The global Hearing Amplifiers Market size is expected to reach USD 152.1 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.6% from 2022 to 2030. The increasing prevalence of mild deafness and the high cost of hearing aids are some of the factors that are attributed to be key drivers.
Increasing initiatives undertaken by the government in
order to address deafness are expected to drive the growth of the market. For
instance, JobAccess, a commonwealth government initiative undertaken by the Australian
Government, provides funds to companies to incorporate work-related
modifications in order to provide a workplace that is conducive to employees
with some degree of deafness.
Increasing investments by the key players to develop
innovative and effective devices is attributed to significantly driving the
growth of the market. For instance, olive union a company focused on developing
Bluetooth earpieces and smart sound algorithms developed the Olive Smart Ear
hearing amplifier that used AI to amplify sound settings to suit users.
Furthermore, the increasing prevalence of
hearing-related conditions is attributed to be a major factor driving the
growth. According to WHO, it is estimated that by 2050, around 2.5 billion
people are anticipated to have some degree of deafness and more than 700
million people will require rehabilitation. On the other hand, the COVID-19
pandemic has negatively impacted the hearing amplifier market. during the
nationwide lockdown period, several retail stores were shut down, which
severely impacted the sales for several key players.
Related Press Release@ Hearing Amplifiers Market Report
Hearing Amplifiers Market Report
Highlights
- In 2021, behind-the-ear product type segment accounted for the
largest revenue share of 62.1% owing to the factors such as high adoption,
ease of use, and innovations by key players
- Based on sales channel segment, the offline retail sales channel
accounted for the largest share of 69.8% in 2021 owing to the preference
of key players to launch their products through retail stores
- By region, Europe dominated the market due to high prevalence of
hearing loss and increasing awareness about availability of
technologically advanced products, thus, leading to higher adoption of
hearing amplifiers in the region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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