The hearing aid is an electronic device that s used by a hearing-impaired person. The device can be wear in or behind the ear. Hearing aid help people hear more in both quiet and noisy situations. It amplifies the sound to capture it through an ear. A hearing aid comprises three basic parts: a microphone, amplifier, and speaker. The in-the-canal (ITC) hearing aid is a type of hearing device made to fit the size and shape of a person's ear canal. ITC is custom molded and fits partly in the ear canal. It can be used to improve mild to moderate hearing loss in adults. The device makes surrounding sounds louder that aid a person with hearing loss to listen and communicate efficiently in daily activities.
MARKET SCOPE
The "Global In-The-Canal Hearing Aids Market Analysis to 2028" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the in-the-canal hearing aids market with detailed market segmentation by product, application, and geography. The report provides key statistics on the market status of the leading in-the-canal hearing aids market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
-Based on product, the global in-the-canal hearing aids market is segmented into invisible-in-canal hearing aid and completely-in-canal hearing aid.
-On the basis of application, the market is bifurcated into online stores, retail stores, hearing aid clinics and hospital.
MARKET DYNAMICS
Drivers
-Increasing incidence of hearing loss due to noise pollution level and rising geriatric population drive the in-the-canal hearing aids market growth.
-Technological advancement and innovative connectivity features in devices boost the market growth.
-The introduction of digital signal processing devices and enhancement of speech features to fuel the market's growth.
-Rising awareness and initiatives about hearing aid devices propel market growth.
Restraints
-Scarcity of technical audiologists.
-High cost of hearing aid devices.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The in-the-canal hearing aids market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the in-the-canal hearing aids market in these regions.
IMPACT OF COVID-19 ON IN-THE-CANAL HEARING AIDS MARKET
COVID-19 first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, UK, Turkey, Italy, and Spain are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Covid-19 pandemic has adversely affected the healthcare sector. Due to a sudden upsurge in the patient pool, there is a need for urgent care, because of which hospitals are running out of resources. Many elective surgeries were canceled to reallocate the resources to manage covid-19 patients. The demand for medical devices such as hearing devices was impacted negatively. Manufacturers have experienced a decline in sales. Lockdowns and restrictive guidelines limited the supply of hearing implants. However, the market may witness growth in the future due to an increased demand for hearing aids that will result in increased sales.
MARKET PLAYERS
The report covers key developments in the in-the-canal hearing aids market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from in-the-canal hearing aids market are anticipated to have lucrative growth opportunities in the future with the rising demand for in-the-canal hearing aids in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the in-the-canal hearing aids market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
-Starkey Hearing Technologies
-Sonova
-Oticon
-GN Resound
-Widex
-A&M Hearing
-ReSound
-Arphi Electronics Pvt. Ltd
-Signia
-Beltone
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.