Bionic ear market is expected to reach USD 26,980.20 million by 2027 at a CAGR of 8.10%. A bionic ear is a neural prosthesis which is designed for the people suffering from hearing disability. It can stimulate the hearing nerve and provide sound signals directly to the brain. The bionic ear constitutes a receiver-stimulator and an external sound processor; both are fit behind the ear.
Top Growth Boosters
Increased burden of hearing disorders worldwide in line with the expanding geriatric population are more than likely to boost the market growth in the following years. The World Health Organization (WHO) reveals that over 460 million individuals in the world currently suffer from some form of hearing disability. The Royal National Institute for Deaf People says that the hearing disorder develops in conjunction with age, affecting almost 80% of people more than 70 years of age with 45% of people that are more 50 years of age. Prolonged noise exposure, surge in healthcare spending and the emergence of highly innovative bionic ear devices have enhanced the industry size across the globe.
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Heightened demand for minimally invasive surgeries has had a notable impact on the global market. More and more of these devices are being adopted as technological innovations continue to rise. Availability of supportive insurance schemes, rise in R&D spending for designing next-generation sound processors and increase in hearing disorders among new-borns could also benefit the bionic ear market in the next several years.
Market Restraints:
Substandard medical facilities, especially in underdeveloped countries along with strict stringent government policies could curb the market growth in the following years.
Segmentation
The bionic ear market is segmented by device type, end user, and region.
Based on the device type, the bionic ears market segments into cochlear implants, auditory brainstem implants, and bone-anchored hearing aid. The cochlear implant segment is expected to hold a significant share of the market in 2020. Cochlear implant is found to be effective than traditional devices. These devices enhance the sound quality and thus improve a person’s ability to better understand a speech. It also helps to regain the sound even in a noisy environment and is even considered safe for children to use it.
Based on end user, the bionic ear market segments into research institutes and hearing clinics & hospitals. The hearing clinics & hospitals segment dominated the market and held the largest market share in 2020. Hospitals provide better care and have more qualified medical personnel, attracting more patients. Aside from that, due to the advancements in the treatment procedures & facilities at such hearing clinics are predicted to grow at significant rate
In terms of geography, the bionic ear market has been segmented into regions such as North America, Europe, Asia-Pacific, and the Rest of the World.
The North America is anticipated to dominate the global bionic ear market. The North America accounted for the largest market share in 2020 and is likely to continue to command during the forecast period, owing to increasing adoption of new technologies, established medical infrastructure, and increasing awareness have accelerated the market growth. The North America market comprises the US and Canada. The increasing prevalence of the geriatric population who suffer from hearing disabilities is a key factor supporting the growth of the bionic ear market in North America.
On the other hand, Europe is expected to be the second-largest bionic ear market due to the highly developed healthcare industry, prominent R&D infrastructure, and accessibility of products.
The bionic ear market in Asia-Pacific is anticipated to be the fastest-growing due to the growing geriatric population. Also, the medical infrastructure in these countries is growing, which has resulted in market growth.
The Rest of the World bionic ear market is driven by technological developments. The growing number of healthcare facilities and government initiatives for improving the healthcare sector is also boosting the growth of the market in this region.
Regional Analysis
On a regional basis, the North America is anticipated to dominate the global bionic ear market due to the factors such as the presence of leading service providers in this region involved in R&D activity. An increase in public awareness among people and improved diagnostic facilities, and technological advancements in bionic ears greatly impact business development. In addition, the presence of the major giants in the market involved in mergers &acquisitions and new product innovation is another driving the market growth. For instance, in May 2021, Sonova acquired the Consumer Division from Sennheiser electronic GmbH & Co. KG (Sennheiser), which concentrates on the business of headphones and hearables for private customers, is an excellent fit with Sonova’s strategy to lead innovation in hearing experience and to engage consumers early on their hearing journey. Additionally, in July 2017, Cochlear Limited introduced Cochlear Nucleus 7 Sound Processor into the US market. It was by the US FDA.
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On the other hand, Europe is expected to hold the second position in the global bionic ear market due to investments in healthcare, technological advancements, favourable government policies, and increased income of individuals.
Asia-Pacific is anticipated to be the fastest-growing regional market over the assessment period due to rapidly improving healthcare infrastructure and a large population.
Furthermore, the growth of the Rest of the World market is attributed to the financial status and access to healthcare, which resulted in early product adoption and support for hearing loss issues.
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