Newark, NJ, Sept. 30, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global hearing amplifiers market is expected to grow from USD 8.66 billion in 2019 and to reach USD 16.58 billion by 2027, growing at a CAGR of 8.45% during the forecast period 2020-2027.
Major driving factors for the growth of hearing amplifiers are growing purchasing capacity, the rising prevalence of hearing impairment in adult and young population, and increasing research and development investment. New product development and innovation play an integral role in ensuring market sustainability. It is anticipated that the increasing number of hearing impairment and rising hearing aid prices will propel the market for hearing amplifiers during the forecast period. Most customers opt for hearing amplifiers and PSAPs as they are inexpensive substitutes for hearing assistance. A new generation of amplifiers employing advanced wireless technologies now offers innovative solutions for people with hearing loss. The market is expected to boost popularity amongst the hearing-impaired patients owing to growing hearing aid prices. Hearing amplifiers and PSAPs designed to amplify sounds in any recreational setting are excluded from the FDA. They can be sold as automated devices directly to customers without the requirement of a doctor's prescription. A rise in the number of hearing impairment cases along with increasing costs of hearing aids is anticipated to propel the global hearing amplifiers market's growth over the forecast period.
Hearing amplifiers enhance the intensity of signals and then send them to the ear by speakers. A hearing aid helps improve the hearing and speech of patients. An otolaryngologist investigates the origin of the hearing loss. The hearing loss occurs typically due to the fault in the mechanism through which the outside sound is transferred to internal parts or complexities in the hearing nerve or hearing organ. The condition of hearing loss is due to acquired causes, i.e., acquired at any age or congenital, i.e., developed at birth.
The rising prevalence of hearing impairment cases, favorable administrative scenarios, and growing geriatric populations prone to hearing loss are the leading factors propelling the market growth across the forecast period. Further, the presence of businesses that ensure adequate care for deaf and hard of hearing people along with technological advancements and continuous product innovations are some aspects that will drive hearing amplifiers industry growth. Growing awareness and the number of screenings for hearing loss eventually increases the number of people diagnosed with hearing loss. The rapidly increasing aging population, growing neonatal hearing loss screening, and exposure to noise pollution are other contributing factors for rising hearing loss disorders. Hearing amplifiers significantly enhances a person's hearing experience and assists them in a better understanding of speech. Hence, the rise in hearing loss disorder will expand the hearing amplifier market over the forecast period. However, the social stigma connected with the wearing of hearing amplifiers is one reason people are hesitant to wear hearing amplifiers, which may further hinder the market growth.
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Key players operating in the global hearing amplifiers market include Resound, Sound world solution, Austar Hearing Science And Technology (Xiamen) Co., Ltd., Ziphearing, SoundHawk, Shenzhen LA Lighting Company Limited, Huizhou Jinghao Electronics Co. Ltd and Foshan Vohom Technology Co. Ltd. To gain a significant market share in the global hearing amplifiers market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In December 2017, IntriCon Corporation acquired Hearing Help. Hearing Help is a hearing aid offering company. The IntriCon Corporation has direct access to the emerging value-based hearing healthcare market through the acquisition and customers that will ultimately increase its profits.
- In March 2018, iHear medical partnered with Atlazo Inc. to develop a unique digital hardware platform in order to power iHEAR's next generation of hearing aids. The partnership aims to integrate high-level technologies in hearing solutions, thereby expanding the company's product portfolio.
The behind-the-ear product segment dominated the market and held the largest market share of 27.52% in the year 2019
The product segment includes in-the-canal (ITC), in-the-ear (ITE), mini BTE and behind-the-ear (BTE). The behind-the-ear segment held the highest share of 27.52% in the hearing amplifiers market in 2019. The behind-the-ear hearing amplifier is a tiny electronic machine that enhances the hearing ability of a person and assists them in communicating better. The use of an amplifier, microphone, and speaker, amplifies the sound and supports people with hearing loss in a better understanding of speech.
The hospital pharmacies segment dominated the market and valued at USD 4.87 billion in the year 2019
The distribution channel segment includes online pharmacies and hospital pharmacies. The hospital pharmacies segment held the highest share of UDS 4.87 billion in the hearing amplifiers market in 2019. The geriatric population prefers to purchase hearing amplifiers through hospital pharmacies because many are unaware of other new stores, including online pharmacies. Hence, the growing demand for hearing amplifiers by customers in hospital pharmacies will further increase segmental growth.
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Regional Segment Analysis of The Hearing Amplifiers Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global hearing amplifiers market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific had the highest share of 23.47% in the hearing amplifiers market in 2019. The growing prevalence of deafness, especially in the geriatric population and development in the distribution network of leading market players, are the factors contributing to the growth of the hearing amplifiers market. Patient awareness, rising disposable income, and healthcare expenditure levels in this region have also contributed to the development.
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About the report:
The global hearing amplifiers market is analyzed on the basis of value (USD Billion), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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