According to Global Market Insights, Inc., “Worldwide hearing amplifiers market is predicted to grow progressively at a CAGR of 4.8% over the coming years of 2016 to 2023.”
Hearing amplifiers market size was valued at USD 63.5 million in 2017 and is expected to witness 5.0% CAGR from 2018 to 2024, while global volume is set to cross 540 thousand units by 2024. Rising geriatric population and their susceptibility towards hearing loss and deafness disorders will stimulate hearing amplifiers market significantly over the coming years. According to WHO, the population of people with age of 65 and more will increase gradually from 7% in 2000 to 16% in 2050, which will influence notably the industry growth.
Moreover, development of miniature technologically sound devices with less power consumption capability, clear voice, and behind-the-ear hearing will impel the hearing amplifiers industry trends considerably over the coming timeline. Additionally, changing lifestyle and rise in disposable income will surge the demand for audiology devices market size. The high severity level of the deafness will result in huge demand for these devices globally.
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On the basis of products, hearing amplifiers industry share is primarily composed of in-the-ear and on-the-ear. On-the-ear hearing amplifiers market dominated the product segment by contributing approximately 70% of the total market share in 2015. On-the-ear hearing amplifiers market is anticipated to register a CAGR of 6.6% over the period of 2016 to 2023, predominantly driven by its growing popularity amongst the patients along with supportive regulatory activities. In addition, latest on-the-ear devices are complemented with novel technological features such as wireless devices, music, and call answering facilities which will further boost the on-the-ear hearing amplifiers industry trends over the coming years.
In-the-ear hearing amplifiers industry share will exhibit an annual growth rate of 5.2% over the coming six years, owing to the growing technological developments across the non-removable permanent hearing devices. In-ear hearing device generates damaged parts by utilizing stem cells using induction charging instead of batteries.
Geographically, Asia Pacific hearing amplifiers market size will exhibit a dynamic growth rate of 8.7% over the coming years of 2016 to 2023, owing to the rise in patient awareness as well as growing healthcare spending. India and China will be the major revenue pockets for APAC
Europe hearing amplifiers industry share contributed majorly towards the global revenue in 2015 and accounted for USD 24.4 million in the same year. The high occurrence of hearing loss disorders and deafness will influence the Europe market size significantly. Germany and UK will be the major revenue contributor.
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The market is oligopolistic with price being the major competitive and product differentiating parameter. Sonova, GN Resound, Widex, William Demant are the major four industry participants accounting for 80% of the total market revenue in 2015. Other prominent players include Soundhawk Corporation, Starkey Hearing Technologies, Focus Ear, and Siemens.