Bionic Ear Market Scope
Market Research Future (MRFR)'s bionic ear market share report expects the industry to cross ~USD 17.20 Billion by 2030 at a CAGR of ~7.80% during the forecast period (2022-2030).
Major Growth Boosters and Impediments
The alarming rise in the cases of hearing disorder across the globe, coupled with the burgeoning geriatric patient base with deteriorating hearing ability have been favorable for the global market. The World Health Organization (WHO) says that more than 570 million people across the world are affected by hearing disability. Hearing disorder generally develops in line with advancing age. Reports confirm that the condition affects nearly 80% of individuals that are over the age of 70. Prolonged exposure to loud noise, rising healthcare expenditure coupled with the emergence of sophisticated bionic ear devices would work in favor of the global industry as well.
Significant demand for minimally or non-invasive surgeries is emerging as a major trend in the global market. The demand for bionic ear devices has been escalating in conjunction with the surge in technological advances. Availability of several insurance schemes, surge in R&D spending for developing next-generation sound processors and the disconcerting rise in hearing disorders among infants and newborns will further enhance the market size in the next couple of years.
The major players in the global market constantly uptake strategies to improve their business standings. They launch cutting-edge devices with various features and indulge in acquisitions, collaborations, and partnerships. Mounting number of FDA approvals encourage manufacturers to give more focus on product innovation and introduce new devices.
Segmentation
Different device types available in the global market are auditory brainstem implants, cochlear implant, as well as bone-anchored hearing aid. Cochlear implants form the biggest share in the market, since these perform much better than the conventional device types. This device elevates the overall sound quality, enhancing the wearer’s ability to clearly understand the speech. They also clearly filter the sound when its noisy and are mostly worn by children in view of their impressive safety level. Also, cochlear implants help restore partial hearing using electric stimulation of every residual auditory nerve, a feat that no other device is able to achieve. It is used extensively by patients with severe hearing loss. In view of these benefits, the cochlear implants segment should continue to dominate the global market throughout the evaluation period.
End users in the global market for bionic ears include hearing clinics, research institutes, and hospitals. With the increasing spending on healthcare and rising deployment of bionic ears would favor the global market in the years to come.
Regional Status
North America, with the biggest share in the bionic ear market, is the leading region and would retain its dominance all throughout the assessment period. Thanks to the significant public awareness regarding the latest treatments and the presence of well-equipped and staffed diagnostic facilities along with technological advances, the regional market has taken the lead. Escalating adoption rate of the various types of bionic ears among patients as they are gradually recognizing the benefits will do wonders for the market in the United States. Also, with several reputed service providers such as Unitron, Advanced Bionics, Intelligent Hearing System, and Cochlear present in the region, the market demand is bound to soar rapidly in the future.
Asia Pacific will clock the fastest growth, thanks to the surging support from governments in countries like Japan, China, and India. China is one of the most lucrative markets in the region, given the enormous aging patient base affected by hearing disability and the rapid advances in the medical infrastructure.
Eminent Firms
Terumo Corporation (Japan), Cochlear (Australia), Sivantos/ WS Audiology (Singapore), Advanced Bionics (US), Hangzhou Nurotron (China), MED-EL (Austria), Medtronic PLC (Ireland), Edward Lifesciences Corporation (US), Oticon (Denmark), Ossur (Iceland), Listent Medical (China), LifeNet Health (US), William Demant Holdings (Denmark), Ekso Bionics (US), Sonova (Switzerland), are the biggest players profiled in the MRFR's bionic ear market trends study.
Armed with huge budgets allocated for extensive research and development activities, these players focus largely on product innovation to widen their consumer base. A few other important strategies they adopt include acquisitions, expansions, collaborations, FDA approvals, joint ventures, and more.
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