Hearing Amplifiers Market size is estimated to reach USD 84.4 million by 2023; as per a new research report by Global Market Insights, Inc. The incidence of deafness and hearing loss disorders has been on the rise over the past few years owing to increased geriatric population and noise pollution.
Technologies such as Digital Signal Processing (DSP) have revolutionized the industry by integrating new applications in these products. Advances in research pertaining to the patent approval for powerful signal processing in accordance with the external environment is among the key growth drivers. Growing R&D in the field is set to expand applications, creating additional benefits for patients. For instance, digital wireless technology, wherein the hearing aid providers are offering Bluetooth accessories that allow the patients to operate the device through their mobile.
Manufacturers also offer microphones that can be worn by the wearer’s companion, thus allowing wireless transmission of the speaker’s voice into the hearing aid. This improves the ratio of speaker’s voice to background noise, thus offering clearer voice transmission to the wearer. Such innovative products are set to drive hearing amplifiers market size.
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Water resistant products with protective wrappers, dehumidifying kits, hearing aid dryers, and special nano coatings to make them water resistant that allows the devices to withstand the effects of perspiration, snow, rain, and other general moisture are also among major innovations. India, China, South Africa and Brazil are expected to be potential revenue generators for the hearing amplifiers market in the years to come owing to the high unmet needs, and rising per capita income in these countries.
Increasing initiatives by governments, healthcare providers and manufacturers may change the social stigma associated with these products, which acts as an obstacle to adoption. Furthermore, introduction of technologically sound products has made them very discreet, which will alleviate the impact associated with this restraint.
Companies accounting for hearing amplifiers market share are Sonova, William Demant, Siemens, Widex, etc. The industry is characterized by intense competition, mainly due to limited product differentiation.
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Key insights from the report include:
Last updated on: 17/10/2016
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