Hearing Amplifiers Global Market Report 2024

The global hearing amplifiers market has grown strongly in recent years. It will grow from $91.72 billion in 2023 to $97.95 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to the aging population, awareness and education, consumer preferences, regulatory environment, distribution channels, and healthcare access.

The global hearing amplifiers market is expected to see strong growth in the next few years. It will grow to $132.33 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The projected growth in the forecast period can be attributed to innovations in artificial intelligence (AI) and connectivity, global demographic shifts, the integration of telehealth services, customization, and personalization of healthcare solutions, economic factors influencing healthcare decisions, and ongoing regulatory developments. Major trends expected in this period include expansion into the over-the-counter (OTC) market, an emphasis on user-friendly controls in health devices, the incorporation of health monitoring features, and collaboration between healthcare companies and fashion or lifestyle brands to enhance user engagement and appeal.

The hearing amplifier market is poised for substantial growth, primarily propelled by the rising geriatric population. As individuals age, there is a heightened prevalence of hearing loss, necessitating the use of hearing aids. Notably, one in three individuals between the ages of 65 and 74, and almost half of those over 75, experience hearing loss, making it a prevalent issue among the elderly. According to a report by the United Nations Department of Economic and Social Affairs, the global geriatric population reached 727 million in 2020, and this number is anticipated to double to almost 1.5 billion by 2050. The growing demand for hearing aids among the elderly is a significant factor driving the expansion of the hearing amplifier market.

The hearing amplifier market is experiencing growth due to supportive government regulations, particularly those facilitating the availability of over-the-counter (OTC) hearing aids. Government and regulatory support play a pivotal role in enhancing accessibility, ensuring quality standards, incentivizing research, conducting awareness campaigns, and mandating insurance coverage. A noteworthy development in this regard is the introduction of a new classification for OTC hearing aids by the United States Food and Drug Administration (FDA). This classification, effective since October 17, 2022, is designed for adults aged 18 and above with self-reported mild to moderate hearing loss. Such regulatory measures contribute to the market's expansion by making hearing solutions more accessible and affordable, particularly for individuals with hearing impairments.

Innovations in hearing technology are emerging as a key trend in the hearing amplifier market, with major players dedicating efforts to develop cutting-edge solutions. An illustrative example is GN Hearing, a Denmark-based hearing aid company, launching ReSound OMNIA in August 2022. This advanced hearing technology platform enhances speech understanding and hearing in noisy environments by an impressive 150%. By fostering seamless connectivity with smartphones through Bluetooth, ReSound OMNIA not only improves the user's awareness of their surroundings but also facilitates a natural connection with the external world. This focus on product innovation underscores the commitment of market players to stay at the forefront of technological advancements.

Major companies in the hearing amplifier market are strategically developing rechargeable hearing aids to gain a competitive edge. Rechargeable hearing aids offer users the convenience of reusing and charging their devices, eliminating the reliance on disposable batteries. For instance, in August 2023, Unitron, a Canada-based hearing aid manufacturing company, introduced Moxi V-RS, a rechargeable hearing device operating on the Vivante platform. This device, with individual left and right-side instruments, enhances comfort and usability. The magnetic charging case adds to the convenience, while seamless connectivity with digital devices allows wearers to effortlessly stream calls and music. The introduction of such rechargeable solutions reflects a strategic move by companies to enhance user experience and offer modern, user-friendly hearing solutions in the competitive hearing amplifier market.

In November 2021, InnerScope Hearing Technologies Inc., a prominent US-based manufacturer of hearing aids and devices, successfully acquired Hearing Assist II, LLC for a total consideration of $10 million. This strategic move is anticipated to bolster InnerScope's product portfolio in rechargeable hearing aids, listening devices, and other hearing aid-related products. The acquisition positions InnerScope to capitalize on the over-the-counter (OTC) and direct-to-consumer hearing aid market. By leveraging the expertise of its research and development team, InnerScope aims to strengthen its competitiveness and solidify its presence in the hearing aid industry. Hearing Assist II, LLC, known for developing hearing aids targeting mild to moderate hearing loss, contributes valuable assets to InnerScope's expanding portfolio.

Major companies operating in the hearing amplifiers market report are International Business Machines Corporation, Microsoft Corporation, OpenText Corporation, Hyland Software Inc., Box Inc., Adobe Inc., Oracle Corporation, M-Files Corporation, Newgen Software Inc., Fabasoft AG, Micro Focus International PLC, DocuWare Corporation, Everteam Global Services Inc., GRM Information Management Services Inc., SER Solutions Deutschland GmbH, Alfresco Software Inc., Kyocera Corporation, Epicor Software Corporation, Dropbox Inc., Nuxeo Corp., Objective Corporation, ASG Technologies Group Inc., SpringCM Inc., Systemware Inc., Xerox Corporation, Zoho Corporation, iManage LLC, Veeva Systems Inc.

North America was the largest region in the hearing amplifiers market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hearing amplifiers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hearing amplifiers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of hearing amplifiers are analog hearing aids and digital hearing aids. Analog hearing aids amplify the original sound wave, increasing the volume of incoming sound waves. These devices come in various designs, including behind-the-ear (BTE), mini-BTE, in-the-ear (ITE), and in-the-canal (ITC). Hearing amplifiers are distributed through channels such as hospital pharmacies, online pharmacies, and other outlets.

This report provides hearing amplifiers market statistics, including hearing amplifiers industry global market size, regional shares, competitors with a hearing amplifiers market share, detailed hearing amplifiers market segments, market trends and opportunities, and any further data you may need to thrive in the hearing amplifiers industry. This hearing amplifiers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hearing amplifiers market consists of sales of receivers in canal or receiver in the ear (E), and open fit (F) hearing aids. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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