According to the latest research by Future Market Insights, the Hearing amplifiers market is set to witness steady growth during 2021-2031. The rising prevalence of hearing impairment disorder, coupled with the growing geriatric population prone to hearing loss is increasing the demand for hearing amplifiers.
What Is Driving The Demand For The Hearing Amplifiers Market?
To meet the end-users demand for advanced, safe and cost-effective alternative to hearing aids devices continues to drive demand for hearing amplifiers in the market. Similarly, the increasing cost of hearing aids is creating huge opportunities for hearing amplifiers manufacturer to develop an advanced, cost-effective solution to solve the unmet demand of consumers.
Growing Geriatric Population Is Likely To Accelerate The Demand for Hearing Amplifiers.
The growing geriatric population is a significant driving factor for the growth of the hearing amplifiers’ market. The geriatric population are more prone to hearing loss when compared with children. As per the world health organization (WHO), currently, about 466 million people have hearing problems across the globe and the number is projected to reach 900 million by 2050.
Among these, only 34 million are children. This number indicates growing geriatric population creates huge opportunities in the hearing amplifiers market.
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The U.S. and Canada Hearing Amplifiers Market Outlook
The U.S. is one of the largest markets for hearing amplifiers globally. The U.S. Hearing amplifiers market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031.
Favorable healthcare policies, coupled with high per capita healthcare spending, has created a conducive environment for the adoption of hearing amplifier devices in the U.S. presence of leading players in the region is also expected to boost the market growth. Most of the key players are focusing on strategic acquisitions to strengthen their product portfolio.
For instance, in 2021, Amplifon S.p.A. acquired PJC Hearing, the hearing care business of PJC Investments LLC, which is the second-largest Miracle-Ear franchisee in the United States, which covers the major market in hearing care worldwide.
Europe Demand Outlook for Hearing Amplifiers Market
The rising prevalence of deafness, increasing awareness and the introduction of technologically advanced products are expected to contribute to the market growth of hearing amplifiers in Europe.
Furthermore, favorable reimbursement policies accepted by each region of Europe is driving the growth of the market. Anteunis (1999) estimated that up to 52 million Europeans (20% of adults) and 36% of the older population suffer from some level of hearing handicap.
According to the British MRC Institute of Hearing Research study, around 900 million people across the globe will suffer from hearing loss by 2025. Among this population, more than 90 million patients may be from Europe.
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Who are the Key Manufacturers and Suppliers of Hearing amplifiers?
Some of the leading manufacturers and suppliers of hearing amplifiers include
- iHEAR Medical, Inc.
- Soundhawk
- FocusEar
- Resound
- Shenzhen LA Lighting Company Limited
- Foshan Vohom Technology Co. Ltd.
- MDHearingAid
- Beurer
- Etymotic Research
- IntriCon Corporation
- Britzgo
- Austar Hearing Science and Technology (Xiamen) Co., Ltd.
- Sound World Solutions
- Huizhou Jinghao Electronics Co. Ltd.
- Otofonix
- Banglijian
- Amplifon
- Ziphearing
- Others
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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