SELBYVILLE, Delaware, January 9, 2019 /PRNewswire/ --
North America hearing amplifiers market dominated the global market and was valued at USD 23.5 million revenue in 2017 and high revenue can be attributed to the rising geriatric population coupled with increasing prevalence of hearing ailments. Strong government support and initiatives undertaken by National Institute on Deafness and Other Communication Disorders (NIDCD) is another contributing factor in the hearing amplifiers business growth. Favorable reimbursement scenario including hearing services such as hearing aid evaluation & services, audiological assessment to children suffering from hearing disorders will further accelerate industry growth.
Global Hearing Amplifiers Market will surpass USD 88.5 million by 2024; according to a new research report by Global Market Insights, Inc. Increasing prevalence of hearing impairment cases coupled with growing geriatric population prone to hearing loss is the key factor driving hearing amplifiers market growth. As per the United Nations, people aged 60 years and above was around 962 million in 2017. This number is estimated to show two-fold growth to reach 2.1 billion by 2050. In addition, presence of organizations that ensure effective care for people with hearing impairment will further fuel hearing amplifiers business growth in the foreseeable future.
Technological advancement in hearing amplifiers and ongoing product innovations will render positive impact on the hearing amplifiers industry growth. Availability of amplifiers with advanced features including analysis of user environment and adjustment of the inputs, noise reduction as well as wind noise managers to filter out unpleasant noise will increase its adoption among the patient population. However, social stigma associated with the wearing of hearing aids may impede the market growth to certain extent in the coming years.
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On-the-ear hearing amplifiers segment was valued at USD 44.6 million in 2017 and is anticipated to grow considerably over the estimated timeline. Segment growth is attributed to the cost effectiveness and comfort offered by the on-the-ear amplifiers. Ability of on-the-ear hearing amplifiers to offer greater amplification and longevity as compared to in-the-ear models will increase its adoption among the patient population. Moreover, advancements in hearing amplifiers in terms of technology and designs should further spur the segment size.
Hospital pharmacies segment accounted for 41.8% revenue share in 2017 and will witness significant growth in the coming years. Hospital pharmacies provides over the counter hearing amplifiers for people with mild hearing loss or hearing loss caused by other medical conditions. Moreover, high preference of geriatric patient base towards buying hearing amplifiers through hospital pharmacies due to lack of awareness regarding innovative pharmacies including online pharmacies will upsurge the hearing amplifiers industry growth over forthcoming years.
Browse key industry insights spread across 150 pages with 210 market data tables & 07 figures & charts from the report, "Hearing Amplifiers Market Size By Product (On-the-Ear, In-the-Ear), By Distribution Channel (Hospital Pharmacies, Online Pharmacies), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Netherlands, Germany, Norway, Sweden, Spain, Denmark, Switzerland, Italy, France, Russia, Japan, China, India, Australia, New Zealand, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2018 - 2024" in detail along with the table of contents:
Asia Pacific hearing amplifiers market is estimated to witness 6.1% CAGR over the analysis timeframe, due to rising prevalence of hearing loss, growing elderly population and supportive organization and government initiatives. Awareness campaigns and programs by government and other organizations such as China Research and Rehabilitation Centre for Deaf Children (CRRCDC) to raise awareness regarding hearing tests and treatment as well as provide free hearing screening, consultations will further favor regional growth.
Prominent industry players operational in the hearing amplifiers market include Etymotic Research, Soundhawk Corporation, Focus Ear, IntriCon, Onsemi, Bragi, DopplerLabs, Nuheara, iHear Medical, EarGO, Samsung Electronics and Sivantos. Industry players primarily focus on certain strategic initiatives including mergers, acquisitions as well as new product launch, to capitalize on market opportunities and strengthen their market position. For instance, in March 2016, IntriCon Corporation announced introduction of Audion16, its new sixteen-channel hearing aid amplifier at the annual convention of the American Academy of Audiology. Audion16 is advanced adaptive feedback manager that offers customizable voice prompts and wind suppression that greatly improve the user experience. The new product launch will help in expanding company's existing product portfolio. The strategy aimed at enhancing company's product portfolio and broadening its customer base.
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