Rise in geriatric population coupled with increased prevalence of hearing impairment, high price of hearing aids, product launches, increasing strategic developments such as partnerships and agreements, favorable research funding scenario, and technological advancements are key factors contributing to high CAGR of Hearing Amplifiers during forecast period.
According to the current analysis of Reports and Data, the global Hearing implants market was valued at USD 62.6 million in 2019 and is expected to reach USD 105.2 million by year 2027, at a CAGR of 6.7 %. The study covers Hearing amplifiers, a wearable electronic product that amplify sounds for people who are not deaf or hard of hearing. Hearing loss can be result of hereditary factor or some disease, accidents, adverse effects of medicines being used or long time exposure to loud noises. Hearing amplifiers are often misconceived as hearing aids which are approved and regulated by FDA. Hearing Amplifiers are also called as Personal Sound Amplification Devices (PSAP). PSAPs do not require a medical prescription and professional fitting. Hearing amplifiers or PSAPs are readily available out of the box. PSAPs come in various in price ranges, performance qualities, weight, and software algorithms and consumers may chose as per their application. Hearing amplifiers may come with directional microphones and customizable equalization of the audio signal that allows to clear up ambient or extraneous noise. However, hearing amplifiers or PSAPs are not medically advised substitutes for hearing aids and have been shown in many cases to deteriorate the patient’s hearing abilities due to amplified noises blasted into the patient’s ear drums. This may hamper future market growth.
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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.
Key companies profiled in the report include:
Soundhawk Corporation, Motorola Mobility, ShenzhenEnJoYou Electronics Company Limited, iHear Medical, IntriCon, Samsung Electronics, Starkey Hearing Technologies, Etymotic Research Incorporation, Earlens Corporation, Doppler Labs, Focus Ear LLC, Songbird Hearing Incorporation, Onsemi, Bragi, Nuheara, So Special Labs, EarGO and Sivantos Incorporation.
Market Segmentation by Types:
Product type Outlook (Revenue, USD Million; 2017-2027)
- On-the-Ear
- In-the-Ear
Distribution Channel Outlook (Revenue, USD Million; 2017-2027)
- Hospitals
- Local Pharmacies
- Online Pharmacies
- Others
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Hearing implants market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
Further key findings from the report suggest
- Hearing implants market is growing at a CAGR of 6% in Asia Pacific followed by North America and Europe, with 6.5% and 6.4% CAGR, respectively. High hearing impairment across the globe during forecast period across all regions and aging of world population along with increasing noise pollution are the key factor to accelerate the market growth
- As of 2019, On-the-Ear product segment is the dominating Hearing Amplifiers which holds 66.6% of the global market. European regional market is the largest consumer market for this product segment, followed by North America and Asia-Pacific regions
- According to distribution channel segments hospitals is expected to be the fastest growing market segment during forecast period 2019-2027 with a CAGR of 7.2%. However, associated side effects and medical discouragement as it is not FDA approved and are not prescribed by medical practitioners are major challenge for the market growth of this market segment
- The industry is oligopolistic in nature with GN Resound, Sonova, Widex and William Demant controlling 80% of the total industry share for 2015. The industry doesn’t have much product differentiation and are toughly priced
- Asia Pacific is expected to account for the 22.6% of the global Hearing implants market. Developing nations such China, and India are likely to witness high growth as these countries are having more number of geriatric population and is expected to have more number of aged people residing might boost the market in Asia Pacific region
- Associated side effects related to Hearing Amplifiers and lack of regulation is likely to hinder the market growth during the forecast period.
- Various product launches have been pivotal to the growth of the market. For instance, in March 2016, Intron Corporation announced the launch of Audion16, it’s a new sixteen-channel hearing aid amplifier with an advanced adaptive feedback manager that propositions customizable voice prompts and provides wind suppression. Another example is the introduction of Sound World by CS10, which can be paired with Bluetooth and allows its users to amplify sound via its customization app
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