New York, May 30, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hearing Loop Global Market Report 2023" - https://www.reportlinker.com/p06457551/?utm_source=GNW
, Oval Window Audio, Williams AV LLC, OTOjOY PBC, UnivoxAudio Ltd., SigNET AC Ltd., C-TEC (Computionics Limited), Auris Hearing Loop Systems Ltd., Elkon Pvt. Ltd., and Listen Technologies Corporation.
The global hearing loop market is expected to grow from $9.35 billion in 2022 to $10.15 billion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hearing loop market is expected to grow to $13.80 billion in 2027 at a CAGR of 8.0%.
The hearing loop market consists of sales of fixed and portable hearing loops.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A hearing loop (also known as an audio induction loop) is a kind of sound system that is intended for people who use hearing aids. A hearing loop transmits magnetic, wireless signals to the hearing aid when it is set to the “T” (telecoil) setting.
North America was the largest region in the hearing loop market in 2022. The regions covered in the hearing loop market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The hearing loss involved in the hearing loops are conductive hearing loss, sensorineural hearing loss and mixed hearing loss.Conductive hearing loss refers to hearing damages incurred by anything that prevents sounds from passing through the outer or middle ear.
The signals transmit involved are radio waves, light waves, Bluetooth and electromagnetic waves that are available for adult and pediatric patients. These are used in hospitals and clinics, home settings and ambulatory surgical centers (ASCS).
The rising patient population with hearing impairments is expected to propel the growth of the hearing loop market going forward.Hearing impairment refers to the loss of some or all of one’s hearing abilities and is classified according to degree and kind such as moderate hearing impairment, mild hearing impairment, severe hearing impairment, and profound hearing impairment.
Hearing loop systems are beneficial to all people who have hearing loss and want to improve their understanding of speech and noise.For instance, according to the World Health Organization, a Switzerland-based specialized agency responsible for international public health, in 2021, over 1 billion teenagers were at risk of irreversible, preventable hearing loss as a result of poor listening habits.
By 2050, approximately 2.5 billion individuals globally will have some degree of hearing loss, and at least 700 millions of them will need hearing rehabilitation. Therefore, the rising patient population with hearing impairments is driving the growth of the hearing loop market.
Product innovation is the key trend gaining popularity in the hearing loop market.Major companies operating in the hearing loop market are focused on developing innovative products to strengthen their position in the market.
For instance, in September 2021, SigNET AC Ltd., a UK-based manufacturer of audio-frequency induction loop equipment, launched the PDA103i, a self-contained hearing loop device explicitly designed to work in conjunction with disability refuge, door entry, and intercom help points. It is enclosed in a stylish, surface-mounting, IP65-certified shell that may be utilized indoors or outdoors. Customizable controls enable the amplifier’s input and output levels to be tailored to the specific requirements of the application. It is also comprised of internal limit, peak, loop fault, and power on indicators.
In March 2022, Sonova Holding AG, a Switzerland-based provider of hearing care solutions acquired Consumer Division from Sennheiser Electronic GmbH & Co.KG for $240 million.
This acquisition will help Sonova grow its client base and channel presence while also broadening its appealing product line.Sennheiser Electronic GmbH & Co.
KG is a Germany-based company that specializes in the design and production of a broad range of high-fidelity devices, including microphones, headphones, and headsets for home, office, and professional use.
The countries covered in the hearing loop market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hearing loop market research report is one of a series of new reports that provides hearing loop market statistics, including hearing loop industry global market size, regional shares, competitors with hearing loop market share, detailed hearing loop market segments, market trends, and opportunities, and any further data you may need to thrive in the hearing loop industry. This hearing loop market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06457551/?utm_source=GNW
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