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Hearing Amplifiers Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

A10990
Pages: NA
Jun 2021 | 41 Views
 
Author(s) : Onkar Sumant
Tables: NA
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Hearing loss is a common ailment often observed in older adults and has shown a doubling pattern per age decade, with onset of symptoms reported even in patient’s 40s and 50s. Hearing loss can occur owing to numerous pathological conditions. Ongoing researches also show a resemblance regarding age-related hearing loss and its contribution to development of risk of cognitive declines, physical dysfunctioning, rising incidences of hospitalization, poor quality of life and even mortality.

Hearing amplifier also called as Personal Sound Amplification Devices (PSAP) are helpful in such situations as these devices aid are a part of hearing aid which amplifies the sound for better hearing purpose in patients with hearing ailments. Hearing amplifiers increase the strength of incoming signals and deliver them to the ear with the help of speakers. These devices are over-the-counter (OTC) products, however professional expertise is required for fittings. PSAPs come in various customizations and variations in cost, output values, computerized algorithms, weight, microphones and customizable audio according to client’s needs.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

2019–2027

  Base year considered

2019

  Forecast period

2020–2027

  Forecast units

Value (USD)

  Segments covered

Product Deployment, Types, Users, Distribution channels and Region

  Geographies covered

•             North America (U.S., Canada, Mexico)

•             Europe (France, Germany, UK, Italy, Spain, Rest of Europe)

•             Asia-Pacific (Japan, China, India, Australia, South Korea, Rest          of Asia-Pacific)

•             LAMEA (Brazil, South Arabia, South Africa, Rest of LAMEA)

  Companies covered

Cochlear, Microson, Doppler Labs Inc., Etymotic Research, Eargo Inc, IntriCon Corporation, Nuheara Limited, iHEAR Medical Inc., Sound World Solutions, ON Semiconductor, and Starkey Hearing Technologies.

 

COVID – 19 scenario analysis: 

  • The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
  • Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
  • Over 4 million people affected globally, with 300 thousand losing their lives due to SARS-CoV-2
  • Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers
  • Due to diversion of medical field towards treating COVID-19, the funding to R&D activities related to hearing ailments has been reduced and this segment have to face negligence subsequently causing negative impact on  hearing amplifiers market

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Growing incidences of hearing ailments along with high costs related to hearing aids devices and lack of insurance coverage for hearing ailment treatments by medical insurance companies are the key drivers for hearing amplifiers market growth. Patients suffering from hearing impairments prefer hearing amplifiers or PSAPs over hearing aids devices owing to cost difference as hearing aids cost a hefty monetary value. Hearing amplifiers or PSAPs are direct-to-consumer products sold as electronic devices designed to increase the incoming sound intensity in various recreational environment The National Institute on Deafness and other Communication Disorders (NIDCD) highlighted around 324,200 cochlear implants have been reported globally. Further studies also showcased approximately 15 percent of the U.S. citizens that is 26 million people belonging between the age group of 20 and 69 have reported hearing impairments owing to exposure to high intensity sounds and loud noise at workplace or during recreational activities. Rise in geriatric population, correlation between rising age and higher prevalence in hearing impairments, heavy funding to research and development activities are the prime factors propelling the growth for hearing amplifiers market.

As per studies published by a freelance research group, 28.6 million Americans were reportedly suffering from an auditory disorder in the year 2000. Innovative solutions to address hearing impairments would also play a pivotal role development of hearing amplifiers market. Thus growing hearing impairments would surge the demand for hearing amplifiers in the market.

However, social stigma associated with the use of hearing amplifiers can potentially impede the growth for this market over the coming years.

Rise in geriatric population to fuel the growth

Rising geriatric population, increasing incidences of hearing impairments creating a patient pool, availability of affordable hearing amplifiers are the factors contributing to the market growth. The advancements in the medical field and reduction in the cost of treatments along with use of various customizable hearing amplifier devices as per consumer needs would further surge the demand for these devices in the market. Adults in age group of 70 years and above that is 30 million Americans have reported for significant hearing loss. Recent customizations in hearing amplifiers owing to elder population consumer base improve hearing and makes sound louder and more audible by reducing disturbing external voices. WHO stated that approximately 466 million people in 2018, have hearing loss globally and majority of these people fall in the age group of 50 years and above. Therefore, increasing geriatric population would contribute to rise in the market for hearing amplifiers.

Technological advances to drive the market growth

Recent developments in hearing amplifiers have enabled several user friendly features providing innovative solutions and better applicability. For example, recent advents have enabled smart phone connectivity that permits user to have better conversations over phone calls and also keeps a track of cognitive hearing and mental health. Furthermore, this technology also provides sound isolation by eliminating unwanted sounds and provides a better experience to the consumer.

Sound World Solutions launched CS10, a hearing solution integrated with Bluetooth and iPhone platform, designed to enhance and increase the sound intensity for hearing impaired consumers via its customization mobile app. It aims to offer better listening experience in various situations such as during business meetings, family gatherings, phone calls and watching entertainment. Thus, technological advancements in the hearing amplifiers industry will escalate the growth during in the near future.

Key segments:

Segments

Sub-segments

  Product Deployment

 

  • In-the-ear
  • On-the-ear
  • Behind-the-ear
  • In-the-canal

  Type

  • Analog Hearing Aids
  • Digital Hearing Aids

  Users

  • Paediatrics
  • Adults

  Distribution Channels

  • Hospital Pharmacies
  • Online Pharmacies
  • Retail Pharmacies

  Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

 

Key benefits of the report:

  • This study presents the analytical depiction of the global hearing amplifiers industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global hearing amplifiers market share.
  • The current market is quantitatively analysed from 2020 to 2027 to highlight the hearing amplifiers treatment market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global hearing amplifiers market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the Hearing amplifiers market research report:

  • What are the leading market players active in the hearing amplifiers market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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