to Cochlear Ltd.'s State of Hearing Report 2019, over 92 percent of respondents see hearing as a key aspect in sustaining the overall quality of life. However, just 37% have had a hearing test in the last two years. According to the FDA, roughly 37.5 million persons aged 18 and up have difficulty hearing without a device, with symptoms ranging from "a little trouble" to "deafness."
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Approvals and Trials
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements : 2018, Mar - 2021, Nov) Leading Players
Chapter 4. Global Hearing Amplifiers Market by Product
4.1 Global Behind-the-ear Market by Region
4.2 Global In-the-ear Market by Region
Chapter 5. Global Hearing Amplifiers Market by Type
5.1 Global Analog Market by Region
5.2 Global Digital Market by Region
Chapter 6. Global Hearing Amplifiers Market by Distribution Channel
6.1 Global Hospital Pharmacies Market by Region
6.2 Global Online Pharmacies Market by Region
6.3 Global Others Market by Region
Chapter 7. Global Hearing Amplifiers Market by Region
Chapter 8. Company Profiles
8.1 Beurer GmbH
8.1.1 Company Overview
8.2 Lucid Audio, LLC (Hearing Lab Technology, LLC)
8.2.1 Company Overview
8.2.2 Recent strategies and developments:
8.2.2.1 Partnerships, Collaborations, and Agreements:
8.3 InnerScope Hearing Technologies, Inc.
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Recent strategies and developments:
8.3.3.1 Partnerships, Collaborations, and Agreements:
8.3.3.2 Acquisition and Mergers
8.4 Intricon Corporation
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Regional & Segmental Analysis
8.4.4 Research & Development Expenses
8.4.5 Recent strategies and developments:
8.4.5.1 Partnerships, Collaborations, and Agreements:
8.4.5.2 Acquisition and Mergers
8.5 Otofonix Hearing Solutions
8.5.1 Company Overview
8.6 MDHearingAid
8.6.1 Company Overview
8.7 Eargo, Inc.
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Research & Development Expenses
8.7.4 Recent strategies and developments:
8.7.4.1 Partnerships, Collaborations, and Agreements:
8.7.4.2 Product Launches and Product Expansions:
8.8 Starkey Laboratories, Inc.
8.8.1 Company Overview
8.8.2 Recent strategies and developments:
8.8.2.1 Partnerships, Collaborations, and Agreements:
8.8.2.2 Product Launches and Product Expansions:
8.9 Sound World Solutions, Inc.
8.9.1 Company Overview
8.10. Cochlear Ltd.
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Segmental and Regional Analysis
8.10.4 Research & Development Expense
8.10.5 Recent strategies and developments:
8.10.5.1 Partnerships, Collaborations, and Agreements:
8.10.5.2 Product Launches and Product Expansions:
8.10.5.3 Approvals and Trials:
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