Hearing Amplifiers Market size to exceed $84mn by 2023
Hearing Amplifiers Market size is estimated to reach USD 84.4 million by 2023; as per a new research report by Global Market Insights, Inc. The incidence of deafness and hearing loss disorders has been on the rise over the past few years owing to increased geriatric population and noise pollution.
Technologies such as Digital Signal Processing (DSP) have revolutionized the industry by integrating new applications in these products. Advances in research pertaining to the patent approval for powerful signal processing in accordance with the external environment is among the key growth drivers. Growing R&D in the field is set to expand applications, creating additional benefits for patients. For instance, digital wireless technology, wherein the hearing aid providers are offering Bluetooth accessories that allow the patients to operate the device through their mobile.
Manufacturers also offer microphones that can be worn by the wearer’s companion, thus allowing wireless transmission of the speaker’s voice into the hearing aid. This improves the ratio of speaker’s voice to background noise, thus offering clearer voice transmission to the wearer. Such innovative products are set to drive hearing amplifiers market size.
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Water resistant products with protective wrappers, dehumidifying kits, hearing aid dryers, and special nano coatings to make them water resistant that allows the devices to withstand the effects of perspiration, snow, rain, and other general moisture are also among major innovations. India, China, South Africa and Brazil are expected to be potential revenue generators for the hearing amplifiers market in the years to come owing to the high unmet needs, and rising per capita income in these countries.
Increasing initiatives by governments, healthcare providers and manufacturers may change the social stigma associated with these products, which acts as an obstacle to adoption. Furthermore, introduction of technologically sound products has made them very discreet, which will alleviate the impact associated with this restraint.
Companies accounting for hearing amplifiers market share are Sonova, William Demant, Siemens, Widex, etc. The industry is characterized by intense competition, mainly due to limited product differentiation.
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Key insights from the report include:
- On-the-ear hearing amplifiers market size was more than USD 40 million in 2015; shipments are forecast to grow at 6.6% over the forecast timeframe. Ongoing R&D activities pertaining to promote laser signaled products featured with larger frequency range present significant growth opportunities.
- High prevalence of deafness, along with favorable regulatory and reimbursement scenario is expected to drive Europe hearing amplifiers market share. Germany and the UK served as the major revenue contributors, responsible for over 45% revenue in 2015.
- Development of technologically advanced and low cost devices is expected to increase Asia Pacific hearing amplifiers market penetration levels. Increase in healthcare spending and patient awareness levels are key factors driving the usage rates.
Global Market Insights has segmented the hearing amplifiers industry on the basis of product and region:
Global Hearing Amplifiers Market Product Analysis (Volume, Thousand Units & Revenue, USD Million; 2012 – 2023)
Global Hearing Amplifiers Market Regional Analysis (Volume, Thousand Units & Revenue, USD Million; 2012 – 2023)
- North America
- Asia Pacific
- New Zealand
- Latin America