Hearing Implant Market Expected to Record Robust Growth

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DUBAI, United Arab Emirates, Aug. 07, 2022 (GLOBE NEWSWIRE) — According to the latest industry analysis from Future Market Insights, the global hearing implant market is expected to register a robust CAGR of 7.7% during the forecast period of 2021 to 2031. The hearing implant market was expected to reach approximately US$1,218.6 million by the end of 2021. The market grew at a CAGR of 5.1% from 2016 to 2020. This growth is attributed to the increasing incidence of hearing loss and disabilities as well as technological advances. incorporated into implant devices.

Prostheses used to treat hearing loss and deafness are categorized as hearing implants. Hearing loss has become one of the major disabilities and with increasing incidence across the globe, the market for hearing implants is expected to witness tremendous growth.

Hearing loss is mainly of two types: sensorineural hearing loss and conductive hearing loss. There are four types of hearing implants to treat hearing loss, namely cochlear implant, middle ear implant, bone conduction implant and hearing brainstem implant.

Hearing implants are used in cases where hearing aids do not work. Implants are small, complex devices fitted through surgical procedures that provide sound sensation to patients with profound hearing loss.

Hearing implants are made up of two parts, i.e. an outer part and the implant which is surgically placed under the skin.

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The microphones in the external part pick up the sound while the sound processor selects the useful sound by the microphone, which is then converted into electrical impulses.

Electrodes collect the impulses and send them to different regions of the auditory nerve. The implant provides a representation of sound and thus helps the patient to understand speech.

Hearing implants require both surgical procedures and post-implantation therapies. Favorable reimbursement policies for surgery around the world have increased the adoption of hearing implants. Again, increasing geriatric population in developed regions is expected to create attractive market opportunities for hearing implants.

Moreover, the integration of new technologies and the release of innovative gadgets will likely increase the sales of hearing implants in the market. With increasing cases of hearing loss and constant research efforts by researchers and scientists to improve the hearing outcomes of these implants for patients, this will drive the growth of the market.

Likewise, an increase in early implantation in children is expected to drive the growth of the hearing implant market.

“Increasing cases of hearing loss coupled with upsurge in early implantation among children is expected to drive the market growth for the forecast period,” says an IMF analyst.

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Key points to remember:

  • Increasing cases of hearing impairment across all age groups to propel market growth.
  • Asia-Pacific, including China and Japan, will witness tremendous market growth over the forecast period.
  • North America is expected to dominate the market over the assessment period.
  • High Adoption Rates Drive Market in Germany and UK
  • The cochlear implants segment is expected to grow by US$1,746.5 million in 2031.

Competitive landscape

Cochlear Ltd., MED-EL, William Demant Holding A/S, Advanced Bionics AG, Nurotron Biotechnology Co. Ltd., Ototronix, Envoy Medical Corporation, and Medtronic among others are some of the major players in the hearing implant market that are profiled in the full report.

The majority of hearing implant manufacturers are focusing on strategic collaborations and partnerships with other companies in the market to improve their technology as well as to deepen their global market penetration. This further allows companies to improve the visibility of their products in different regions.

Additionally, there are only three major manufacturers of hearing implants, which is expected to create growth opportunities for new players planning to invest in the hearing implants market.

Key Segments Covered in the Hearing Implants Market Study:

By product type:

  • Cochlear implants
  • Middle ear implants
  • Bone conduction implants
  • Auditory Brainstem Implant

Per end user:

  • Hospitals
  • ENT clinics
  • Ambulatory surgery centers

By region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia-Pacific excluding China and Japan (APECJ)
  • Japan
  • China
  • Middle East and Africa (MEA)

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More information about the Hearing Implants market report

In its latest report, FMI offers an unbiased analysis of the Global Hearing Implants Market, providing historic data from 2018 to 2028 and forecast statistics from 2021 to 2031. To understand the potential, growth, and scope of the global market, The market is segmented on the basis of product type (cochlear implants, middle ear implants, bone conduction implants, auditory brainstem implants), end-user (hospitals, ENT clinics, outpatient surgery centers) and the region.

According to the latest IMF reports, based on revenue, North America is expected to lead the market over the forecast period. Manufacturers in the region are developing products that have the potential to treat profound hearing loss. These companies are collaborating with other companies and developing dual-microphone sound processors, which will help patients listen better without disturbance or noise.

The market growth in this region is likely to be driven by the US hearing implant market due to the presence of a large patient pool comprising patients of all age groups with various diseases.

Asia-Pacific, including Japan and China, is expected to experience substantial growth over the assessment period. Due to the existence of numerous research and development activities carried out by the manufacturers to improve the hearing quality of implants, the regional market is expected to witness an impressive growth in the market.

In Europe, Germany and the United Kingdom dominate the market. Due to high adoption rate of hearing implants, UK and Germany are estimated to account for 48% share of the global market during the forecast period.

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Additionally, the cochlear implants segment is expected to grow by US$1,746.5 million in 2031 owing to higher availability and affordability of products with favorable reimbursement policies.

Contents

1. Summary

1.1. Market overview

1.2. Market analysis

1.3. MFI analysis and recommendations

1.4. Wheel of Fortune

2. Presentation of the market

2.1. Market Taxonomy

2.2. Market definition

3. Hearing Implants Market Opportunity Analysis

3.1. Macroeconomic factors

3.2. Opportunity analysis

4. Global Economic Outlook

4.1. Global gross domestic product by region and health expenditure

4.2. Hearing Implant Market Outlook

5. Market context

5.1. Market dynamics

5.1.1. Drivers

5.1.2. Constraints

5.1.3. Opportunities

5.1.4. Tendencies

6. Key inclusions

6.1. Hearing Implant Price Analysis by Region (2018)

6.2. Refunds

Read more Table of contents…

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