Hearing Loop Market: Introduction
- Hearing loops, also called induction loops for audio frequency, provide a realistic and usually cost-effective solution to significantly enhance the signal-to-noise ratio and comprehension of speech. Additionally, hearing loops minimize hearing comprehension effort, improve sound quality, and increase perceived pleasure and sound naturalness.
- A hearing loop device transmits sound directly to a person wirelessly without the need of extra devices, such as headphones or collar loops, hearing aid, or cochlear implants. A telecoil, a feature that is already incorporated into the vast majority of modern hearing loop devices, directly receive the electromagnetic signal sent out by the system.
Key Drivers, Restraints, and Opportunities of Global Hearing Loop Market
- Rise in number of patients with hearing disorders and increase in global geriatric population are projected to drive the global hearing loop market. According to the WHO, there are 466 million people with disabled hearing loss across the world, which is around 6.1% of the world's population; 432 million (93%) of these are adults (242 million males, 190 million females), and 34 million (7%) are adolescents. Around one third of people over 65 years of age suffer from hearing loss disorders. Unless action is taken, the number of people with hearing loss disability is likely to rise in the next few years. Projections indicate that by 2030 the number could rise to 630 million, and over 900 million by 2050.
- However, adoption of hearing loops in emerging markets is increasing along with the device's penetration rate, which is expected to contribute to the growth of the global hearing loop market
- High device cost along with lack of knowledge among people in developed countries is projected to act as a restraint of the global hearing loop market. Moreover, unfavorable reimbursement policies is anticipated to hamper the growth of the global hearing loop market.
Europe to Capture Major Share of Global Hearing Loop Market
- Europe dominates the global hearing loop market due to increase in incidence of hearing loss, surge in geriatric population, easy availability of technologically advanced products, and rise in number of government initiatives to expand the market. However, Asia Pacific is expected to expand at a high CAGR during the forecast period because of increase in noise pollution in the region.
Key Players Operating in Global Hearing Loop Market
The global hearing loop market is highly fragmented, with the presence of a large number of key players. A large number of manufacturers hold major share in their respective regions. Major players operating in the global Hearing Loop market are:
- Bo Edin AB
- Contacta, Inc.
- inLOOP, LLC
- Loop America
- Opus Technologies
- Audio Directions
- Other Prominent Players
Global Hearing Loop Market: Research Scope
Global Hearing Loop Market: by Hearing loss type
- Conductive Hearing Loss
- Sensorineural Hearing Loss
- Mixed Hearing Loss
Global Hearing Loop Market, by Type of Patient
Global Hearing Loop Market, by End-user
- Hospitals & Clinics
- Home Settings
- Ambulatory Surgical Centers
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.