The Global Hearing Amplifiers Market is projected to grow at a CAGR of 6.6% from USD 62.6 million in 2021 to USD 105.2 million in 2030. The market is driven by the rise in population with some sort of hearing impairment and the rising cost of hearing aids. Hearing loss can be caused due to hereditary factor or resulted from disease trauma, adverse effects of medications or long time exposure to loud noises.
Hearing amplifiers Walgreens, Starkey hearing aid, Starkey Z Series, hearing aid Costco are few of the most demanding solutions that are widely preferred by the end-use customers. Rechargeable hearing amplifiers, wireless devices, aid bluetooth devices, wireless hearing amplifier, hearing assist, wireless hearing machine, and wireless hearing aid accessories, to name a few are some of the most crucial factors and topics that have been influencing the market growth in many ways, have been additionally discussed in details in the report. Leading and growing players in the market that have been investing an extensive amount in the research & development in such corresponding factors have observed enormous growth in their business.
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Consumers who need hearing devices prefer getting hearing amplifiers since they are usually almost 3-4 times cheaper than hearing aids. There are cases in which consumers using hearing aids hears their own voices whereas there are some cases where hearing aid produces interruptions in person’s voice which can be overcome only if person is moved near to the speaker which is not feasible every time, these factors might make consumer shift towards hearing amplifier instead of hearing aids. A new generation of amplifiers that utilize the latest wireless technologies like Bluetooth which allows the user to customize sound levels via an app is expected to gain popularity. There are devices which can be synced with the smartphones you are using making it more convenient and technological advanced as consumer can directly receive the phone call or listen to the music.
PSAPs or hearing amplifiers do not require a medical prescription or testing and professional fitting. PSAPs are readily available to use out of the box. PSAPs can also be used by hunters for listening for prey or bird watching and assistance in listening to distant sounds. Hearing amplifier come in various in price ranges, performance qualities, weight, and software algorithms and consumers may chose as per their application. Battery life of an amplifier varies there are rechargeable PSAPs or hearing amplifiers available which can be charged overnight which is beneficial in case of long distance traveling. Hearing amplifiers may come with directional microphones and customizable equalization of the audio signal that allows to clear up ambient or extraneous noise. However, 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 in the future.
The global market has been segmented on the basis of product and distribution channel. The research takes a closer look at prominent driving factors responsible for the modest 6.7% CAGR. The study also analyses the market share of each region, company and product. The report also presents constraints, opportunities, threats, challenges and Investment opportunities prevailing in the market.
Distribution Channel Outlook:
On the basis of distribution channel, Hospitals segment dominated the market and accounted for 40.8% revenue share in 2019 which can be attributed to over the counter products bought by people with mild to moderate loss from hospital & pharmacies
On the basis of product, On-the-ear sub-segment dominated the market, accounting for over 66.7% of the market and was estimated to be over USD 36.1 million in value in 2019. The segment is expected to grow at a CAGR of 7.0% over the forecast period
Europe is the largest consumer market in 2019. Germany and the UK served as the major revenue contributors, together accounting for an estimated 45% of revenue generated in 2019.
Asia Pacific region is predicted to register the largest CAGR of 7.6% during the forecast period owing to growing geriatric population, improved regulatory framework, strong distribution networks of global product manufacturers in the region, and rising public awareness related to benefits offered by these amplifiers.
North American regional segment dominated the global amplifier holding a market share of 41.3% and was valued at USD 23.5 million in revenue generated in 2019.
- According to the National Institute of Deafness and Other Communication Diseases, only 20% of the 36 million Americans who need an aid actually use one. However, 18% of PSAPs were used as a substitute for these aids due to the higher price of the alternatives
- Indian market was valued at USD 2.2 million in 2019 which can be attributed to the large demographic of geriatric population coupled with low income levels which forces them to get PSAPs instead of medically prescribed hearing aids
- PSAPs do not require medical examination and fitting, and also range from as little as USD 50 to USD 400, while custom hearing aids cost about USD 1400 on average and are not covered by Medicare and many insurance plans which causes patients to prefer these amplifiers
- 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
- PSAPs are not regulated under the Food, Drug and Cosmetic Act since it does not alter any function of the body and is not intended to treat any condition. Hence, there is no definition, regulatory classification, or product code for these products making them easily available and more accessible
- Strong government support and initiatives undertaken by National Institute on Deafness and Other Communication Disorders (NIDCD) by providing favorable reimbursement scenario that includes audiological assessment for suffering children and hearing aid services, is another contributing factor in these amplifiers’ business growth
- Various technological advancements and innovations like dehumidifying kits, and water resistant products that allows the devices to withstand perspiration, snow, rain, and moisture are expected to boost the market
- The industry is oligopmarketolistic 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.
Companies considered and profiled in this market study
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, among others are leading players involved in the global market.
The industry poses significant amount of opportunities for small manufacturers and startups to come up with cost-effective solutions in the manufacturing of products. Many innovative start-ups that are growing remarkably have been profiled in the report with all their innovative techniques and developments. There is a continuous growth in demand from the end-users, which can encourage several startups to launch innovative products in this market.
Mergers and Acquisitions are an integral part of this industry. These mergers and acquisitions help us decide the strategic initiatives taken up by the leading players as well as growing companies dealing in this market, and have been included in this report.
Reports and Data forecasts in the industry, having considered the interviews with some of the most prestigious personalities and experts in this market. Leading and growing players in the market that have been investing an extensive amount in the research & development in such corresponding factors have observed enormous growth in their business. However, the main players, according to experts, need to review their strategies in order to support the following COVID 19 scenario and to maintain healthy relationships with their business partners. As a result of this pandemic, the world’s average disposable income would decrease. The main manufacturers of the company are expected to attempt to discover new areas.
Segments covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2020 to 2030. The scope of the report can be defined as:
For the purpose of this study, has segmented the global market report based on product and distribution channel:
Product type Outlook (Revenue: USD Million; Volume: Thousand Units; 2022-2030)
Distribution Channel Outlook (Revenue: USD Million; Volume: Thousand Units; 2022-2030)
- Local Pharmacies
- Online Pharmacies
Regional Outlook (Revenue: USD Million; Volume: Thousand Units; 2022-2030)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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