This pandemic of coronavirus has positively impacted the global hearing amplifiers market and is predicted to witness a considerable growth in the overall market in this outbreak. In the emergency of COVID-19, people are defending themselves by social distancing, wearing masks and washing their hands regularly. According to a new study conducted by Hearing Health Foundation, more than 87% of the people who have hearing disorders are facing difficulty in communication at this time. This difficulty is majorly due to protective masks covering half of the face, making it difficult to comprehend conversations. Face masks are making communication difficult for people relying on lip reading. Also, protective masks like N95 can also impact on sound levels by making sounds levels lower and more problematic to hear. These factors are creating more difficulties for people with hearing loss, which is predicted to drive the demand for hearing amplifiers during the pandemic period.
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This study provides comprehensive insights about the impact of COVID-19 on global hearing amplifiers market.
As per new study done by Research Dive, the global hearing amplifiers market is expected to register for $108.0 billion revenue by 2027 and rising at a 5.9% CAGR throughout the forecast period from 2020 to 2027. The global market segmentation is done on the basis of product, distribution channel and region. This study intended to provide complete information about drivers, opportunities, restraints, segmentation and prominent players in the overall market.
Factors affecting the market growth
As per our analysts, growing geriatric population across the globe along with technological advancements in the hearing amplifiers are major driving factors for the growth of the market in the forecast period. Nevertheless, people are hesitant to wear due to social stigma is expected to limit the hearing amplifiers market growth.
Behind-the-ear products and hospital pharmacies segments accounted for significant market size in 2019
By product, the global market has been segmented into in-the-ear and behind-the-ear. In both of these, behind-the-ear segment accounted for highest hearing amplifiers market size, it was valued about $46.5 billion in 2019 and is expected to continue its command in the forecast years. Wide utilization of behind-the-ear amplifiers by the most of the consumers due to helps in improving hearing capability and suitable for all age groups. This factor is estimated to drive the market growth in the forecast years.
By distribution channel, the global market has been segmented into online pharmacies, hospital pharmacies and others. Among these, hospital pharmacies segment generated for largest market share of hearing amplifiers market in 2019 and is expected to account for $48.1 billion by the end of 2027, at a CAGR of 6.4%. The old aged people will prefer to purchase products from hospital pharmacies due to unaware of online pharmacies, which will drive the market growth in the forecast timeframe.
Hearing Amplifiers Market, Geographical insights
North America region has dominated the global hearing amplifiers market share, which was 32.0% in 2019 and is expected to generate a revenue of $33.7 billion till 2027. This dominance is majorly owing to rising frequency of hearing disorders across the region and government supports for technological advancements in the hearing amplifiers market. Besides North America, Asia-Pacific will witness to grow at a notable rate of 6.7% CAGR and is predicted to generate ample growth opportunities in the global market during the forecast timeframe. Growing healthcare expenditure and disposal income of individuals are estimated to fuel the market growth in the Asia-Pacific region.
Top 10 Prominent players operating in the Global Hearing Amplifiers Market include-
1. iHEAR Medical, Inc.
2. Etymotic Research, Inc.
4. SOUNDWORLD Solutions
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