Global Hearing Loop Market – Industry Trends and Forecast to 2030

 Hearing Loop Market Analysis and Size

The rising number of patients suffering from hearing issues, the rising prevalence of geriatric population worldwide, the increasing number of technological advancements for the development of advanced products, and the rising binaural fitting rate are some of the critical and impactful factors that will likely boost the growth of the hearing loop market in the projected timeframe of 2023-2030. On the other hand, the increasing number of applications from emerging economies, as well as the device's growing penetration rate, will further contribute by generating immense opportunities, leading to the growth of the hearing loop market in the above-mentioned forecast period.

Data Bridge Market Research analyses that the hearing loop market which is USD 10.2 billion in 2022, is expected to reach USD 18.88 billion by 2030, at a CAGR of 8% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Hearing Loop Market Scope and Segmentation      

Market Definition

Hearing loops, also known as induction loops for audio frequency, are a realistic and usually cost-effective solution for significantly improving signal-to-noise ratio and speech comprehension. Hearing loops also reduce hearing comprehension effort, improve sound quality, and increase perceived pleasure and naturalness. A hearing loop device wirelessly transmits sound to a person without the use of additional devices such as headphones or collar loops, hearing aids, or cochlear implants. A telecoil, which is already built into the vast majority of modern hearing loop devices, receives the electromagnetic signal sent out by the system directly.

Hearing Loop Market Dynamics

Drivers

• Increase in the geriatric population

The hearing loop market is expected to be driven by an increase in the number of patients with hearing disorders and an increase in the global geriatric population. According to the WHO, there are 466 million people worldwide with disabling hearing loss, accounting for 6.1% of the global population; 432 million (93%) are adults (242 million males, 190 million females), and 34 million (7%) are adolescents. Hearing loss disorders affect approximately one-third of people over the age of 65. Unless something is done, the number of people with hearing loss disability is likely to increase in the coming years. According to projections, the number could reach 630 million by 2030, and over 900 million by 2050.

• Rising prevalence of hearing loss or hearing impairment 

According to the World Health Organization (WHO), approximately 466 million people suffer from hearing loss, with approximately 34 million being children. According to WHO, the number of people suffering from hearing loss will reach 900 million by 2050. A variety of factors, including major genetic causes, birth complications, certain infectious diseases, chronic ear infections, the use of specific drugs, and exposure to excessive noise causes individuals' hearing loss. It has also been discovered that approximately 1.1 billion young children have suffered hearing losses due to exposure to loud noises and sound levels in recreational settings. These are the factors which propel the market growth.

Opportunities

• Government Initiatives

The countries all over the world are now focused on reducing deafness, which has resulted in the implementation of various initiatives aimed at raising awareness and providing free care to patients. Governments all over the world provide subsidies, grants, and funding to help prevent and manage hearing disorders. For instance, in Australia, the New South Wales (NSW) Statewide Infant Screening-Hearing (SWISH) programme aims to identify babies born with permanent bilateral deafness. Such initiatives are expected to increase global demand for these devices.

Restraints/Challenges

• High cost of device

The high cost of the device, as well as a lack of awareness among people in developing economies, will likely act as market restraints for the growth of the hearing loop market during the forecast period. Unfavourable reimbursement policies will be the most significant and immediate challenge to market growth.

This hearing loop market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the hearing loop market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Hearing Loop Market

The outbreak of COVID-19 has had a significant impact on the healthcare industry. Most hospitals are at capacity for COVID-19 positive patients. Furthermore, in order to reallocate resources, a number of elective procedures are being cancelled or postponed. Hearing aid sales in the United States fell by 29.7% in the first half of 2020, according to the Hearing Industries Association (HIA). The pandemic negatively impacted total sales of hearing aid support goods due to the postponement of procedures such as the cochlear implantation technique, one of the most important treatments to address hearing impairments. As a result, major manufacturers' hearing aid sales have declined. Despite these challenges, the hearing aid industry and other medical industries are gradually regaining ground as the COVID-19 situation around the world normalizes.

Global Hearing Loop Market Scope

The hearing loop market is segmented on the basis of hearing loss, end user, patient type, and signal transmit type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Sensorineural
• Conductive

 End User

• Hospitals and Clinics
• Home Settings
• Ambulatory Surgical Centers (ASCs)

 Signal Transmit Type

• Radio Wave
• Light Wave
• Bluetooth
• Electromagnetic Wave

 Patient Type

• Adult
• Paediatrics

Hearing Loop Market Regional Analysis/Insights

The hearing loop market is analyzed and market size insights and trends are provided by country, hearing loss, end user, patient type, and signal transmit type as referenced above.

The countries covered in the hearing loop market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the hearing loop market because of the presence of well-developed healthcare infrastructure and favourable reimbursement policies in the region.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 owing to the growing incidence of cancer such as bladder, esophagus, liver, pancreas, and others, high presence of major manufacturers across the U.S. Furthermore, technological advancements and rising foreign investment.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The hearing loop market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for hearing loop market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the hearing loop market. The data is available for historic period 2011-2021.

Competitive Landscape and Hearing Loop Market Share Analysis

The hearing loop market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to hearing loop market.

Some of the major players operating in the hearing loop market are:

• Opus Technologies (U.S.)
• Ampetronic (U.K.)
• Geemarc (U.K.)
• Audio Directions (U.S.)
• Bo Edin AB (Sweden)
• Contacta, Inc. (U.S.)
• inLOOP, LLC (U.S.)
• Loop America (U.S.)
• Oval Window Audio (U.S.)
• Williams AV, LLC (U.S.)
• OTOjOY PBC (U.S.)
• UnivoxAudio (U.K.)
• SigNET AC Ltd (U.K.)
• C-TEC (Computionics Limited) (U.K.)
• Auris Hearing Loop Systems Ltd. (Canada)
• Elkon Pvt. Ltd. (India)

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