Our in-depth analysis of the global hearing assistive technology (HAT) market includes the following segments:
By Functionality Type
By Device Type
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing public awareness of the benefits of hearing assistive technologies and rising middle class in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing investments of governmental and non-governmental agencies in hearing assistive technology (HAT), accompanied by the presence of leading hearing assistive technology providers in the region. Along with this, the North America also leads in terms of ongoing advances in technology, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the hearing assistive technology (HAT) market on account of its proven success in terms of improved access to such device in the region. Furthermore, the growing internet users has also led to the growing demand of hearing assistive technologies globally. As per the analysis of International Telecommunication Union, the Individuals using the Internet (% of population) has risen from 36.6% in 2013 to 48.9% in 2019. CLICK TO DOWNLOAD SAMPLE REPORT
The global hearing assistive technology (HAT) market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising middle class in developing countries and technological advancements relevant to hearing assistive technology are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Ans: High cost of existing marketed devices and lack of awareness about the benefits of hearing assistive technologies are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the owing to the increasing public awareness of the benefits of hearing assistive technologies and rising middle class.
Ans: The major players dominating the hearing assistive technology (HAT) market are ClearSounds, Sennheiser electronic GmbH & Co. KG, Clarity, Williams AV, and Diglo Inc. among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by device type, device, application and region.
Ans: With respect to application, the personal use segment is anticipated to hold the largest market share owing to the growing number of smartphone user, and growing internet penetration.