According to the current analysis of Reports and Data, the global Hearing Amplifiers market was valued at USD 62.6 million in 2019 and is expected to reach USD 105.2 million by year 2027, at a CAGR of 6.7 %. The study covers Hearing amplifiers, a wearable electronic product that amplify sounds for people who are not deaf or hard of hearing. Hearing loss can be result of hereditary factor or some disease, accidents, adverse effects of medicines being used or long time exposure to loud noises. Hearing amplifiers are often misconceived as hearing aids which are approved and regulated by FDA. Hearing Amplifiers are also called as Personal Sound Amplification Devices (PSAP). PSAPs do not require a medical prescription and professional fitting. Hearing amplifiers or PSAPs are readily available out of the box. PSAPs come in various in price ranges, performance qualities, weight, and software algorithms and consumers may chose as per their application. Hearing amplifiers may come with directional microphones and customizable equalization of the audio signal that allows to clear up ambient or extraneous noise. However, hearing amplifiers or PSAPs are not medically advised substitutes for hearing aids and have been shown in many cases to deteriorate the patient’s hearing abilities due to amplified noises blasted into the patient’s ear drums. This may hamper future market growth.
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Market Overview:
The pharma and healthcare industry is at a crossroads. Patients are benefiting from the promise of cell and gene therapies; uncommon diseases that were previously thought to be incurable are on the verge of finding true treatments. Artificial intelligence (AI) and machine-learning technologies are creating hopes that therapy discovery and development would be more innovative, as well as faster and cheaper. Manufacturing, the supply chain, and the entire healthcare ecosystem all have the potential to benefit from data-driven initiatives. Consumer attitudes and behaviours are shifting in a variety of ways, from growing use of technology and willingness to share data to an interest in using tools to make prescription and treatment decisions. Such factors will drive pharma and healthcare market growth in the coming years.
Some key highlights of the report:
- Hearing Amplifiers market is growing at a CAGR of 6% in Asia Pacific followed by North America and Europe, with 6.5% and 6.4% CAGR, respectively. High hearing impairment across the globe during forecast period across all regions and aging of world population along with increasing noise pollution are the key factor to accelerate the market growth
- As of 2019, On-the-Ear product segment is the dominating Hearing Amplifiers which holds 66.6% of the global market. European regional market is the largest consumer market for this product segment, followed by North America and Asia-Pacific regions
- According to distribution channel segments hospitals is expected to be the fastest growing market segment during forecast period 2019-2027 with a CAGR of 7.2%. However, associated side effects and medical discouragement as it is not FDA approved and are not prescribed by medical practitioners are major challenge for the market growth of this market segment
- The industry is oligopolistic in nature with GN Resound, Sonova, Widex and William Demant controlling 80% of the total industry share for 2015. The industry doesn’t have much product differentiation and are toughly priced
- Asia Pacific is expected to account for the 22.6% of the global Hearing Amplifiers market. Developing nations such China, and India are likely to witness high growth as these countries are having more number of geriatric population and is expected to have more number of aged people residing might boost the market in Asia Pacific region
- Associated side effects related to Hearing Amplifiers and lack of regulation is likely to hinder the market growth during the forecast period.
- Various product launches have been pivotal to the growth of the market. For instance, in March 2016, Intron Corporation announced the launch of Audion16, it’s a new sixteen-channel hearing aid amplifier with an advanced adaptive feedback manager that propositions customizable voice prompts and provides wind suppression. Another example is the introduction of Sound World by CS10, which can be paired with Bluetooth and allows its users to amplify sound via its customization app
Key Players covered in this report are
Soundhawk Corporation, Motorola Mobility, ShenzhenEnJoYou Electronics Company Limited, iHear Medical, IntriCon, Samsung Electronics, Starkey Hearing Technologies, Etymotic Research Incorporation, Earlens Corporation, Doppler Labs, Focus Ear LLC, Songbird Hearing Incorporation, Onsemi, Bragi, Nuheara, So Special Labs, EarGO and Sivantos Incorporation.
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Product type Outlook (Revenue, USD Million; 2017-2027)
- On-the-Ear
- In-the-Ear
Distribution Channel Outlook (Revenue, USD Million; 2017-2027)
- Hospitals
- Local Pharmacies
- Online Pharmacies
- Others
Key Regional Markets Studied in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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