DUBAI, United Arab Emirates, Aug. 07, 2022 (GLOBE NEWSWIRE) -- As per Future Market Insights' latest industry analysis, the global hearing implant market is projected to register a robust 7.7% CAGR for the forecast period of 2021 to 2031. Hearing implant market was expected to reach an estimated US$ 1,218.6 Mn by the end of 2021. The market grew at a 5.1% CAGR from 2016 to 2020. This growth is attributed to the rising incidences of hearing loss and disabilities as well as technological advancements integrated into implant devices.
Prosthetic devices used to treat hearing loss and deafness are categorized as hearing implants. Hearing loss has become one of the major disabilities and with rising incidences all over the world, the market for hearing implants is anticipated to present considerable growth.
Hearing loss is primarily of two types- sensorineural and conductive hearing loss. There are four kinds of hearing implants to treat hearing loss, namely the cochlear implant, middle ear implant, bone conduction implant, and auditory brainstem implant.
Hearing implants are used in cases where hearing aids don't work. The implants are small, complex devices, fitted through surgical procedures that provide a sense of sound to patients suffering from profound hearing loss.
The hearing implants are comprised of two parts, that is, an external portion and the implant which is surgically placed under the skin.
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The microphones from the external portion capture the sound while the sound processor selects the useful sound by the microphone, which is further converted into electric impulses.
Electrodes collect the impulses and send them to different regions of the auditory nerve. The implant provides a representation of the sound, and thus, helps the patient to understand the speech.
Hearing implants require both surgical procedures along with post-implantation therapies. Favorable reimbursement policies for surgery all over the world have increased the adoption of hearing implants. Again, rising geriatric population in the developed regions is expected to create attractive market opportunities for hearing implants.
Further, the integration of novel technologies and the release of innovative gadgets will likely augment the sales of hearing implants in the market. With rising cases of hearing loss and constant research efforts by researchers and scientists to improve the hearing outcomes of these implants for the patients will promote growth for the market.
Likewise, a surge in early implantation in children is anticipated to drive the growth of the hearing implants market.
"Growing cases of hearing loss coupled with an upsurge in early implantation in children is predicted to boost the market growth for the forecast period," says an FMI analyst.
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- Rising cases of hearing disabilities across all age groups to propel market growth.
- Asia Pacific, including China and Japan, will record considerable market growth over the forecast period.
- North America is predicted to dominate the market over the assessment period.
- High adoption rates propel the market in Germany and the U.K.
- The cochlear implants segment is predicted to grow by US$ 1,746.5 Mn in 2031.
Cochlear Ltd., MED-EL, William Demant Holding A/S, Advanced Bionics AG, Nurotron Biotechnology Co. Ltd., Ototronix, Envoy Medical Corporation, and Medtronic among others are some of the major players in the hearing implant market that are profiled in the full version of the report.
The majority of manufacturers of hearing implants are concentrating on strategic collaborations and partnerships with other businesses in the market to enhance their technology as well as to deepen their global market penetration. This further enables the businesses to improve their product visibility across different regions.
Furthermore, there are only three major manufacturers of hearing implants, which is expected to create growth opportunities for the new players planning to invest in the hearing implants market.
Key Segments Covered in Hearing implant Market Study:
By Product Type:
- Cochlear Implants
- Middle Ear Implants
- Bone conduction Implants
- Auditory brainstem implant
By End User:
- ENT clinics
- Ambulatory Surgical Centres
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding China and Japan (APECJ)
- Middle East & Africa (MEA)
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More Insights into the Hearing Implant Market Report
In its latest report, FMI offers an unbiased analysis of the global hearing implant market, providing historical data from 2018 to 2028 and forecast statistics for the period 2021 to 2031. To understand the global market potential, growth, and range, the market is segmented based on product type (cochlear implants, middle ear implants, bone conduction implants, auditory brain stem implants), end user (hospitals, ENT clinics, ambulatory surgical centers) and region.
According to the latest FMI reports, based on revenue, North America is expected to dominate the market over the forecast period. Manufacturers in the region are developing products that have the potential to treat profound hearing loss. These businesses collaborate with other companies and develop sound processors with double microphones, which will help the patients to listen better without disturbances and noise.
Market growth in this region is likely to be driven by the U.S. hearing implant market due to the presence of a large patient pool comprising of patients from all age groups with various illnesses.
Asia Pacific, including Japan and China, is likely to record substantial growth during the assessment period. Owing to the existence of numerous research and development activities that are being carried out by the manufacturers to enhance the hearing quality of the implants, the regional market is expected to witness impressive market growth.
In Europe, Germany and the U.K. are leading the market. Due to a high adoption rate of hearing implants, the U.K. and Germany, are estimated to account for a 48% share of the global market over the forecast period.
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Moreover, the cochlear implants segment is anticipated to grow by US$ 1,746.5 Mn in 2031 due to the higher availability and affordability of the products with favorable reimbursements policies.
Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Introduction
2.1. Market Taxonomy
2.2. Market Definition
3. Hearing Implants Market Opportunity Analysis
3.1. Macro-Economic Factors
3.2. Opportunity Analysis
4. Global Economic Outlook
4.1. Global Gross Domestic Product by Region & Healthcare spending
4.2. Hearing Implant Market Outlook
5. Market Background
5.1. Market Dynamics
6. Key Inclusions
6.1. Hearing Implant Pricing Analysis by Region (2018)
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