LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global canal hearing aids market is expected to grow at a CAGR of more than 5% during the forecast period.
This research report titled ‘Global Canal Hearing Aids Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Srinivas Sashidhar, a lead analyst at Technavio for medical devices research, “Hearing impairment and related problems have been identified as the second largest health problem over the years. Some of the factors that cause hearing problems are genetic factors, noise, trauma, aging, and viral or bacterial infections. The CDC has declared more than 10% of the European population to be a victim of hearing impairment. Similar is the case in developing nations such as India and China. Such developments foretell growth for the hearing aids market during the forecast period.”
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The market research analysis categorizes the global canal hearing aids market into three major product segments. They are:
- CIC hearing aids
- ITC hearing aids
- IIC canal hearing aids
Global CIC hearing aids market
The market penetration of completely-in-canal (CIC) hearing aids is high due to product customization and miniature technology. The miniature technology of CIC hearing aids facilitates proper fitting of the device and helps hearing-impaired individuals lead a normal life.
The product customization helps in making the hearing aid available for all age groups. The growth of the market is expected to slow down during the forecast period due to the advent of invisible hearing aid devices. The adoption rate of CIC hearing aids is expected to increase in APAC with the decline in prices and product innovation by key vendors.
Global ITC hearing aids market
The market penetration of in-the-canal (ITC) hearing aids is moderate because of the availability of product customization and connectivity with wireless devices. With wireless technology, the volume can be controlled through Bluetooth. The product has the added feature of noise blocking, which blocks sound generated by any appliance or traffic.
The product customization helps in making the hearing devices available for all age groups. The market for this product is expected to witness increased growth with the current trend of wireless and Bluetooth compatibility with smartphones or tablets.
Global IIC canal hearing aids market
The market penetration of invisible-in-the-canal (IIC) hearing aids is high, due to the ultra-compact size, product customization, and connectivity with wireless devices. The operations of the hearing aid device can be controlled with wireless technology.
“IIC hearing aids are trending in the market due to their compact design and wireless connectivity feature. These hearing aids offer fierce competition for other hearing aids such as CIC and ITC,” says Srinivas.
The top vendors highlighted by Technavio’s healthcare and life sciences market research analysts in this report are:
- Sonova
- Sivantos
- Starkey
- Widex
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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