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The global hearing amplifier market accounted for $67.4 billion in 2019 and is expected to generate a revenue of $108.0 billion by the end of 2027, growing at a rate of 5.9% CAGR.
The global hearing amplifiers market has witnessed a significant growth in the previous years, owing to growing occurrence of hearing disorders across the globe. The global market is expected to witness a potential growth during the COVID-19 outbreak period. The constant growth in the product advancements because of growing demand for innovative devices is predicted to drive the market growth during the pandemic. During this unanticipated situation, we are helping our clients to understand the behavior of global hearing amplifiers market in the pandemic period.
MARKET STATS
| CAGR Pre COVID-19 |
CAGR Post COVID-19 |
Realtime BPS | *Estimated market Size, 2020, Pre COVID |
**Real Time market Size, 2020, Post COVID |
|---|---|---|---|---|
| 5.4% | 5.9% | 57 | USD 70.7 Billion | USD 72.2 Billion |
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Hearing loss is a common problem that may occur when a person is exposed to high noise. It can also be hereditary or set in gradually as a person gets older. Thereby, people require special devices such as hearing amplifiers, which is one type of personal sound amplification product or a small electronic device designed to improve the hearing ability. Increasing geriatric population across the globe is a significant driving factor for the hearing amplifiers’ market growth in the forecast years. In addition, as per World Health Organization (WHO) estimations, currently about 466 million people across the globe have hearing problems; among these, 34 million are children and the number is predicted to reach 900 million by 2050. Hearing loss can be caused due to genetic causes, certain infectious diseases, difficulties at birth and chronic ear infections. These factors are expected to boost the market growth in the forecast time. Furthermore, growing prevalence of hearing loss due to increasing exposure to extreme noise is further estimated to impel the market growth in the forecast period. However, the global hearing amplifiers market growth is majorly restrained by the social stigma related to wearing hearing amplifiers.
However, the global hearing amplifiers market growth is majorly restrained by the social stigma related to wearing hearing amplifiers.
CONSTRUCTING BRIDGES
APPLYING WISDOM
The COVID-19 pandemic is on the way to become the greatest disruption to society and has already registered as the most widespread virus across the globe. Healthcare industry is facing a challenging situation to find better treatment for COVID-19. However, the coronavirus emergency has positively affected the global hearing amplifiers market in 2020. DHH (deaf and hard hearing) people may have high blood pressure and heart-beat irregularities when compared with normally hearing people. This factor is expected to create high risk for DHH people dying from coronavirus. This aspect is expected to fuel the demand for hearing amplifiers adoption and estimated to boost the market growth during the pandemic.
Moreover, some of the governments are implementing various activities to support the organizations to withstand in the coronavirus emergency. For example, the China government has initiated new development programs to support innovations in several areas including healthcare, pharmaceuticals, and telemedicine.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global hearing amplifiers market is expected to have substantial growth in 2020 and is predicted to continue its trend even after recovery from the coronavirus pandemic period. This expected growth is majorly attributed to steady growth in the technical advancements in hearing amplifiers along with potential growth in developing economies due to growing awareness creating huge opportunities in the global market in the coming years. Also, innovations and new product developments with advanced features like smartphone connectivity and own voice processing in the hearing amplifiers is further predicted to propel the market growth in the upcoming years.
In addition, several significant players in the global market are implementing growth tactics such as product launches along with collaborations to strengthen their market size in the overall industry. For instance, in June 2020, iHEAR Medical, Inc. launched the new free “Home iHEARtest campaign” offering customers to test their hearing ability for free at home. This campaign is approved by the FDA (U.S. Food Drug Administration) and targets aged people who have hearing loss during the coronavirus emergency.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Hearing Amplifiers Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity
