The global hearing implants Market is expected to grow in the coming years owing to the escalating prevalence of hearing loss of different types such as conductive hearing loss, mixed hearing loss, one-sided sensorineural hearing loss, and others. Moreover, the rising old-age population, technological advancement in product development, and increased product approvals and launches are also anticipated to stimulate the hearing implants market growth. Some of the key market players operating in the hearing implants market include MED-EL Medical Electronics., Sonova, Demant A/S, Medtronic, Cochlear Limited, Envoy Medical., Ototronix, TODOC Co., Ltd., and others.
DelveInsight’s “Hearing Implants Market” research report provides the current and forecasted hearing implants market size, share, and trends analysis for the next five years, upcoming innovations in the segment, and major market drivers & barriers. The report also covers the key competitors and emerging devices in the domain.
Hearing Implants: Overview
Hearing implants are small electronic devices that are surgically implanted in the ear to improve hearing. Hearing Implants can be used for people who are deaf or have severe hearing loss to hear sounds. Based on which part of the ear is affected, there are different hearing implants available in the market. Some of the major types of hearing implants include cochlear implants, middle ear implants, and bone conduction implants, among others.
To get a better understanding of the market scenario, the “Hearing implants Market Report” provides in-depth insights into the market based on segmentation such as product type (Cochlear Implants, Middle Ear Implants, Bone Conduction Implants, and Auditory Brainstem Implants), processor type (Behind The Ear Processor and Body Worn Processor), application (Conductive Hearing Loss, Mixed Hearing Loss, and Sensorineural Hearing Loss), end-user (Hospitals, ENT Clinics, and Others), and geography (North America, Europe, Asia-Pacific, and Rest of the World).
As per the assessment, in the hearing implants product segment, the cochlear implants segment is projected to hold the largest market share during the forecast due to the various benefits associated with them. Cochlear implants are cost-effective and are available in both unilateral and bilateral fitting types, which drive higher demand as compared to other types of implants. Additionally, an increase in approval of various cochlear implants is also anticipated to augment the cochlear implant market growth.
Hearing Implants Market Analysis
Growing exposure to high-intensity sound is one of the key factors leading to hearing impairments and hearing loss worldwide, which spikes the demand for hearing implants. Globally, about 1 billion young adults are at risk of permanent hearing loss due to unsafe listening practices. As per the estimate, nearly 5% of the world population, which includes about 432 million adults and 34 million children, have some degree of hearing loss. By 2050, the number of people with hearing loss is expected to reach 700 million. The growing prevalence of hearing loss among different population groups across the globe where hearing aids are not much help is expected to drive the demand for hearing implants.
Age is also one of the key factors for hearing loss. Age-related hearing loss is the gradual loss of hearing in both ears, also called presbycusis. As per the estimates, nearly 30 out of 100 adults older than age 65 have hearing loss. The rising burden of age-related hearing loss is also expected to drive the demand for hearing implants in the upcoming years.
Despite several favorable factors, some of the key aspects, such as the stringent regulatory approval process of the devices and the high cost of the implants and surgical procedures, will restrain the hearing implants market growth in the coming years.
Due to the unprecedented outbreak of the COVID-19 pandemic, the hearing implants Market reported a short period of a setback in growth. With the implementation of the lockdown, precautionary measures, and stringent guidelines, the demand for hearing implants gets impacted. Urgent medical care procedures and Covid-19-related cases were given priority. However, with the active vaccination and slower transmission of Covid-19, the situation is improving, which is expected to uplift the hearing implants market growth in the coming years.
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Hearing Implants – Global Market Assessment and Forecast
The Asia-Pacific region is expected to demonstrate the fastest growth in terms of CAGR in the hearing implants market during the forecast period. Some of the key factors, such as the presence of a large geriatric population base and a growing patient population associated with hearing disorders, are expected to drive the demand for Hearing implant products in the Asia-Pacific region. The growth in insurance and funding schemes, technological advancements, rising awareness, and the demand for minimally invasive techniques will also stimulate the hearing implant market growth in the APAC region.
However, the superiority in revenue generation would be accounted for in the North American market. The growth prospects for the hearing implants market are exceptionally promising for developed regions such as North America and Europe owing to the increasing patient population suffering from hearing loss in these countries and a well-established healthcare infrastructure that will play a key role in patients being able to access the services more enthusiastically as compared to other regions.
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Hearing Implants Market – Key Developments and Breakthroughs
Over the years, the hearing implants market has evolved significantly owing to the active participation of global MedTech companies and technological advancements in the domain. Some of the major advancements in recent years in the hearing implants market are –
- On November 1, 2022, Cochlear Limited (ASX: COH) announced that it had received U.S. Food and Drug Administration (FDA) approval for the Cochlear™ Nucleus® 8 Sound Processor. The Nucleus 8 Sound Processor is now the smallest and lightest behind-the-ear cochlear implant sound processor available in the industry.
- On November 01, 2022, Envoy Medical® Corporation announced that the first patient has been enrolled and implanted in the Acclaim® Cochlear Implant early feasibility study at Mayo Clinic in Rochester, Minn. If approved by the FDA, the Acclaim® would be the first-of-its-kind cochlear implant designed to be fully implanted and use the ear, rather than a microphone, to pick up sound.
- On October 31, 2022, Nuheara Limited (ASX:NUH) (Company or Nuheara) announced that it had received US Food and Drug Administration (FDA) clearance for its Self-Fitting OTC Hearing Aid.
- In June 2021, Oticon received FDA pre-market approval (PMA) for its Neuro Cochlear implant system indicated to treat severe to profound sensorineural hearing loss.
- In March 2021, Cochlear received FDA clearance for Baha 6 Max, the industry’s smallest 55 dB sound processor with direct android streaming.
- In July 2020, Cochlear received FDA approval for three new products in its arena of hearing technology solutions. The approved products are Kanso® 2 Sound Processor, Nucleus® 7 Sound Processor for Nucleus 22 Implant recipients, and Custom Sound® Pro fitting software.
As per DelveInsight, the ongoing clinical & commercial development activities and research in the domain will contribute immensely to the Hearing Implants Market growth in the coming years.
Key Companies in the Hearing Implants Market
Globally, some of the leading MedTech giants in the hearing implants market include MED-EL Medical Electronics., Sonova (SWX: SOON), Demant A/S (CPH: DEMANT), Medtronic (NYSE: MDT), Cochlear Limited (ASX: COH), Envoy Medical., Ototronix, TODOC Co. Ltd., and others.
As per DelveInsight, due to the very high growth rate and positive return, several new players are expected to enter the hearing implants market in the coming years. The entry of new players and the launch of emerging products will immensely drive market growth.
Learn how new players’ entries will transform the market dynamics in the coming years at Hearing Implants’ Competitive Landscape
Scope of the Hearing Implants Market Report:
- Study Period – 2019-2027
- Hearing Implants Market Segmentation –
- By Product Type – Cochlear Implants, Middle Ear Implants, Bone Conduction Implants, and Auditory Brainstem Implants),
- By Processor Type – Behind The Ear Processor And Body-Worn Processo,
- By Application – Conductive Hearing Loss, Mixed Hearing Loss, and Sensorineural Hearing Loss)
- By End-User – Hospitals, ENT Clinics, and Others
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
- Geography Covered – Global (North America, Europe, Asia-Pacific, and Rest of the World)
DelveInsights’ Remark: The “Hearing Implants Market” is anticipated to grow at a significant CAGR of 7.38% forecast till 2027 owing to the growing prevalence of hearing loss across the globe and the increase in technologically advanced product approvals. The Asia-Pacific is expected to register the fastest growth in the Global Hearing Implants Market.
Table of Content
|3||Regulatory and Patent Analysis|
|4||Hearing Implants Market Key factors analysis|
|5||Hearing Implants Porter’s Five Forces Analysis|
|6||COVID-19 Impact Analysis on Hearing Implants Market|
|7||Hearing Implants Market Layout|
|8||Hearing Implants Global Company Share Analysis – Key 3-5 Companies|
|9||Hearing Implants Product Profiles and Key Companies|
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Key Takeaways From the Hearing Implants Market Report Study
- In-depth analysis of the hearing implants market size, share, and key trends.
- Comprehensive analysis of current hearing implants market size (2020) and market forecast for 5 years (2022-2027)
- The effect of the COVID-19 pandemic on the hearing implants market is significant. To capture and analyze suitable indicators, our experts closely watch the hearing implant market.
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last three years
- Key companies dominating the Global hearing implants Market.
- Various opportunities are available for the other competitors in the hearing implants market space.
- What are the top-performing segments in 2020? How will these segments perform in 2027?
- Which are the top-performing regions and countries in the current hearing implants Market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for hearing implants Market growth in the coming future?
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