Surging demand for hearing amplifiers

Expansion of geriatric population base prone to hearing ailments along with rise in hearing disorder in millennials due to exposure to loud noise will influence the sector growth. It has bene projected that global hearing amplifiers market size will exceed $95m by 2026 in terms of annual valuation.

Over the past decades, the hearing amplifiers have witnessed major changes. Amplifier manufacturers are consistently aiming at developing technologically advanced instruments for better consumer comfort. The latest hearing amplifiers offer noise reduction features that filter out the unpleasant noise along with several automated features that analyse the surround environment of the user and adjust the inputs accordingly.

Some of the other features include maximum number of sound channels, tinnitus management program and advanced speech recognition. The latest digital hearing amplifiers are increasingly becoming smaller in size that they are almost invisible to the naked eye. Behind-the-ear amplifiers work by amplifying sounds and then transmitting the amplified sound to the ear. The product is widely used due to their convenience and better support to an individual's hearing ability. In 2019, behind-the-ear product segment held 65% of the global hearing amplifiers market share.

Behind-the-ear amplifiers also come with rechargeable and exchangeable batteries. In terms of technology, the In-the-ear hearing amplifiers are also witnessing considerable adoption which may further augment product demand in the coming years.

In 2019, hospital pharmacies accounted for a revenue generation of more than $25m for the market with the growing availability of all types of hearing amplifiers over the counter. Hearing amplifiers with advanced features such as Bluetooth and a telecoil are easily available at hospital pharmacies. Also, surging demand for hearing amplifiers by hospital patients may boost business revenues.

Europe hearing amplifiers market is set to grow at 5% CAGR through 2026 on account of growing prevalence of hearing disorder in elderly population. As per the manifesto by the European Coalition on Hearing Loss & Disability (2017), approximately 52 million individuals, that is 10% of the overall population experience some form of hearing loss. Favorable medical reimbursement scenario in Europe will boost the regional industry forecast.

Key manufacturers and brands in the global hearing amplifiers market include Etymotic Research, Beurer, FocusEar, IntriCon Corporation, iHEAR Medical, Sound World Solutions, MDHearing, Otofonix, Britzgo and Banglijian, among others. These players are implementing various organic and inorganic strategies including mergers, acquisitions and product innovations to gain competitive advantage. For instance, Beurer rolled out new hearing amplifiers at MEDICA in 2019 and the new collection consists of different hearing amplifier designed as per individual needs.

You can view the report here.