Hearing Amplifiers Market Report 2022: A Global $150+ Billion Market by 2030 - ResearchAndMarkets.com
By Business Wire
The global hearing amplifiers market size is expected to reach USD 150.66 billion by 2030
The prevalence of listening loss, which can affect people as young as 40, is rising and is a common condition that affects older people. Additionally, a number of medical conditions can result in listening loss. The development of cognitive deficits, physical dysfunction, elevated hospitalization rates, poor quality of life, and even mortality are all associated with age-related listening loss, according to ongoing studies.
Recently, audio amplifiers that are tailored to the demands of the senior population have improved listening and increased sound volume and audibility by reducing distractions. The pediatrics market is anticipated to develop due to the rise in the number of newborns with sensorineural listening loss and the effectiveness of cochlear implants in treating these disorders in children.
Furthermore, according to the World Health Organization, around 34 million children worldwide experienced hearing loss in 2019. The majority of those who suffer from severe listening loss live in South Asia. The outbreak of the COVID-19 pandemic has significantly impacted the growth of the hearing amplifiers industry.
Due to limitations in the supply chain, the COVID-19 epidemic had a negative effect on the audio amplifiers industry. Low demand for these devices resulted from the closure of offline retail shops during the period of the national lockdown. However, the usage of masks during the pandemic caused difficulties for patients who were deaf, which had an impact on individuals who relied on lip reading.
The industry for the amplifiers is anticipated to be driven by growing hearing aid prices combined with rising hearing aid costs. The most recent advancement in amplifiers, a wireless audio amplifier, is anticipated to fuel market expansion. The market is also growing as personal sound amplification gadgets become more popular. Rising R&D expenditures are also helping the industry.
The global market is highly competitive owing to the existence of large industry players with global presence including Britzgo Austar Hearing Science and Technology (Xiamen) Co., Ltd., Sound World Solutions, Huizhou Jinghao Electronics Co. Ltd.
Hearing Amplifiers Market Report Highlights
- Behind-the-ear segment is anticipated to grow at a significant CAGR rate over the forecast per rising demand for this product category over the study period is attributable to elements like high efficiency, improved connection, and longer battery life.
- In-the-ear segment accounted for a major revenue share in 2021 which is accelerated by the due to its attractive designs that make the device easy to use.
- Offline pharmacies segment is expected to hold the significant market share over the forecast period due patients’ prefer to purchase amplifiers from retail stores is one element that is considered being a driving factor of the segment’s growth
- Europe is expected to grow at a lucrative CAGR rate over the projected period on account of the increasing rapid acceptance of PSAPs due to the rise in the prevalence of deafness and their use as less expensive alternatives to hearing aids
Drivers and Opportunities
- Rise in geriatric population to fuel the growth
- Technological advances to drive the market growth
Restraints and Challenges
- Expensive cost of hearing amplifiers
Porter's Five Forces Analysis
IoT based Asset Tracking and Monitoring Industry trends
Value Chain Analysis
COVID-19 Impact Analysis
- Britzgo Austar Hearing Science and Technology (Xiamen) Co. Ltd.
- Sound World Solutions
- Huizhou Jinghao Electronics Co. Ltd.
- Shenzhen LA Lighting Company Limited
For more information about this report visit https://www.researchandmarkets.com/r/l09u7vContacts
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First published on Tue, Dec 27, 2022
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