Hearing Loop Market: Rise in Number of Patients with Hearing Disorders is Projected to Drive the Market
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.
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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.
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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.
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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.
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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.
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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
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