Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
The hearing assistive technology (HAT) market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Hearing assistance technology (HAT) refers to a wide range of devices beyond traditional hearing instruments designed to facilitate the reception of auditory information. These products bridge the distance between the listener and the speaker by routing the conversation from the speaker directly to the ear of the listener without the additional presence of background noise or signal degradation. With a rising middle class in many developing countries, progression in technology, ongoing training programs for those involved in amplification fitting, along with the growing investments for the development of hearing assistive technology are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the increasing geriatric population on a global level. According to the data collected from United Nations, by 2050, 1 in 6 people in the world will be over the age of 65, up from 1 in 11 in 2019.
The market is segmented based on functionality type into wireless device, and wired device, out of which, the wireless device segment is anticipated to grab the largest share by the end of 2021 on account of freedom and extended mobility offered by wireless devices, the surge in IoT devices, rapid development and proliferation of wireless technologies. Moreover, wired device is widely being used owing to the low price, zero latency, and better audio quality offered by these devices to the growth of the segment during the forecast period.
On the basis of device type, the wireless/wired headsets segment in the global hearing assistive technology (HAT) market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that demand of personal hearing devices is growing on account of rapid internet proliferation, growth in OTT platforms, and growing number of smartphone users.
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:
Our in-depth analysis of the global hearing assistive technology (HAT) market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising middle class in developing countries and technological advancements relevant to hearing assistive technology are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
High cost of existing marketed devices and lack of awareness about the benefits of hearing assistive technologies are estimated to hamper market growth.
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.
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.
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.
The market is segmented by device type, device, application and region.
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.
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