Surge in cases of hearing disability among the children and elderly population across the globe is a major factor fuelling growth.
Future Market Insights (FMI) has projected the hearing implants market to register impressive growth at 7.3% CAGR during the forecast period. Hearing implant market valuation will surpass US$ 1218 Mn by 2021-end.
Rapid technological advancements and introduction of cochlear implants will boost the market growth. Healthcare professionals often recommend cochlear implants in place of hearing aids for cases with severe loss of hearing.
Moreover, favorable reimbursement policies, especially across India, will create attractive opportunities for hearing implant sales. Besides this, Japan and China will emerge as lucrative markets for sales in Asia.
FMI also projects the demand in the U.S. to rise at an impressive pace. Presence of a large pool of patients with hearing disabilities, especially among geriatric population will create conducive environment for market growth.
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Adoption of advanced technologies such as speech recognition and launch of innovative gadgets attached with the hearing implants also will strengthen growth opportunities. Driven by these factors, the market will reach a valuation of 2.53 Bn by the end of 2031.
“Increasing cases of severe hearing loss among children and older people will boost the demand for hearing implants. Preference for cochlear hearing implant due to technological advancements and better hearing ability will create growth opportunities for market players,” says a Future Market Insights analyst.
Key Takeaways from Hearing Implant Market Survey
- In terms of product type, cochlear implants will remain the most preferred type throughout the forecast period
- Based on end-use, while hospitals are expected to witness high growth, presence of local ENT clinics will exhibit faster growth in the segment
- The U.S. is projected to be dominant market for hearing implant throughout the forecast period
- China and Japan are expected to witness significant growth backed by increased research and development activities carried out by manufacturers to develop advanced hearing implants
- Rising prevalence of hearing loss across India will spur the demand for hearing implants in the country
Key Drivers
- Growing prevalence of hearing loss across the globe will spur the market growth in the forthcoming years
- Increasing adoption of smart hearing aids due to the growing incidence of noise-induced hearing loss will improve the demand for hearing implants
- Technological advancements in the field of hearing implant and integration of artificial intelligence will propel the demand
Key Restraints
- High cost of hearing implants, especially in emerging economies, is likely to restrict the market growth
- Dearth of skilled professionals will create a challenge for the growth of hearing implant market
- High-cost factor and health risks arising from surgical procedures are restraining revenues in the global hearing implant market
Competitive Landscape
Key players are focusing on entering into collaborations and partnerships with other companies in order to gain competitive edge. Apart from this, they are introducing new products integrated with advanced technologies.
In June 2021, Oticon Medical announced that the U.S. Food and Drug Administration (FDA) has granted the premarket approval to the company’s Neuro System to treat individuals 18 years or older with bilateral severe-to-profound sensorineural hearing loss.
In February 2021, Cochlear Limited, the global leader in implantable hearing solutions, announced the partnership with leading hearing health experts to conduct the largest ever international clinical study of an investigational cochlear implant that releases a glucocorticoid (anti-inflammatory) drug therapy directly to the cochlea.
In December 2020, Sonova Holding AG, a leading provider of hearing solutions, announced that its U.S. subsidiary Advanced Bionics LLC has received FDA approval in the U.S. for its new Naída™ CI Marvel and Sky CI™ Marvel sound processors.
Prominent players operating in hearing implant market profiled by Future Market Insights include:
- Cochlear Ltd.
- MED-EL
- William Demant Holding A/S
- Advanced Bionics AG
- Nurotron Biotechnology Co. Ltd.
- Ototronix
- Envoy Medical Corporation
- Medtronic.
- Others
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More Valuable Insights on Market
In its latest report, Future Market Insights offers comprehensive insights on the global hearing implant market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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