Hearing Implants Market: Introduction
Hearing implants are prosthetic devices used to treat hearing loss and deafness. Hearing loss has become one of the major disabilities. Hearing loss is of two types, namely sensineural and conductive hearing loss. There are four types of hearing implants to treat hearing loss, namely the cochlear implant, middle ear implant, bone conduction implant and auditory brainstem implant, which have been included in the report.
Hearing implants are used by the patients in the cases when the hearing aids don’t work. The implants are fitted by surgical procedures. The hearing implants are small complex devices that provide a sense of sound to the patients suffering from profound hearing loss.
The hearing implants consist of two parts, an external portion and the implant which is surgically placed under the skin. The microphones from the external portion capture the sound. The sound processor selects the useful sound by the microphone, which is further converted into electric impulses. Electrodes collect the impulses and send them to different regions of the auditory nerve. The implant provides a representation of the sound and help the patient to understand the speech. The use of hearing implants require both surgical procedures with post-implantation therapies.
Moreover, favorable reimbursements for the surgery has increased the adoption of hearing implants. Some of the insurance providers offer 100% insurance, while some offer 50% which varies depending upon the regions and regulations. Besides, growing geriatric population in the developed regions is expected to create opportunities for the growth of the hearing implant market. The market for hearing implants is expected to grow with the upcoming technologies and launch of innovative gadgets, which will decrease the prevalence rate and help the patients in speech recognition.
Hearing Implants Market: Value Forecast
The global hearing implants market was valued at US$ 937.7 Mn in 2017 and is expected to expand at a CAGR of 7.5% over the forecast period (2018–2028).
Hearing Implants Market: Dynamics
The growth of the global hearing implants market is mainly driven by growing prevalence of hearing loss and constant efforts by the researchers and scientists to enhance the hearing outcomes for the patients. Furthermore, early implantation in children is also expected to drive the growth of the hearing implants market. Besides, there are only three major manufacturers of hearing implants, which is expected to create growth opportunities for the new players planning to invest in the hearing implants market. Moreover, the cochlear implants segment is expected to increase by US$ 1,746.5 Mn in 2028 due to higher availability and affordability of the products with favorable reimbursements.
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Hearing Implants Market: Key Regions
The global hearing implant market has been segmented on the basis of regions into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding China and Japan (APECJ), Japan and Middle East & Africa (MEA). In terms of revenue, North America is projected to be the dominant regional market for hearing implant throughout the forecast period as manufacturers in the region are developing products that have the potential to treat profound hearing loss, by collaborating with other companies and by developing sound processors with double microphones, which will help the patients to listen better without disturbances and noise.
APECJ, Japan and China are expected to witness significant growth during the forecast period as numerous research and development activities are been carried out by the manufactures to improve the hearing quality of the hearing implants. The U.S. is expected to be the dominant market in North America due to a large patient pool (both pediatrics and adults above the age of 65 years) suffering from various diseases.
Germany and the U.K. with a high adoption rate of hearing implants is estimated to have 48% share in the global market over the forecast period. The U.S., Japan, Germany, the U.K. and China contribute a major share in the global hearing implants market.
Hearing Implants Market: Key Players
Examples of some of the key players operating in the global hearing implants market are Cochlear Ltd., MED-EL, William Demant Holding A/S, Advanced Bionics AG, Nurotron Biotechnology Co. Ltd., Ototronix , Envoy Medical Corporation and Medtronic. A large number of players operating in the hearing implants market are focused on entering into collaborations and partnerships with other companies in order to enhance their market presence as well as technologies globally. Moreover, this also enables the companies to increase product visibility across different regions.
The next section of the hearing implants report analyses the global hearing implants market based on product type and presents the forecast in terms of value for the next 10 years. The product types covered in the report include:
- Cochlear Implants
- Middle Ear Implants
- Bone conduction Implants
- Auditory brainstem implant
The next section of the report analyses the global hearing implant market based on end users and presents the forecast in terms value for the next 10 years. The end users covered in the report include:
- ENT clinics
- Ambulatory Surgical Centres
The next section of the report analyses the global hearing implants market based on regions and presents the forecast in terms of value for the next 10 years. The regions covered in the report include:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding China and Japan (APECJ)
- Middle East & Africa (MEA)