PUBLISHER: The Business Research Company | PRODUCT CODE: 1409476
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409476
“Hearing Loop Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hearing loop market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hearing loop? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The hearing loop market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A hearing loop, also known as an audio induction loop, is a specialized sound system designed for individuals who use hearing aids. It operates by transmitting magnetic, wireless signals to the hearing aid when it is set to the 'T' (telecoil) setting.
The types of hearing loss addressed by hearing loops include conductive hearing loss, sensorineural hearing loss, and mixed hearing loss. Conductive hearing loss occurs when there is an obstruction that hinders sound from passing through the outer or middle ear. The signals transmitted in hearing loops can include radio waves, light waves, Bluetooth, and electromagnetic waves, making them suitable for both adult and pediatric patients. These hearing loop systems find applications in various settings, including hospitals and clinics, home settings, and ambulatory surgical centers (ASCS).
The hearing loop market research report is one of a series of new reports from The Business Research Company 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.
The hearing loop market size has grown strongly in recent years. It will grow from $10.14 billion in 2023 to $11.07 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed in the historic period can be attributed to several factors, including the regulatory environment, increased consumer awareness, market competition dynamics, integration with existing infrastructure, and economic factors. These elements collectively influenced the adoption and development of hearing loop systems during that period.
The hearing loop market size is expected to see strong growth in the next few years. It will grow to $15.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be attributed to factors such as the evolution of regulations, a growing emphasis on inclusive design, demographic shifts, opportunities for infrastructure integration, and government initiatives supporting hearing loop systems. Key trends expected in the forecast period encompass advancements in hearing aid technology, increased integration with smart devices, the focus on wireless connectivity, a commitment to accessibility, and ongoing developments in relevant regulations.
The anticipated growth in the hearing loop market is driven by the increasing population of individuals with hearing impairments. Hearing impairment, characterized by the loss of some or all hearing abilities, varies in degree and type, ranging from moderate to profound. Hearing loop systems offer benefits to those experiencing hearing loss, aiming to enhance their understanding of speech and surrounding noise. As per the World Health Organization, over 1 billion teenagers were at risk of irreversible, preventable hearing loss in 2021 due to poor listening habits. It is projected that by 2050, around 2.5 billion people worldwide will have some form of hearing loss, with at least 700 million requiring hearing rehabilitation. Consequently, the growing patient population with hearing impairments is a significant factor propelling the expansion of the hearing loop market.
The increasing demand for travel and tourism is set to contribute to the growth of the hearing loop market. Travel and tourism encompass activities involving people traveling domestically or abroad for purposes such as vacations, business, or social reasons. Integrating hearing loops into travel and tourism infrastructure facilitates communication, boosts revenue, and promotes inclusivity by catering to individuals with hearing impairments. These systems enhance communication in tourist sites, theaters, and entertainment venues, broadening their audience base. In dining establishments, hearing loops improve communication between staff and customers with hearing loss, enhancing the overall dining experience. According to the U.S. Department of Commerce, the number of international visitors to the U.S. increased to 22.1 million in 2021. Hence, the rising demand for travel and tourism plays a pivotal role in the growth of the hearing loop market.
In the hearing loop market, product innovation emerges as a prominent trend among major companies striving to strengthen their market positions. For example, in September 2021, SigNET AC Ltd., a UK-based manufacturer of audio-frequency induction loop equipment, introduced the PDA103i. This self-contained hearing loop device is specifically designed for use with disability refuge, door entry, and intercom help points, featuring a stylish, surface-mounting, IP65-certified shell suitable for indoor or outdoor use. Customizable controls allow adjustments to the amplifier's input and output levels based on specific application requirements. The device also includes internal indicators for limits, peaks, loop faults, and power status.
Companies in the hearing loop market are focusing on deeloing compact solutions such as loop listeners to drive revenue growth. Loop listeners are compact devices that aid individuals with hearing loss in environments equipped with hearing loop systems. For instance, in October 2023, Contacta Systems Ltd., a UK-based company specializing in innovative assistive technology solutions, launched the RX-30 rechargeable loop listener. This pocket-sized, rechargeable receiver captures signals transmitted by the latest generation of hearing loop systems. With features such as a smooth frequency response, bass cut filter, volume control, and headphone jack, the RX-30 enables users to enjoy crystal-clear sound conveniently. Designed to assist those without cochlear implants or hearing aids, the RX-30 serves as a fully wireless receiver.
In March 2022, Sonova Holding AG, a Switzerland-based provider of hearing care solutions, acquired the Consumer Division from Sennheiser Electronic GmbH & Co. KG for $240 million. This strategic acquisition is expected to expand Sonova's client base and channel presence while enhancing its product line. Sennheiser Electronic GmbH & Co. KG, a Germany-based company, specializes in designing and manufacturing a wide range of high-fidelity devices, including microphones, headphones, and headsets for various applications such as home, office, and professional use.
Major companies operating in the hearing loop market report are Opus Technologies LLC, Ampetronic Limited, Geemarc Solutions Limited Liability Company, Audio Directions Inc., Bo Edin AB, Contacta Inc., inLOOP LLC, Loop Industries Inc., Oval Window Audio, Williams AV LLC, OTOjOY PBC, UnivoxAudio Ltd., SigNET AC Ltd., C-TEC Ltd., Auris Hearing Loop Systems Ltd., Elkon Pvt. Ltd., Listen Technologies Corporation, Phonak AG, Loops AS, Sivantos Group, Clear Sounds Communications Inc., Comfort Audio AB, Hamilton Relay Inc., LoopHear AB, MED-EL Elektromedizinische Gerate GmbH, Nortek Security & Control LLC, Plantronics Inc., Sennheiser Electronic GmbH & Co. KG, Signia GmbH, Sound Directions Limited, Sound Induction Systems Ltd., Starkey Hearing Technologies Inc., Televic NV .
North America was the largest region in the hearing loop market in 2023. The regions covered in the hearing loop market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the hearing loop market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
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.