The global Hearing Implant Market is expected to grow from an estimated US$ 1.218 Billion in 2021 to a projected US$ 2.53 Billion by the end of 2031, according to Future Market Insights’ report.
With both the geriatric population and children experiencing hearing impairments, hearing loss is becoming a major global health concern. According to a recent study on the hearing implant industry released by renowned research firm Future Market Insights, early intervention of hearing implants in youngsters is starting to become popular.
The cost of treating hearing impairment is a significant burden on the world’s healthcare system, and producers of hearing implants are under pressure to provide hearing solutions that would enable accessible hearing treatment for the entire world’s population. Cochlear implants are the most popular product on the global market for hearing implants, especially for those with profound hearing loss for whom hearing aids are of little use.
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Patients with significantly damaged inner ear sensory cells are advised to get cochlear implants. Patients with profound hearing loss are now able to experience sounds thanks to these implants, which directly activate the auditory nerve and give out a sound impression. The best choice for better hearing is cochlear implants, which are widely accepted by the world’s medical community. The promise of improved hearing is encouraging the use of hearing implants, increasing global market revenues.
Global Unmet Need of Hearing Implants and Technological Advancements in Hearing Solutions Key Opportunity Area for Manufacturers
The global market for hearing implants provides immense opportunities for companies, with the market faced with the need to manufacture affordable and functional hearing implants along with the provision of adequate follow-up services with audiologists With the current production rate of hearing implants falling short of the global demand – especially when factoring in patients requiring bilateral implants – there is huge growth potential for both existing hearing implant manufacturers as well as new players.
Further, considering that there are very few companies manufacturing hearing implants globally, there exists a lucrative revenue opportunity in the global hearing implant market. Technological advancements in hearing care solutions are boosting global market demand for hearing implants. For instance, laser light technology is being incorporated in a new type of cochlear implants.
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Regular doctor follow-ups are mandatory post the initial programming of the hearing implant, and to simplify this process, a new remote feature is being developed, which enables patients to have regular follow-up programming sessions with their audiologists as and when required. One of the key players in the global hearing implant market has launched a Bluetooth wireless connectivity enabled device for patients opting for cochlear implants. By connecting to audio processors, this device helps patients acquire better hearing experiences.
High Cost Factor and Health Risks Arising from Surgical Procedures Restraining Revenues in the Global Hearing Implant Market
Hearing implants may come at increased prices, based on the functional complexity and extent of technology used. Further, being a surgical intervention, hearing implants result in additional costs such as surgery fees, medication, and hospitalization costs.
Hearing aids on the other hand are relatively cheaper and hence more affordable to all classes of people. High powered hearing aids are fast becoming popular owing to their ease of use and direct manageability by patients. Further, risks and complications arising from hearing implant surgeries is making patients opt for hearing aids. This is expected to restrict revenue growth of the hearing implant market.
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The global market for hearing implants is dominated by one company that holds about 55% of the total market revenue. This company manufactures a variety of products including bone conduction implants, middle ear implants, and auditory brainstem implants.
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:
- Hospitals
- ENT clinics
- Ambulatory Surgical Centres
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By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding China and Japan (APECJ)
- Japan
- China
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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