Hearing Amplifiers Market size to exceed $95 Mn by 2026
Published Date: June 23, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Hearing Amplifiers Market size is poised to cross USD 95 million by 2026; according to a new research report by Global Market Insights, Inc.
The growing elderly population will drive the demand for hearing aids industry globally. Additionally, increasing cases of hearing loss will further augment the industry growth in the forthcoming years.
Rising geriatric population will remain a key growth driver
Rapidly growing geriatric population is one of the contributing factors for hearing amplifiers industry growth. According to the World Population Ageing, in 2017, there was around 382 million aging population globally. The number is expected to double by reaching around 2.1 billion by 2050. Aging is one of the leading causes of hearing loss. The rapid increase in the rate of hearing loss amongst the age group 65 and above has been observed. As reported by the National Institute on Aging, approximately one in every three individuals over 65 years of age has hearing loss and nearly 50% of people aged more than 75 years face difficulty in hearing.
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The aging population is further supported by other favorable demographic trends such as increasing life expectancy due to the advent of sophisticated healthcare technologies and declining fertility rates. The aging population is evident across the globe, but the rate of aging is currently more advanced in developed economies i.e. the U.S. and Europe. As the geriatric population is more prone to hearing loss, the increase in the demand of hearing amplifiers will go hand in hand with the burgeoning geriatric population, thereby influencing hearing amplifiers market growth.
Increasing use of hearing amplifiers will favor the market growth
The in-the-ear segment will witness around 5.5% CAGR through 2026. In-the-ear hearing amplifiers usually come in varied sizes and are meant to deploy inside the ear. The amplifiers are custom made, tailored to fit the individual’s outer ear’s contours. The device is smaller in size compared to behind-the-ear hearing amplifiers. The lower size of the device comes at the cost of less battery and less volume control. The smaller size of the amplifiers makes it less visible and hence preferred by individuals having aesthetic concerns. Thus, the above-mentioned factors will thereby drive the segmental growth over the forecast period.
Browse key industry insights spread across 220 pages with 178 market data tables & 9 figures & charts from the report, “Hearing Amplifiers Market Size Product (Behind-the-ear, In-the-ear), By Distribution Channel (Hospital Pharmacies, Online Pharmacies), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Online pharmacies segment will offer lucrative growth opportunity
The online pharmacies segment holds around 30% hearing amplifiers market share in 2019. This is majorly due to online pharmacies provide innovative hearing amplifiers with advanced features and several discounts. This will further increase consumer preference towards online pharmacies thereby favoring industry growth.
Asia pacific is set to proceed quickly due to favorable government scenario
Asia Pacific hearing amplifiers market is anticipated to witness around 5.5% CAGR over the forecast period. The growth is due to the rapid growth of the healthcare industry in China and India. The increasing number of baby boomers along with the rising prevalence of hearing loss will drive Asia Pacific hearing amplifiers industry growth.
The prevalence is highest in South Asia and the Asia Pacific that will spur demand for hearing amplifiers in the future. Furthermore, elevated levels of noise pollution in Asia Pacific countries including India and China has led to a rise in the number of people suffering from hearing ailments. This will further drive the demand for hearing amplifiers over the forecast period.
Adoption of growth strategies by market players will drive the business expansion
Few of the prominent players operating in the hearing amplifiers market are Beurer, Etymotic Research, FocusEar, iHEAR Medical, IntriCon Corporation, Sound World Solutions, Otofonix, MDHearing, Banglijian, and Britzgo. The industry players are focusing on several strategic alliances such as acquisitions, collaboration, and product expansion to gain considerable revenue shares.
For instance, in March 2018, Etymotic research announced that company has joined forces with Lucid Hearing, a hearing solution company. This collaboration allowed the company to develop new products that can be beneficial for more customers. Such strategic initiatives boost the company’s growth.
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