New York, USA, Aug. 10, 2021 (GLOBE NEWSWIRE) -- The newly published research report by Research dive on the global hearing amplifiers market elucidates the impact of COVID-19 pandemic on the present and future outlook of the market. Comprehensive analysis on drivers, challenges, restraints, lucrative opportunities, key segments, COVID-19 impact on the market, and competitive landscape are further delivered in the report.
Highlights of the Report
The outbreak of the COVID-19 has made promising impact on the global hearing amplifiers market. According to the report, the global hearing amplifiers market gathered
$67.4 billion in 2019, and is predicted to garner $108.0 billion by 2027, and exhibit a CAGR of 5.9% during the forecast period from 2020 to 2027. The probable market size in 2020 was $70.7 billion before the outbreak of COVID-19. However, due to the COVID-19 pandemic, the market size increased to $72.2 billion due to the constant growth in the product advancements owing to the growing demand for innovative hearing aid devices during the pandemic.
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Factors Impacting the Market Growth during COVID-19 Pandemic
As per the analysts of Research Dive, the demand for hearing amplifiers have increased rapidly during the COVID-19 pandemic. The growing demand is mainly because the
deaf and hard hearing (DHH) people may have heart-beat irregularities and high blood pressure, which is expected to create high risk for DHH people dying from COVID-19
disease. In addition, several governments are taking initiatives to support the organizations to withstand in the unprecedented times. For instance, the government of China
has initiated new development programs in order to support innovations in various areas including healthcare, telemedicine, and pharmaceuticals.
Additionally, various companies in the global market are implementing growth tactics to strengthen their market size in the industry. For example, iHEAR Medical, Inc.
announced the launch of the new free ‘Home iHEARtest campaign’ in June 2020. The campaign offer customers to test their hearing ability for free at home. This is driving the growth of the global market in the trying times.
Future Scope of the Market
The global hearing amplifiers market is expected to continue to witness striking growth even after the pandemic over the forecast period, majorly due to the increasing
geriatric population coupled with the rising prevalence of hearing loss among elderly population across the globe. Besides, the increasing exposure to extreme noise is
estimated to propel the market growth in the analysis period. However, the social stigma associated with wearing hearing amplifiers may restrict the market growth in the
upcoming future.
Furthermore, the potential growth in developing countries due to the growing awareness among people about hearing amplifiers and technological advancements are
expected to create huge opportunities for the growth of the global market in the coming years. Besides, new product developments and innovations with advanced features
like own voice processing and smartphone connectivity is further predicted to boost the market growth.
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Major Market Players
The key players operating in the global hearing amplifiers industry include -
- iHEAR Medical, Inc.
- MDHearingAid
- Etymotic Research, Inc.
- SOUNDWORLD Solutions
- IntriCon
- FocusEar
- Beurer
- Amplifom
- Otofonix
- Britzgo.com
These players are implementing various strategies such as strategic partnerships, technological advancements, product launches, and others to gain a competitive edge in the global industry.
For instance, in May 2018, iHEAR Medical Inc., the direct-to-consumer and OTC hearing solutions supplier, announced the launch of ‘TReO,’ a personal sound amplification
product (PSAP), which according to the company is the first hearing amplifier with prescription-quality for over-the-counter (OTC) markets.
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