Research Nester released a report titled “Hearing Assistive Technology (HAT) Market: Global Demand Analysis & Opportunity Outlook 2029″ which delivers detailed overview of the hearing assistive technology (HAT) market in terms of market segmentation by device type, device, application and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The hearing assistive technology (HAT) market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029 on account of the rising middle class in many developing countries, advances in technology, increasing geriatric population on a global level, along with the growing investment in the development of hearing assistive technology. 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.
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The market is segmented by device type into wireless device, and wired device. Among these segments, the wireless device segment is anticipated to hold the largest share by the end of 2021 in the hearing assistive technology (HAT) market as a result of freedom and extended mobility offered by wireless devices, the surge in IoT devices, rapid development and proliferation of wireless technologies.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the hearing assistive technology (HAT) market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to the presence of leading hearing assistive technology providers in the region, especially in the United States, who are extensively involved in the research and development for innovative hearing assistive technologies.
Technological Advancements in Hearing Assistive Technology to Drive Market Growth
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.
The growth in internet penetration globally has accelerated the development of hearing assistive technologies. Furthermore, growth in OTT platforms, and growing number of smartphone users has put a huge focus on the development of hearing assistive technology catering to the personal use of the individuals is also expected to boost the market growth in upcoming years. However, the high cost of many existing marketed devices and lack of awareness in Awareness about the benefits of hearing assistive technologies are some of the factors that are estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the hearing assistive technology (HAT) market which includes company profiling of ClearSounds (NYSE: PFE), Sennheiser electronic GmbH & Co. KG (TYO: 4503), Clarity (NYSE: JNJ), Williams AV (ETR: BAYN), Diglo Inc. (HEL: ORNBV), Serene Group, Inc. (NYSE: MRK), Sonic Alert Inc. (NASDAQ: CLVS), AMPLICOM (SWX: NOVN), Geemarc Telecom and HUMANTECHNIK-Group (LON: AZN).
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global hearing assistive technology (HAT) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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