Technological advancements and rise in prevalence of hearing loss among the geriatric population drive the growth of the global hearing amplifiers market
PORTLAND, Ore., Jan. 19, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Hearing Amplifiers Market by Product (Behind-the-ear, In-the-ear), Type (Analog Hearing Aids, Digital Hearing Aids) and Distribution Channel (Hospital pharmacies, online pharmacies, others): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global hearing amplifiers industry generated $80.66 million in 2020, and is projected to reach $123.81 million by 2030, witnessing a CAGR of 4.5% from 2021 to 2030.
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Drivers, restraints, and opportunities
Technological advancements and rise in prevalence of hearing loss among the geriatric population drive the growth of the global hearing amplifiers market. However, high cost of hearing amplifiers restrains the market growth. On the other hand, increase in investments by key players present new opportunities in the coming years.
Covid-19 Scenario
- The Covid-19 pandemic affected the hearing amplifiers market negatively due to lockdown measures that led to disruptions in the manufacturing activities and R&D activities.
- According to a new study conducted by Hearing Health Foundation, more than 87% of the people suffering from different hearing disorders faced difficulty in communication. Moreover, owing to the Covid-19 outbreak, the elective procedures were also postponed in several countries to take care of patients suffering from Covid-19 infection and prevent the possibility of cross-contamination.
- Many hospitals restricted visits from interpreters and instructors and they offered instructions through video conferencing.
The behind-the-ear segment to maintain its leadership status during the forecast period
Based on product, the behind-the-ear segment held the highest share in 2020, contributed to more than half of the global hearing amplifiers market, and is expected to maintain its leadership status during the forecast period. Moreover, this segment is expected to witness the highest CAGR of 5.0% from 2021 to 2030. This is due to advanced features and continuous advancements. The report also analyzes the in-the-ear segment.
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The analog hearing amplifiers segment to maintain its dominance during the forecast period
Based on type, the analog hearing amplifiers segment accounted for the highest share in 2020, contributing to around two-thirds of the global hearing amplifiers market, and is expected to maintain its dominance during the forecast period. This is attributed to rise in awareness, increase in the geriatric population, and awareness of the availability of treatment options. However, the digital hearing amplifiers segment is projected to manifest the fastest CAGR of 5.3% from 2021 to 2030. This is due to various features such as smartphone compatibility, Bluetooth connectivity, powered by artificial intelligence, high sound processing, and rechargeable batteries.
North America to maintain its lead position during the forecast period
Based on region, North America contributed to the highest market share in 2020, accounting for more than one-third of the global hearing amplifiers market, and is expected to maintain its lead position during the forecast period. This is due to increase in cases of deafness occurrences in this region. However, Asia-Pacific is expected to portray the largest CAGR of 7.0% from 2021 to 2030. This is attributed to rise in the geriatric population, surge in the number of patients suffering from hearing loss, increase in disposable income in this region.
Leading Market Players
- Beurer GmbH
- Etymotic Research, Inc.
- Innerscope Hearing Technologies, Inc.
- IntriCon Corporation
- Sound World Solutions
- Otofonix Hearing Solutions
- MD Hearing Aid
- Cochlear Limited
- Eargo, Inc.
- Starkey Hearing Technologies
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