Hearing Implants Market
Hearing Implants Market 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 Processor), By Application (Conductive Hearing Loss, Mixed Hearing Loss, and Sensorineural Hearing Loss), By End-User (Hospitals, ENT Clinics, and Others), by geography, is anticipated to grow at a significant CAGR forecast till 2028 owing to the growing prevalence of hearing loss across the globe and increase in technologically advanced product approvals.
The global hearing implants market is growing at a CAGR of 7.38% during the forecast period from 2023 to 2028. The rise in demand for hearing implants is predominantly attributed 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 among the population worldwide. Moreover, the growing old-age population, technological advancement in the product arena, and an increase in product approvals by the authorities are some other factors responsible for hearing implants market growth.
Hearing Implants Market Dynamics:
There is a rise in demand for hearing implants at present owing to the rising prevalence of hearing loss among the population across the globe where hearing aids are not much helpful. According to the data released by the World Health Organization 2021, over 5% of the world population comprising 432 million adults and 34 million children have some degree of hearing loss. Also, as per the same data, the rise of people with hearing loss is estimated to increase to 700 million by the year 2050.
In addition, growing exposure to the high-intensity sound which could lead to hearing impairments and hearing loss will also spike the demand for hearing implants. For instance, as per the statistics released by the WHO in the year 2021 in the study Deafness and hearing loss, an estimated 1 billion young adults are at risk of permanent hearing loss due to unsafe listening practices.
Moreover, the rising burden of age-related hearing loss is also a driving factor for the hearing implants market. For instance, as per the 2021 data published by the National Institute on Deafness and Other Communication Disorders, approximately 30 million population of the US aged 12 years or above have hearing loss in both years. The data also mentioned that around 2% of the population with disabling hearing loss were adults aged between 45 and 54 years and the rate increased to 25% and 50% of those aged 65 to 74 and 75 and older, respectively.
Henceforth, the above-mentioned factors will contribute to the global hearing implants market growth during the forecasted period.
However, certain factors such as the stringent regulatory approval process of the devices and the high cost of the implants and surgical procedures are the factors likely to hamper the hearing implants market growth.
Further, the unprecedented outbreak of the COVID-19 pandemic has slowed down the market growth for hearing implants. This is because, with the rise of COVID-19 cases, the government across the globe implemented various safety measures such as lockdown and stringent guidelines which disrupted the supply chain of hearing implants internationally. Hearing implants are surgically placed inside the ear. Therefore, the cancellation of elective surgeries in the hospital during the pandemic situation to prevent the transmission of the disease among the patients as most of the population receiving hearing implants belong to the old age group also impacted the hearing implants market. However, due to the launch of vaccines, the post-pandemic situation of the market is expected to gain normalcy as manufacturers have increased their manufacturing capabilities along with hospitals resuming elective surgical procedures.
Hearing Implants Market Segment Analysis:
Hearing implants Market 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 Processor), By Application (Conductive Hearing Loss, Mixed Hearing Loss, and Sensorineural Hearing Loss), By End-User (Hospitals, ENT Clinics, and Others), and By Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the hearing implants product segment, the cochlear implants segment is projected to hold the largest market share in the forthcoming years. The rise in the adoption of cochlear implants by the population across the globe is one of the key factors contributing to the segment growth. According to the National Institute on Deafness and Other Communication Disorders 2021 data, there were approximately 736,900 cochlear implants were implanted worldwide by the end of the year 2019.
Cochlear implants are widely preferred by the target population as they are cost-effective and are available in both unilateral and bilateral fitting types.
Additionally, an increase in approval of a variety of cochlear implants is also anticipated to augment the cochlear implant market growth. For instance, in March 2020, Cochlear Ltd. received FDA approval for its Nucleus 24 Cochlear Implant System intended to provide hearing to patients 9 months of age and older.
Thus, all the aforementioned factors will contribute to the hearing implants market growth.
Asia-Pacific is expected to register the fastest growth in the Global Hearing Implants Market:
Geographically, the global Hearing Implants market is studied in North America, Europe, Asia-Pacific, and the Rest of the World. In terms of the fastest market growth, Asia-Pacific is expected to register the fastest growth in terms of CAGR and would continue to present great opportunities for revenue generation in the Hearing Implants market during the forecast period. This fast growth of the market can be ascribed to the presence of a large geriatric population base, a growing patient population associated with hearing disorders. Furthermore, the rising demand for minimally invasive techniques in the region might also lead to an increase in the adoption of hearing implants which may further drive the demand for Hearing Implants in the region. In addition to the factors mentioned above, the growth observed in the insurance and funding schemes along with the technological upgrades and the rising prevalence of hearing disorders amongst children in the region is also contributing to the regional market growth in APAC. However, the superiority in revenue generation would be accounted for North American market.
According to the data provided by the World Health Organization (2023), in 2020, approximately 63 million people were suffering from significant auditory replacement accounting for an estimated prevalence of 6.3% of the Indian population.
Also, there is a rising prevalence of adoption of hearing implants amongst the people of Japan. For instance, as per the Japan Hearing instruments manufacturers association 2021, in the year 2020, there were about 14% of the Japanese people that had reported hearing loss and used hearing implants in their everyday life.
In addition to the factors driving the product demand based on the increase in the patient population suffering from hearing disabilities, the product development activities in terms of product approvals from regional authorities also help in increasing market access for manufacturers in the region. For instance, on March 18, 2020, Cochlear received the Food and Drug Administration approval to lower the age of the pediatric cochlear implantation to 9 months. Therefore, the interaction of various factors such as the presence of a large patient population suffering from hearing disabilities, and the launch of new products in the region, is estimated to drive the APAC market for Hearing Implants during the forecast period.
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 as well as a well-established healthcare system also plays a key role in patients being able to access the services more enthusiastically as compared to other regions.
Hearing Implants Market Key Players:
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.
Recent Developmental Activities in the Hearing Implants Market:
- 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.
Key Takeaways from the Hearing Implants Market Report Study
- Market size analysis for current market size (2023), and market forecast for 5 years (2023-2028)
- The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Hearing implants market.
- Top key product/services/technology developments, mergers, acquisitions, partnerships, joint ventures happened for the last 3 years
- Key companies dominating the Global Hearing implants Market.
- Various opportunities are available for the other competitor in the Hearing implants Market space.
- What are the top-performing segments in 2022? How these segments will perform in 2028.
- Which are the top-performing regions and countries in the current market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Hearing implants market growth in the coming future?
Target Audience who can be benefited from the Hearing Implants Market Report Study
- Hearing implants providers
- Research organizations and consulting companies
- Hearing implants-related organization, association, forum, and other alliances
- Government and corporate offices
- Start-up companies, venture capitalists, and private equity firms
- Distributors and Traders in Hearing implants
- Various End-users who want to know more about the Hearing implants Market and latest technological developments in the Hearing implants market.
Frequently Asked Questions for the Hearing Implants Market:
1. What are Hearing implants?
Hearing implants are small electronic devices that are surgically placed in the ear to rectify severe hearing loss. Based on which part of the ear is affected there are different hearing implants such as cochlear implants, middle ear implants, and bone conduction implants, among others available in the market.
2. What is the market for Global Hearing implants?
The global Hearing Implants Market is growing at a CAGR of 7.38% during the forecast period from 2023 to 2028.
3. What are the drivers for Global Hearing implants?
The major factors driving the demand for hearing implants are the rising worldwide prevalence of hearing disability, the growing burden of the geriatric population, an increase in technologically advanced product approvals, and the availability of well-established reimbursement policies, among others.
4. What are the key players operating in Global Hearing implants?
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.
5. Which region has the highest share in the Hearing implants market?
Among all the regions, Europe is expected to hold the largest hearing implants market during the forecasted period 2023-2028. This is due to the burgeoning burden of hearing loss and other hearing disabilities in the region. Moreover, the presence of key players, strategic business activities, product approvals, and others are also the factors fuelling the market for hearing implants.
