Global Hearing Loss Technology Market: Overview
Incidence of hearing loss is a massive burden on healthcare and governments. Worldwide, 466 million people are suffering from disabling hearing loss and a large part of about 34 million are children. And, as per World Health Organization (WHO), in another 30 years - by 2050 - this number will go up to a hefty 900 million. Additionally, about 1.1 billion people aged 12-35 are at a risk of developing conditions leading to hearing loss.
This is contributing to the growth of global hearing loss technology market significantly, credit a steady CAGR (Compound Annual Growth Rate) between 2017 and 2025. This will improve market worth notably and help generate lucrative opportunities of growth for the market players. Who will scurry to make the make the most of these opportunities, ensuring a larger piece of slice from the growth pie.
Some of the most futuristic technologies that exist in the market landscape today include infrared systems, audio loops, and FM systems.
The market study by Transparency Market Research (TMR) furnishes businesses with a thorough investigation of competitive landscape, regional outlook, trends and drivers, strategies and so on. The incisive insights are important to ensure market players have an in-depth understanding of the market dynamics - qualitative as well as quantitative. Besides, it provides information on forecast details plus historical data.
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Global Hearing Loss Technology: Key Trends and Drivers
A rise in prevalence of hearing loss is noted. And, this will contribute positively to the global hearing loss technology market growth. Some of the biggest factors propelling the growth in the market include massive technological advancements in the market landscape and increase in geriatric population. It is worth noting another factor that is significant in its own right – rising trend of implants that are customized.
By 2015, 2 billion people will be aged 60 and above and one in every six people in the world will be aged 65 and above. And, the ratio of people aged 65 and above will be one in every four people in regions of Europe and North America. Besides, in 2018, history was created when demographics shifted dramatically. For the first time in the history of mankind, this year saw number of people aged 65 and above surpass the number of people aged 5 and below. And, this demographic is susceptible to hearing issues.
There is also the issue of noise pollution which is growing at an alarming pace, especially for people employed in heavy duty industries. A number of other factors related to noise pollution are hampering the capability in adults.
Also, sometimes, issue in pregnancy can lead to hearing loss in infants.
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Global Hearing Loss Technology Market: Key Companies
The market for hearing loss technology market is consolidated and prominent players operating the playfield include MED-EL, Starkey, Oticon, Sonova Holding AG, Widex, GN Hearing (ReSound), Sivantos Group (Siemens), Beltone, Sonic Innovations, and Unitron, among other significant players worldwide.
Global Hearing Loss Technology Market: Regional Analysis
A comprehensive regional analysis carrying details such as scope of growth and opportunities that would be generated in regions of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific and Middle East and Africa. As per the TMR report, North America will dominate the market landscape owing to a technologically advanced landscape and sophisticated infrastructure.
It is worth noting here that the Asia Pacific region (APAC) will grow at a significant pace owing to a large consumer base and rising awareness among patients. Besides, the governments in the region are trying to improve healthcare standards.
Research undertaken towards the preparation of the report is inclusive of both primary and secondary type and contains remarkable insights from the industry experts and market participants, belonging to varied key points in the value chain of the studied industry.
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.