Hearing Amplifiers Market Size By Product (On-the-Ear, In-the-Ear), By Distribution Channel (Hospital Pharmacies, Online Pharmacies) Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Netherlands, Norway, Sweden, Denmark, Switzerland, Russia, China, India, Australia, Japan, New Zealand, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2018 - 2024
Hearing amplifiers market will exceed USD 85.5 million by 2024; as per a new research report.
Increasing geriatric population worldwide coupled with rising incidence of hearing loss disorders are major impact rendering factors for hearing amplifiers industry growth. Aging is one of the leading causes of hearing loss. As reported by United Nations, the people aged 60 years or above was around 962 million in 2017. Moreover, increasing geriatric population preference towards hearing amplifiers will foster business growth over the coming years.
Hearing amplifiers have witnessed considerable changes over the past few decades. Nevertheless, manufacturers of hearing amplifiers are consistently putting efforts aimed at development of sophisticated instruments that provides greater comfort. The latest hearing amplifiers are equipped with several automated features including noise reduction as well as wind noise managers that analyses the user’s environment. Such innovative hearing amplifiers that offers greater comfort will escalate the adoption of hearing amplifiers thereby, fostering business growth.
On-the-ear hearing amplifiers segment was valued at USD 44.6 million in 2017 and is projected to grow significantly over the forecast timeframe. On-the-ear hearing amplifiers segment dominated the market growth owing to favorable regulatory scenario and rising popularity of advanced on-the-ear hearing amplifiers among patients. Moreover, latest advancements in hearing amplifiers that operate on induction charging rather than batteries should drive hearing amplifiers industry growth.
Hospital pharmacies segment accounted for 41.8% revenue share in 2017 owing to increasing availability of different types of over the counter hearing amplifiers. Hospital pharmacies provide hearing amplifiers for people with mild hearing loss. Aforementioned factors along with rising demand of hearing amplifiers by geriatric population will further favour segmental growth over the projected timeframe.
U.S. hearing amplifiers market will witness 4.7% CAGR by 2024 due to increasing focus of industry players on developing technological advanced hearing amplifiers in country. In addition, rising awareness programs in country is also a contributing factor for business growth. These awareness programs provide information regarding advanced treatments and advanced devices such as hearing amplifiers for patients suffering from hearing loss disorders will augment market growth in upcoming years.
China hearing amplifiers market accounted for 19.0% revenue share in 2017 owing to rising prevalence of hearing loss disorders in children. As per NCBI 2017 report, the prevalence of hearing impairment among children aged 0–17 years old was 17.5 per 10,000 people. Such increasing prevalence of hearing impairment ultimately increases the adoption of hearing amplifiers that will boost hearing amplifiers industry in forthcoming years.
Some of the prominent competitors operating in hearing amplifiers market include Bragi, DopplerLabs, Earlens Corporation, Etymotic Research, Focus Ear, iHear Medical, IntriCon, Onsemi, Songbird Hearing, Soundhawk Corporation, Motorola Mobility and Nuheara. Industry competitors are mainly focusing on inorganic strategies such as partnership, merger and acquisitions. These inorganic strategies help in strengthening company’s foothold in hearing amplifiers market.
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