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Global In-The-Ear (ITE) Hearing Aids Market is anticipated to grow at a remarkable CAGR over the forecast period (2018 to 2023)(February 14, 2018)
The worldwide in-the-ear hearing aids market can be segregated on the basis of material, application, and region. Based on material, the market can be classified as silicone and acrylic. Based on application, the market can be divided into ENT clinics, audiology clinics, and others.
Availability of customization to fit exactly inside the ear is anticipated to impel growth of the market. Small size and lightweight of the hearing aid provide more comfort. This fact can also drive the market growth in the forthcoming years. Capability to produce high quality sound and to eradicate feedback is likely to stimulate growth of the market. Numerous auditory advantages such as competency to pick up high-frequency sounds can further spur market expansion. Wearerís ability to use telephone or mobile phone while wearing this type hearing aid can foster growth of the market during the forecast period.
Considering the rising demand, most manufacturing companies are focusing on advanced in-the-ear hearing aids offering compact designs and smart features. For instance, Eargo recently announced the launch of its new hearing aid named Eargo Max. The device is believed to offer all-new chipset and operating system for superior audio fidelity through excellent noise reduction. It can come with flexi domes to eliminate feedback and enhance gain while protecting speech quality. In addition, these advanced hearing aids are likely to equipped with voice indicators and sound profile memory making it quite user-friendly than conventional products. Moreover, instead of changing batteries this device can be recharged for making it cost-effective.
Issues related to ear wax and moisture causing damage to such devices is likely to hinder growth of in-the-ear hearing aids market. In addition, feedback problems noticed in this type hearing devices owing to issues like less gap between microphone and receiver can obstruct growth of the market in the coming years. Moreover, high cost and social stigma regarding use of hearing aids can hinder market
Growth. Continuous technological advancements in hearing aids such as wireless connectivity, speech clarity, noise reduction, and ability to learn from userís preferences can create lucrative opportunities for investors and manufacturers.
Regional segmentation includes Europe, North America, and Asia-Pacific. In North America, the market is expected to witness growth in the coming years owing to growing adoption of hearing aids and increasing number of geriatric population in the region.
In Europe, the market for in-the-ear hearing aids is anticipated to contribute well in terms ofrevenue over the forecast period. High prevalence of hearing loss, continuous technological advancements, and growth in aging population are anticipated to be the key regional drivers.
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In Asia Pacific, the market is likely to witness the fastest CAGR during the forecast period owing to rising hearing related problems, awareness among patients, and developinghealthcare infrastructure.
Some of the prominent companies operating in the in-the-ear hearing aids marketare Widex, Phonak, Oticon, Starkey Hearing Technologies, and Siemens Hearing Aids.Product innovation is one of the major business strategies adopted by the key market participants to gain greater market share.
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