Global Hearing Amplifiers Market Size, Share & Industry Trends Analysis Report By Product (Behind-the-ear, and In-the-ear), By Type (Analog and Digital), By Distribution Channel, By Regional Outlook and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Hearing Amplifiers Market
Market Report Description
The Global Hearing Amplifiers Market size is expected to reach $116.9 million by 2027, rising at a market growth of 4.3% CAGR during the forecast period.
Hearing loss is a prevalent condition that affects older persons and is increasing in prevalence, with symptoms appearing in patients as young as 40 years old. In addition, a variety of medical diseases can cause hearing loss. Additionally, ongoing studies reveal a link between age-related hearing loss and the development of risk of cognitive impairments, physical dysfunction, increased hospitalization rates, poor quality of life, and even mortality.
Hearing amplifiers have recently been customized to meet the needs of the elderly population, which improves hearing and makes the sound louder and more audible by decreasing distracting external voices. According to the World Health Organization, over 466 million individuals worldwide suffered from hearing loss in 2018, with the majority of these people being aged 50 and up. As a result, the rise in the market for hearing amplifiers will be aided by the growing elderly population.
The growing number of infants born with sensorineural hearing loss, as well as the efficacy of cochlear implants in correcting these hearing abnormalities in children, are expected to propel the paediatrics segment forward. Furthermore, the World Health Organization estimates that roughly 34 million children globally suffered from hearing loss in 2018. South Asia has the greatest rate of debilitating hearing loss.
COVID-19 Impact Analysis
The global hearing amplifiers market has been significantly damaged by the coronavirus pandemic. People are defending themselves during the COVID-19 emergency by social isolation, wearing masks, and washing their hands frequently. According to a new survey by the Hearing Health Foundation, more than 87 percent of people with hearing impairments have trouble communicating. Additionally, these characteristics are making it more difficult for people with hearing loss to communicate, which hampered the demand for hearing amplifiers during the pandemic period.
The outbreak of the COVID-19 pandemic had a detrimental impact on the market for hearing amplifiers. Hearing-impaired hospital patients face challenges as a result of the pandemic. During the pandemic, the use of masks rose, making it more difficult for persons who rely on lip-reading and facial expressions to communicate. Many hospitals have banned translators and visitors due to social alienation, and instead offer patients video conferencing with hearing aids to address market growth limits.
Market Growth Factors:
Integration of advanced technologies
Hearing aid technology has advanced dramatically in the last few years. Smart technologies and the introduction of digital platforms in tiny devices have assisted various patients in overcoming their issues and improving their hearing experience. In addition, hearing aids that are digital are being brought to the market. Smartphone compatibility, Bluetooth connectivity, high sound processing, artificial intelligence (AI), rechargeable batteries, and the most recent tinnitus masking have pushed the hearing device's capabilities to new heights.
High Demand in Developing countries and emergence of telehealth
Major market players can benefit from emerging economies such as India, South Korea, Malaysia, Vietnam, Africa, and Middle Eastern countries such as Israel, Saudi Arabia, and the United Arab Emirates. This is because of the low regulatory hurdles, advancements in healthcare infrastructure, an increasing patient population, and rising healthcare expenditures. In addition, regulatory rules in the Asia Pacific area are more flexible and pro-business than those in industrialized countries. This, combined with increased rivalry in mature regions, has prompted major players in the hearing aids business to concentrate their efforts in emerging markets.
Marketing Restraining Factor:
Low willingness among patients to take a hearing test
Many people find it difficult to acknowledge that they have a hearing loss and never get a hearing test done. In addition, many people are also hesitant to utilize these products because of the social stigma attached to them. According to Cochlear Ltd.'s State of Hearing Report 2019, over 92 percent of respondents see hearing as a key aspect in sustaining the overall quality of life. However, just 37% have had a hearing test in the last two years. According to the FDA, roughly 37.5 million persons aged 18 and up have difficulty hearing without a device, with symptoms ranging from "a little trouble" to "deafness."
Based on the Product, the Hearing Amplifiers Market is bifurcated into Behind-the-ear and In-the-ear. The In-the-ear segment acquired a significant revenue share of the Hearing Amplifiers Market in 2020. This is due to their high connection, comfort, efficiency, and ease of use. As a result, these amplifiers are more popular, thereby boosting the growth of the segment.
On the basis of Type, the Hearing Amplifiers Market is divided into Analog Hearing Aids, and Digital Hearing Aids. In 2020, the Analog segment held the biggest revenue share of the Hearing Amplifiers Market. This is due to increased awareness, an increase in the senior population, and awareness of treatment choices. In addition, continuous sound waves are amplified by analog hearing aids. All sounds (such as speech and noise) are amplified in the same way using these hearing aids.
Distribution Channel Outlook
Based on the Distribution Channel, the Hearing Amplifiers Market is segmented into Hospital Pharmacies, Online Pharmacies, and Others. The Online Pharmacies segment obtained a significant revenue share of the Hearing Amplifiers Market in 2020. This is because of the availabilities of advanced and latest products on these online amplifiers. Moreover, the high internet penetration around the world has boosted the growth of this segment.
|Market size value in 2020||USD 89.4 Million|
|Market size forecast in 2027||USD 116.9 Million|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 4.3% from 2021 to 2027|
|Number of Pages||182|
|Number of Tables||334|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Product, Type, Distribution Channel, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
By Region, the Hearing Amplifiers Market is analyzed across North America, Europe, APAC, and LAMEA. In 2020, North America emerged as the leading region in the overall Hearing Amplifiers Market. This is because of the growing senior population and increasing incidences of deafness in this region. According to Johns Hopkins University experts, the number of persons with hearing loss is anticipated to double by 2060.
Free Valuable Insights: Global Hearing Amplifiers Market size to reach USD 116.9 Million by 2027
KBV Cardinal Matrix - Hearing Amplifiers Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Cochlear Ltd. are the forerunners in the Hearing Amplifiers Market. Companies such as Starkey Hearing Technologies, InnerScope Hearing Technologies, Inc., Eargo, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Beurer GmbH, Lucid Audio, LLC (Hearing Lab Technology, LLC), InnerScope Hearing Technologies, Inc., Intricon Corporation, Otofonix Hearing Solutions, MDHearingAid, Eargo, Inc., Starkey laboratories, Inc., Sound World Solutions, Inc., and Cochlear Ltd.
Recent Strategy Deployed in Hearing Amplifiers Market
» Partnerships, Collaborations and Agreements:
- Nov-2021: InnerScope partnered with Atlazo, a new generation of smart, standalone, miniaturized devices. The partnership aimed to develop next-generation hearing aids and hearable products with the help of leveraging Atlazo's patented Artificial Intelligence (AI) hardware platform. The device powered by Atlazo's proprietary ultra-low power System-on-Chip (SoC) offers consumers unprecedented new features, including voice commands, continuous health monitoring, and seamless connectivity with other smart devices.
- Nov-2021: Starkey came into research collaboration with researchers from the Stanford University School of Medicine, a premier medical school with world-class hospitals to advance human health. The collaboration aimed at studying the make use of hearing aids equipped with embedded sensors and artificial intelligence to track and mitigate health risks as well as enhance speech intelligibility in challenging listening environments.
- Aug-2021: InnerScope entered into a partnership with Health-e Commerce, a consumer health and wellness advocate and online retailer. The partnership aimed to offers Direct-to-Consumer Hearing Aids and related hearing products on FSAstore.com and HSAstore.com. Additionally, InnerScope launched Direct-to-Consumer Hearing Aids on WellDeservedHealth.com, the online marketplace dedicated to an individual.
- Jul-2021: Eargo joined hands with VARTA, the battery maker. Under this collaboration, VARTA power the Eargo 5 by providing five years of running time based on usage and the highest energy density in the smallest space.
- Nov-2020: Starkey partnered with Inventis, an audiology leader providing instrumentation and software solutions for offering game-changing fitting technology to hearing professionals around the world. The partnership aimed to create a comfortable and accurate fitting experience for patients, and better hearing.
- Oct-2020: Starkey entered into a partnership with OrCam, a wearable device that detects what you are looking at, recognizes the presence of text, and speaks the text aloud for providing Groundbreaking Assistive Technology to Hearing and Visually Impaired People. Following this partnership, Starkey Livio Edge AI hearing aids to wearable OrCam MyEye devices via a wireless connection, providing both hearing enhancement and audio communication of the visual world to a user at the same time.
» Product Launches and Product Expansions:
- Jan-2022: Eargo introduced Eargo 6, its sixth-generation FDA Class II exempt hearing aid and most powerful device. Eargo 6 features: Hearing Made Effortless, Improved Performance in Noise and Water-resistance.
- Aug-2021: Starkey introduced Evolv AI, the Hearing Industry’s Most Innovative Line of Hearing Aids. The Evolv features: 40% reduction in noise energy compared to previous technology, Additional refinement of Edge Mode, Fall Alert and Voice Reminders at all technology tiers, Thrive usability enhancements, TeleHear first and follow-up fit additions.
- Jul-2021: Eargo launched Eargo 5, the company’s most advanced hearing aid to date. Eargo 5 can be customized by the user to their hearing preferences through Sound Match technology, which also enables custom tuning with no clinic visits or waiting rooms.
- Sep-2020: Cochlear introduced Cochlear Hearing Aid Check, a new, free online tool. The device enables adults with hearing aids who face difficulty hearing to learn. In addition, it also participants, particularly in the aging adult population, compare their hearing performance with hearing aids to people with a cochlear implant and depending on their results, seek further hearing healthcare advice to treat their loss.
- Feb-2020: Starkey launched Livio Edge AI, the world's first custom rechargeable hearing aid to deliver next-generation sound performance. The Livio Edge AI transformed the hearing aid into a tool that can unlock the ear’s ability to be a source of complex biological information.
» Acquisitions and Mergers:
- Dec-2021: InnerScope took over Hearing Assist II, provider of innovative hearing aids. The acquisition aimed at integrating the talents and experience of HearingAssist the company's marketing and distribution experience which accelerate the business development of InnerScope.
» Approvals and Trials:
- Jul-2020: Cochlear received the approval from U.S. Food and Drug Administration for its three new products namely Kanso 2 Sound Processor, the Nucleus 7 Sound Processor for Nucleus 22 Implant recipients, and the Custom Sound Pro fitting software. These products would be added to the company's hearing technology devices portfolio, which can also connect to smartphones. The device helped children and adults who are deaf or severely hard-of-hearing.
- Mar-2020: Cochlear received approval from U.S. Food and Drug Administration (FDA) for lowering the age of cochlear implantation from 12 months to 9 months for children with bilateral, profound sensorineural hearing loss. The approval aimed to have earlier access to the cochlear implant for the children who were born deaf.
Scope of the Study
Market Segments Covered in the Report:
- Behind-the-ear, and
By Distribution Channel
- Hospital Pharmacies
- Online Pharmacies
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Beurer GmbH
- Lucid Audio, LLC (Hearing Lab Technology, LLC)
- InnerScope Hearing Technologies, Inc.
- Intricon Corporation
- Otofonix Hearing Solutions
- Eargo, Inc.
- Starkey laboratories, Inc.
- Sound World Solutions, Inc.
- Cochlear Ltd.
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What would be the size of the hearing amplifiers market by 2027?
The global hearing amplifiers market size is expected to reach $116.9 million by 2027.
What are the key driving factors and challenges in the hearing amplifiers market?
Integration of advanced technologies are in high demand are driving the market in coming years, however, low willingness among patients to take a hearing test limited the growth of the market.
Who are the leading players in the hearing amplifiers market?
Beurer GmbH, Lucid Audio, LLC (Hearing Lab Technology, LLC), InnerScope Hearing Technologies, Inc., Intricon Corporation, Otofonix Hearing Solutions, MDHearingAid, Eargo, Inc., Starkey laboratories, Inc., Sound World Solutions, Inc., and Cochlear Ltd.
Which segment dominated the hearing amplifiers market in 2020?
The Behind-the-ear market acquired maximum revenue share in the Global Hearing Amplifiers Market by Product in 2020, and would continue to be a dominant market till 2027.
Which segment shows the high growth rate of the hearing amplifiers market over the forecast period?
The Digital market shows high growth rate of 6.2% during (2021 - 2027).
Which region dominated the hearing amplifiers market in 2020?
The North America market is generating high revenue in the Global Hearing Amplifiers Market by Region in 2020, and would continue to be a dominant market till 2027.