Global Hearing Amplifiers Market to Surpass USD 85.5 Million By 2024

May 06, 2020

As per the report titled ‘Hearing Amplifiers Market Size By Product, By Distribution Channel Industry Analysis Report, Regional Outlook , Application Potential, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, global hearing amplifiers market is projected to cross USD 85.5 million by the year 2024.

According to a United Nations report, total population of individuals aged 60 years or above was around 962 million in 2017. With aging being the sole cause of hearing loss, increasing worldwide geriatric population along with soaring cases of hearing disorders are driving the global hearing amplifiers market growth.

Increasing focus among manufacturers of hearing amplifiers to improve the comfort and efficiency of product is positively impacting the market outlook. Recent hearing amplifiers are integrated with several automated features such as noise reduction and wind noise managers that analyze the user’s environment and adjusts the sound levels accordingly. Such innovations are expected to bolster the product demand during the forecast period.

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Based on the product, on-the-ear segment was worth USD 44.6 million in 2017 and is expected to grow considerably throughout the forecast duration. Favorable regulatory norms and growing adoption of advanced on-the-ear hearing amplifiers such as those which operate on induction charging instead of batteries are fueling the segment growth.

Speaking of the distribution channel, hospital pharmacy segment held 41.8% revenue share in 2017. Growing availability of various types of over the counter products is boosting the sales of hearing amplifiers. Patients with mild hearing loss and geriatric population prefer hospital pharmacies for their hearing amplifiers need.

Considering the geographical outlook, hearing amplifiers market in the Unites States is predicted to grow with a CAGR of 4.7% through 2024. Emphasis of industry players on developing technological advanced hearing amplifiers along with numerous awareness programs promoting advanced treatments and devices to address hearing disorders are stimulating the regional business landscape.

Meanwhile, China hearing amplifiers market generated 19% revenue share in 2017. As per NCBI 2017 report, the ratio of children in the age bracket of 0-17 years suffering from hearing impairment was 17.5 per 10,000 people. Rising prevalence of hearing loss among children as well as elderly population is driving the growth of hearing amplifiers industry in China.

Prominent players in global hearing amplifiers market are Soundhawk Corporation, Etymotic Research, Inc., Focus Ear LLC, IntriCon, Songbird Hearing, Inc., Earlens Corporation, Onsemi, Bragi, Motorola Mobility, Doppler Labs, iHear Medical, Nuheara, Shenzhen Ienjoy Electronics Co. Ltd., So Special Labs, Samsung Electronics, EarGO, Starkey Hearing Technologies, and Sivantos Inc.

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