Global Hearing Amplifiers Market size was evaluated at $58.11 million for 2015 and is predicted to register CAGR of about 4.81% during forecast timeframe. Significant rise in aging population along with increasing occurrence of hearing problems have led to launch of aesthetically appealing equipments like hearing amplifiers and this has boosted industry growth during forecast timeframe.
As per WHO(World Health Organization)reports, population with 65 years of age and above is projected to grow by 16.1% in 2050. As old age is considered as one of key risk factors giving rise to hearing problems ,the predicted increase in aging population is a major driver boosting industry growth.
U.S. Hearing Amplifiers Market Size, by Product, 2012 – 2023 (USD Million)
Further, technological breakthroughs like launch of small sized hearing aids requiring less power and offering clear voice is predicted to promote hearing amplifiers market trends. In addition to this, growing demand for cosmetically appealing and hardly visible hearing aids suitable for modern lifestyle along with high purchasing capacity of population is predicted to propel industry demand.
The industry is segmented into various products like In-the-ear hearing aid amplifier and on-the-ear hearing aid amplifier. In-the-ear hearing amplifier segment is predicted to record CAGR of more than 5.21% during forecast timeline. Current technological innovations like creation of non- removable or permanent hearing aids that function on induction charge than battery charge to revive damaged components using stem cells are predicted to drive the segment growth.
On-the-ear hearing aid amplifier segment led global hearing amplifiers market share for 2015 by contributing about 70.1% to total revenue during that year. Growth of the segment can be credited to factors like favorable regulations and growing device popularity among patients.
Global industry is segmented into key geographical regions like North America, Europe, MEA, APAC and Latin America. Europe hearing amplifiers market size is biggest and was evaluated at $24.41 million for 2015. Germany and UK combined made significant contribution to total revenue of Europe. High occurrence of hearing problems and favorable regulations are the factors predicted to drive the regional industry growth.
APAC industry is predicted to register maximum CAGR of 8.71% during forecast timeline. Large proportion of unexplored patient pool in the region, improved healthcare facilities and growing purchasing capacity of people is predicted to drive regional industry growth. Countries like India and China are key contributors to the industry growth of the region.
Key industry players 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.
The industry is oligopolistic in nature with only few key industry players dominating global hearing amplifiers market. For instance, limited number of industry participants like GN Resound, Sonova, Widex and William Demant together contributed about 80% of the total industry share for 2015. The industry witnesses less product differentiation and tough price based competition among the participants.
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Written By : Dhananjay Punekar