Like most questions on these forums, yours does not have a definitive answer.
As Mrtennis said, if you have a CD player you already have a DAC. The questions then are whether the DAC you now have inside your CD player sounds as good to you as any external DAC you might buy instead, whether the rest of your system is resolving enough to let you hear the difference and whether or not any difference you hear is worth the additional cost of the new DAC.
My experience is that the reason there are lots of new DAC's available isn't because they're 'hot' right now but because that's where the R&D is being done and where the greatest technological improvements are being made. Of course there's marketing hype but that's the case with every other kind of audio gear, as well.
Only one way to find out if one works for you.
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