North America hearing amplifiers market dominated the global market and was valued at USD 23.5 million revenue in 2017 and high revenue can be attributed to the rising geriatric population coupled with increasing prevalence of hearing ailments.
Strong government support and initiatives undertaken by National Institute on Deafness and Other Communication Disorders (NIDCD) is another contributing factor in the hearing amplifiers business growth. Favorable reimbursement scenario including hearing services such as hearing aid evaluation & services, audiological assessment to children suffering from hearing disorders will further accelerate industry growth.
Hearing Amplifiers Market size is set to exceed USD 88.5 million by 2024.Increasing prevalence of hearing impairment cases coupled with growing geriatric population prone to hearing loss is the key factor driving hearing amplifiers market growth. As per the United Nations, people aged 60 years and above was around 962 million in 2017. This number is estimated to show two-fold growth to reach 2.1 billion by 2050. In addition, presence of organizations that ensure effective care for people with hearing impairment will further fuel hearing amplifiers business growth in the foreseeable future.
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Technological advancement in hearing amplifiers and ongoing product innovations will render positive impact on the hearing amplifiers industry growth. Availability of amplifiers with advanced features including analysis of user environment and adjustment of the inputs, noise reduction as well as wind noise managers to filter out unpleasant noise will increase its adoption among the patient population. However, social stigma associated with the wearing of hearing aids may impede the market growth to certain extent in the coming years.
On-the-ear hearing amplifiers segment was valued at USD 44.6 million in 2017 and is anticipated to grow considerably over the estimated timeline. Segment growth is attributed to the cost effectiveness and comfort offered by the on-the-ear amplifiers. Ability of on-the-ear hearing amplifiers to offer greater amplification and longevity as compared to in-the-ear models will increase its adoption among the patient population. Moreover, advancements in hearing amplifiers in terms of technology and designs should further spur the segment size.
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Hospital pharmacies segment accounted for 41.8% revenue share in 2017 and will witness significant growth in the coming years. Hospital pharmacies provides over the counter hearing amplifiers for people with mild hearing loss or hearing loss caused by other medical conditions. Moreover, high preference of geriatric patient base towards buying hearing amplifiers through hospital pharmacies due to lack of awareness regarding innovative pharmacies including online pharmacies will upsurge the hearing amplifiers industry growth over forthcoming years.
Prominent industry players operational in the hearing amplifiers market include Etymotic Research, Soundhawk Corporation, Focus Ear, IntriCon, Onsemi, Bragi, DopplerLabs, Nuheara, iHear Medical, EarGO, Samsung Electronics and Sivantos.