The report on the global in-the-ear (ITE) hearing market offers a detailed assessment of various drivers and key restraints, share and size of prominent segments, recent technological advancements, and the prevailing competitive landscape in various regions. The study also takes a closer look at notable consumer trends impacting the growth dynamics over the forecast period of 2017–2025.
The growth of the global ITE market seems to be underpinned by the widespread popularity of custom hearing aids in helping patients with mild-to-moderate and severe hearing losses. In various parts of the globe, there is marked preference of hearing aids that are barely visible by people. The rising popularity of completely-in-canal (CIC) devices is a case in point. The marked social stigma associated with the usage of hearing aids may have led invisible CIC to gather immense traction in the global market.
The growing demand for custom-molded hearing aids that can naturally fit inside the ear canal and are also helpful in even treating profound hearing losses is a notable factor. Recent technological enhancements and focus on design innovations have led to the launch of advanced ITE hearing aids. These are not just capable of producing high quality sounds but help wearers hear naturally and effortlessly. Technology-improved ITE hearing aids also fit the personal style of the wearer without hampering their daily routine, thus catalyzing the growth of the market.
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The market is also likely to chart new, exciting avenues over the coming years on the account of continual advances being made in the area of audiology. In recent years, the market has immensely benefitted from the launch of products with chipsets and operating systems to enhance the audio fidelity and reduce noise. The advent of wireless and rechargeable ITE hearing aids are promising developments in the market fueling the attractive growth of the market.
The excess production of earwax and the buildup moisture may affect the functionality of ITE hearing aids, which is likely to restrain the market to attain its full potential. The high cost of technologically-advanced ITE hearing aids may also dampen the demand in price sensitive consumers.
The growing prevalence of hearing loss in developed nations is a notable factor favoring the demand for ITE hearing aids. The growing awareness among patients about the performance and benefits of ITE hearing aids will help in the rapid expansion of the global ITE hearing aids market. Manufacturers of ITE hearing aids are aiming for an amazing balance of discretion and features in their products, which augurs well for the market.
Some of the key players holding sizeable stake in the ITE hearing aids market are Starkey, Widex, Sonovav, GN Store Nord, and William Demant.