The abrupt outbreak of COVID-19 has created a positive impact on the growth of the global hearing amplifiers market. The rising cases of hearing impairment in people and growing technological advancements in hearing amplifiers are driving the growth of the market. Growing product launches by leading companies is projected to unlock rewarding opportunities for the growth of the global market during the pandemic period.
The latest research report on the global hearing amplifiers market by Research Dive states the impact of the COVID-19 pandemic on the current and future growth of the market. This report is an in-depth research collated by expert market analysts by studying regional market situations, significant driving factors, recent trends and developments, and size & scope of the market during the crisis period.
The sudden outbreak of the COVID-19 pandemic has imposed a positive impact on the global hearing amplifiers market. According to the report, the global hearing amplifiers market had garnered a revenue of $67.4 billion in 2019 and is expected to exceed $108.0 billion by 2027, growing at a CAGR of 5.9% during the crisis period. The size of the market in the current scenario has reached $72.2 billion due to the augmented use of hearing amplifiers by people suffering from hearing impairments.
• Factors Impacting the Market Growth during COVID-19 Pandemic
The global hearing amplifiers market is expected to witness significant growth due to the rising cases of hearing loss and growing geriatric population across the globe. Furthermore, as DHH (deaf and hard hearing) people may have heart and blood pressure disorders, they have greater chances of getting affected by the COVID-19 infection. As a result, a significant rise in the adoption of hearing amplifiers has been observed during the COVID-19 pandemic, which is boosting the global market growth during the pandemic period.
• Current Market Transformation Due to COVID-19:
In the course of the pandemic period, some of the leading players in the hearing amplifiers market are greatly investing in the development of advanced hearing amplifiers. For example, in January 2020, Olive Union, a company focused on the development of smart sound algorithms and Bluetooth earpiece technology has developed the “Olive Smart Ear hearing amplifier” at CES® Las Vegas. Such initiatives by market players are expected to unlock rewarding opportunities for the market growth in the course of the crisis period.
Furthermore, government bodies worldwide are offering support to the hearing amplifier market players to endure their business amidst the COVID-19 catastrophe. For example, the Chinese government has announced pioneering development plans to support developments in several areas including healthcare, medicines, and telemedicine.
• Future Scope of the Market:
As per the report, the global hearing amplifiers market is expected to experience continuous growth post-coronavirus pandemic. New players and some of the major players including MDHearingAid, iHEAR Medical, Inc., SOUNDWORLD Solutions, Britzgo.com, Beurer, FocusEar, IntriCon, Otofonix, Etymotic Research, Inc., Amplifon, and others are expected to shape the future of the global hearing amplifiers market in the forthcoming years.