Forecasted sales of hearing amplifiers set to reach $78.2m by 2022
According to California-based Grand View Research, Inc. the hearing amplifiers market is expected to reach $78.2 million by 2022.
The market research and consulting group published a report in June on the global hearing amplifiers market by product. The total market value of the sector was $54.3 million in 2014 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2015 to 2022, to reach this projected performance.
Hearing amplifiers are usually lower-cost, lower-spec alternatives to hearing aids. One example of an amplifier on the market today is the SoundHawk.
The report cites two major growth factors: increasing prevalence of deafness and hearing disorders, and the rise in the cost of hearing aids. Hearing amplifiers are expected to become preferred products for certain patients with more easily manageable hearing loss because of the significantly lower cost compared to hearing aids (three to five times lower on average). Changing customer dynamics and high research & development expenditure are also expected to play positive roles.
In terms of product type, on-the-ear amplification devices accounted for a far larger proportion of the market than in-the-ear models. Both product types are however expected to see constant growth over the forecast period, the first because of comfort and high connectivity, and the second because of performance and esthetic appeal.
The report covers North America, Europe, Asia-Pacific, and the rest of the world (RoW). The Asia-Pacific region is forecast to see the highest growth as a result of rapid expansion in retail healthcare and overall aging of the population in China. Introduction of technologically advanced devices in China is also expected to support the market.
Source: Digital Journal