Hearing Amplifiers Market Size - By Product (ITE/ITC, BTE), By Technology (Analog, Digital), By Distribution Channel (Retail Stores, e-commerce), Industry Analysis Report, Country Outlook, Growth Potential, Application Potential, Competitive Market Share & Forecast, 2024-2032
Published on: 2024-08-01 | No of Pages : 240 | Industry : Healthcare
Publisher : MIR | Format : PDF&Excel
Hearing Amplifiers Market Size - By Product (ITE/ITC, BTE), By Technology (Analog, Digital), By Distribution Channel (Retail Stores, e-commerce), Industry Analysis Report, Country Outlook, Growth Potential, Application Potential, Competitive Market Share & Forecast, 2024-2032
Hearing Amplifiers Market Size
Hearing Amplifiers Market size was worth USD 87.1 million in 2023 and is anticipated to expand at 4.8% CAGR from 2024-2032. Rising concerns over hearing loss will accelerate industry growth.
Rising incidences of hearing loss is expected to have a notable impact on the hearing amplifiers industry dynamics. For instance, as per World Health Organization (WHO) 2021 estimates, more than 5% of the global population, accounting for approximately 466 million, people suffer from hearing loss. It has also been estimated that by 2050, the prevalence of deafness and hearing loss will surpass 2.5 billion. Thus, hearing amplifiers are anticipated to gain substantial momentum with the rising adult patient pool. Moreover, the rapid adoption of advanced assistive technologies, such as cochlear implants and hearing aids along with services including speech therapy, and aural rehabilitation will complement the industry outlook.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Hearing Amplifiers Market Size in 2023 | USD 87.1 Million |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 4.8% |
| 2032 Value Projection | USD 133.6 Million |
| Historical Data for | 2018 - 2023 |
| No. of Pages | 180 |
| Tables, Charts & Figures | 365 |
| Segments covered | Product, Technology, Distribution Channel, and Region. |
| Growth Drivers |
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| Pitfalls & Challenges |
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Lack of awareness may impede the adoption of hearing amplifiers
Poor awareness and the presence of social stigma associated with certain healthcare services across underdeveloped and developing regions could restrain the hearing amplifiers market expansion. Despite the growing incidence rate, people across certain regions lack the understanding and knowledge of hearing loss and associated treatments due to inaccessibility and affordability issues. Economies devoid of robust healthcare infrastructure, relevant legislative framework, skilled audiologists, and standardized screening are hindering the penetration of hearing aids. However, the growing public efforts to launch effective awareness initiatives and government policies to support the use of hearing aids will help overcome the current limitations.
Hearing Amplifiers Market Analysis
Hearing amplifiers market size from the behind-the-ear product segment is anticipated to record 4.3% CAGR between 2023-2032. The surging demand for behind-the-ear (BTE) hearing amplifiers can be attributed to numerous innovative features offered by these devices, such as greater battery life, and multi settings. These technologies are composed of next-generation modalities and allow variations due to their bigger size. Moreover, the increasing availability of over-the-counter (OTC) BTE hearing devices at affordable pricing will positively influence the industry expansion.
Hearing amplifiers market from digital technology is projected to register 5.2% CAGR between 2023-2032. Digital technologies are rapidly penetrating the healthcare sector with the growing need for digitization of an array of services. Digital systems offer a wide variety of benefits, including high efficiency, fine detail, configurability, and noise immunity. Moreover, the ongoing advancement in different software is helping improve audio-processing design, enabling easier faster modifications without any significant impact on the design schedule.
In terms of revenue, the hearing amplifiers market share from e-commerce distribution channels is poised to reach over USD 48 million by 2032. The rapid influx of online platforms and digital portables providing medical devices and consumer electronics are making way for a massive consumer base owing to the greater convenience and ease of purchasing. Additionally, the outbreak of the COVID-19 pandemic significantly accelerated e-commerce spending, particularly for medical supplies and medications. Furthermore, the advent of E-pharmacy across developing countries, such as India will consolidate the sale of hearing amplifiers across digital platforms.
North America accounted for more than 37% of the hearing amplifiers market share in 2022 owing to the increasing prevalence of deafness and hearing loss in the region. According to the Centers for Disease Control & Prevention (CDC), and the Hearing Loss Association of America (HLAA) more than 45 million of the U.S. population suffer from some degree of hearing impairment. Additionally, the promising product penetration and acceptance across countries such as the U.S. and Canada are anticipated to offer lucrative business prospects for the leading regional industry players. For instance, in February 2023, Medline announced a collaboration with MDHearing, a Chicago-based D2C hearing aid company, to enhance access to affordable hearing aids without the need for a prescription.
Hearing Amplifiers Market Share
Some of the leading companies in the hearing amplifiers market include
- Beurer GmbH
- Innerscope Hearing Technologies, Inc.
- Etymotic Research, Inc.
- Sound World Solutions
- Otofonix
- IntriCon Corporation
- MDHearing
- Britzgo
- Medline Industries
- Huizhou Jinghao Electronics Co. Ltd.
These industry contenders are implementing innovative strategies to expand their customer reach and improve product accessibility.
Impact of the COVID-19 pandemic
The COVID-19 pandemic had a significant impact on the hearing amplifiers industry. The emergence of the pandemic resulted in unprecedented supply chain disruptions and loss of life. It hampered public health and accelerated hospitalization rates worldwide contributing to a massive healthcare burden. With the increasing spread of the virus, several governments imposed strict lockdowns causing a multitude of businesses, including medical devices to cease operations temporarily.
Moreover, hospitals across the globe delayed non-emergency healthcare services to cater solely to the expanding patient pool of COVID-19. As a result, the demand for services pertaining to hearing impairment conditions experienced a notable drop.
Hearing amplifiers market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments
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By Product
- ITE/ITC
- BTE
- Others
By Technology
- Analog
- Digital
By Distribution Channel
- Retail Stores
- E-commerce
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Poland
- Sweden
- The Netherlands
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Indonesia
- Philippines
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Columbia
- Chile
- Peru
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
- Turkey
- Iran