CAGR of 4.5+% for hearing amplifier market size worth $123.81 million, globally, by 2030
Allied Market Research released a report titled, “Hearing Amplifier 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 amplifier industry generated $80.66 Million in 2020 and is expected to reach $123.81 Million by 2030, growing at a CAGR of 4.5% from 2021 to 2030.
Technological advancements and increasing prevalence of hearing loss among the geriatric population is driving the growth of the global hearing amplifier market
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Hearing loss is the loss of hearing in one or both ears, ranging from mild to profound. There are many causes and can affect anyone at any age, but it is most common in people over 60.
The main causes of hearing loss are age-related hearing loss, exposure to excessive noise, or a family history of genetic disease. There are different solutions for hearing loss, including hearing amplifiers and hearing aids. Hearing amplifiers are classified by product, type, distribution channel and region. Hearing loss is also associated with overuse of ototoxic medications, head trauma or injury, Ménière’s disease, otosclerosis or autoimmune disease, and acoustic neuroma.
Hearing loss has a major impact on emotional, psychological and social life; patients with hearing loss have fewer educational and employment opportunities due to impaired communication, social withdrawal due to reduced access to services and difficulty communicating with others, and emotional problems caused by a drop in self-esteem and confidence. This propels the development of effective solutions for the treatment of the same and advances in auditory amplifiers. According to the National Institute on Deafness and other Communication Diseases, 15% of American adults suffer from hearing amplifiers. It also indicates that approximately 37.5 million US residents have hearing problems.
Some of the other factors responsible for the substantial growth of the market include growing prevalence of hearing loss disorders globally, increasing geriatric population globally, advancements in hearing amplifier technology and favorable regulatory scenario for global hearing amplifier market sales.
- The Covid-19 pandemic has negatively affected the hearing amplifier market owing to the containment measures which have led to disruptions in manufacturing and R&D activities.
- According to a new study conducted by the Hearing Health Foundation, more than 87% of people with different hearing disorders have difficulty communicating. Additionally, due to the Covid-19 outbreak, elective procedures have also been postponed in several countries to care for patients suffering from Covid-19 infection and prevent the possibility of cross-contamination.
- Many hospitals have limited visits from interpreters and instructors and have offered instructions via video conference.
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Main market players
- Beurer GmbH
- Etymotic Research, Inc.
- Innerscope Hearing Technologies, Inc.
- IntriCon Corporation
- Global Sound Solutions
- Otofonix Hearing Solutions
- MD hearing aid
- Cochlear Limited
- Eargo, Inc.
- Starkey Hearing Technologies
Highlights of the Hearing Amplifiers Market Report
|By distribution channel||
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