New York, USA, May 05, 2021 (GLOBE NEWSWIRE) -- The latest research report on the global hearing amplifiers market Predicted to Garner a Revenue of $108.0 Billion at a CAGR of 5.9% by Research Dive reflects the influence of COVID-19 pandemic on the present and forthcoming growth of the global market. This report is a professional and comprehensive research formulated by specialists by evaluating top driving factors, major regional market situations, opportunities & future scope, and trends & developments in the market during the COVID-19 catastrophe.
Hearing loss is a common problem that may occur when a person is exposed to high noise. It can also be hereditary or set in gradually as a person gets older. Thereby, people require special devices such as hearing amplifiers, which is one type of personal sound amplification product or a small electronic device designed to improve the hearing ability. Increasing geriatric population across the globe is a significant driving factor for the hearing amplifiers’ market growth in the forecast years. In addition, as per World Health Organization (WHO) estimations, currently about 466 million people across the globe have hearing problems; among these, 34 million are children and the number is predicted to reach 900 million by 2050. Hearing loss can be caused due to genetic causes, certain infectious diseases, difficulties at birth and chronic ear infections. These factors are expected to boost the market growth in the forecast time.
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Highlights of the Report
- As per a pre-COVID-19 analysis, the market was expected to garner a CAGR of 5.4% during the forecast period.
- The post COVID-19 CAGR of the market is 5.9% according to the latest findings.
- The market was estimated to reach a revenue of $70.7 million in 2020 as per the pre-pandemic analysis.
- The real-time market size has garnered a revenue of $72.2 million in 2020.
Factors Attributing to the Growth of the Market
As per our analysts, the growing prevalence of hearing loss due to high exposure to extreme noise has improved the growth of the global market of hearing amplifiers. DHH (deaf and hard hearing) people with high blood pressure and irregular heart-beats irregularities requires hearing amplifiers. These are the factors attributing to the growth of the market during the pandemic.
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Future Scope of the Market
According to the report, the global hearing amplifiers market is projected to maintain a sustainable growth post the pandemic.
The most prominent players of the global hearing amplifiers market include
- iHEAR Medical, Inc.
- MDHearingAid
- Soundworld Solutions
- FocusEar
- IntCon
- Amplifon and many more.
For instance, in January 2021, Amplifon S.p.A. signed a definitive agreement for the acquisition of the hearing care business of PJC Investments LLC (“PJC Hearing”), the second largest Miracle-Ear franchisee in the United States, the major market in hearing care worldwide.
These leading players are focusing on bringing newer innovative advances and opportunities for the market in upcoming years. The report also summarizes other important aspects of the key players including financial performance, product portfolio, SWOT analysis, and recent strategic moves and developments.
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Regional Insights
North America region is expected to dominate the global hearing amplifiers market share during the forecast period. The regional market accounted for 32.0% market share in 2019 and is further expected to generate a revenue of $33.7 billion by the end of 2027. This main reason behind this dominance is primarily the rising frequency of hearing disorders across the region and financial support of the governments for technological advancements in the hearing amplifiers market.
Besides North America, Asia-Pacific is expected to witness a significant revenue of 6.7% CAGR and is further predicted to generate many growth opportunities in the global market during the forecast period. Another fuelling factor of the market growth in this region is the growing healthcare expenditure and disposal income of individuals.
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