Global Hearing Amplifiers Market is expected to reach USD 78.2 million by 2022, according to a new study by Grand View Research Inc. Growing prevalence of deafness and hearing disorders and the increasing cost of hearing aids are expected to drive the hearing amplifiers market over the forecast period. Hearing amplifiers are relatively cheaper products and therefore, are more preferred in patients with manageable deafness severities. For instance, the ASP of hearing amplifier amounts to USD 200, as opposed to hearing aids priced at approximately USD 450 to 1,000. Rising R&D investments aimed at new product development in congruence with the changing consumer dynamics is expected to significantly contribute towards expedited market growth.
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Further key findings from the study suggest:
- On the ear hearing amplifiers were the largest product segment of the market in 2014. The fact that, on the ear hearing amplifiers are comfortable to use, render high connectivity and are user-friendly is expected to drive segment growth over the forecast period.
- In the ear hearing amplifiers are identified as the most lucrative product segment of the market. In the ear hearing amplifiers allow clear perception of surrounding voice as it blocks the entire ear cavity and prohibit the passage of the user’s own voice and this is expected to serve the segment as a driver. Moreover, these devices score high on the consumer preference matrix owing to their aesthetic appeal.
- Asia Pacific is expected to spearhead future market growth. The increasing prevalence of deafness especially in the geriatric population and growing retail healthcare industry in emerging countries such as India and China are some factors attributing to region’s rapid market growth.
- China is expected to witness the fastest growth over the forecast period. As per the National Bureau of Statistics of China, approximately 185 million are over the age of 60. According to the United Nations study of 2007, by 2025, 64 elderly for every 100 workers is the estimated ratio in China. In 2003, as per a study of the United Nations Children’s Fund (UNICEF), approximately 10% of the population had hearing loss. The Second China National Survey on Disability by the China Disabled Persons’ Federation (CDPF) identified 20.04 million people as “hearing impaired”. Growing population in China and introduction of technologically advanced devices are expected to drive the market over the forecast period.
- Key players of the hearing amplifiers market include Resound, SoundHawk, Shenzhen LA Lighting Company Limited, Austar Hearing Science And Technology (Xiamen) Co., Ltd., Ziphearing and Huizhou Jinghao Electronics Co. Ltd.