Increase in prevalence of hearing disorders, growth in geriatric population and technological advancements in hearing implants drive the growth of the global hearing implants market.
PORTLAND, Ore., Nov. 10, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Hearing Implants Market by Product (Cochlear Implants, Bone Conduction Devices, Middle Ear Implants, Auditory Brain Stem Implants), by Application (Sensorineural, Conductive), by End User (Hospitals, ENT Clinics, Ambulatory Surgical Centers): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global hearing implants market was valued at $1.7 billion in 2022 and is estimated to reach $3.8 billion by 2032, exhibiting a CAGR of 8.2% from 2023 to 2032.
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Prime determinants of growth
Growth in R&D activities, rise in prevalence of hearing disorders and growth in awareness regarding the use of hearing implants to minimize contamination risk are the factors that drive the growth of the global hearing implants market. However, stringent regulatory requirements hinder market growth. On the contrary, a rise in healthcare expansion is expected to offer remunerative opportunities for the hearing implants market during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$1.7 billion |
|
Market Size in 2032 |
$3.8 billion |
|
CAGR |
8.2 % |
|
No. of Pages in Report |
345 |
|
Segments Covered |
Product, application, end user, and region |
|
Drivers |
Increase in prevalence of hearing disorders Growth in geriatric population Technological advancements in hearing implants |
|
Opportunities |
Opportunities in emerging countries |
|
Restraints |
Limited candidacy for implantations Risk associated with surgeries |
Economic Downturn Analysis: Impact of Recession in 2023 on the Hearing Implants Market
- The impact on the medical device industry, including hearing implants, can be stable during a recession.
- There can be an impact on the production of hearing implants as pharmaceutical companies face financial constraints. However, surge in aging population and the prevalence of hearing disorders further support the sustained demand for hearing implants is expected to drive the growth of the market.
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The cochlear implant segment to maintain its leadership status throughout the forecast period.
On the basis of product, the cochlear implant segment dominated the market in 2022, accounting for more than four-fifths of the global hearing implants market, this is attributed to its effectiveness in addressing severe to profound hearing loss. It provides improved hearing capabilities to individuals who cannot benefit significantly from traditional hearing aids. Moreover, advancements in cochlear implant technology, such as improved speech processing algorithms and enhanced battery life, have increased its appeal, solidifying its position as a leading choice for those seeking a more comprehensive solution to their hearing impairment.
However, the bone conduction implant segment is expected to register the highest CAGR of 10% during the forecast period. Bone conduction implant offers an alternative solution for individuals with certain types of hearing loss, particularly those who cannot benefit from traditional hearing aids due to issues such as conductive hearing loss or anatomical abnormalities. Bone conduction implants have become more sophisticated, as technology improves, allowing for better sound quality and customization. In addition, advancements in surgical techniques and implant design have enhanced the safety and effectiveness of bone-conduction implantation procedures.
The sensorineural segment to maintain its lead position during the forecast period.
On the basis of application, the sensorineural segment accounted for the largest share in 2022, accounting for nearly 90% of the global hearing implants market revenue. This is attributed to advancements in sensorineural implant technology such as improved speech processing algorithms and enhanced compatibility with various lifestyles have driven the demand for these implants. Moreover, the increase in awareness among both medical professionals and potential recipients about the benefits of sensorineural implants has contributed to their rise in demand.
However, the conductive segment is projected to register the highest CAGR of 8.9% during the forecast period owing to an increase in the prevalence of conditions such as congenital malformations, chronic ear infections, or trauma-related hearing loss. In addition, growth in awareness regarding conductive implants and improving surgical techniques increases its adoption.
The hospital segment to maintain its lead position during the forecast period.
On the basis of end user, the hospital segment accounted for the largest share in 2022, accounting for half of the global hearing implants market revenue. Hospitals serve as pivotal healthcare institutions with the comprehensive infrastructure, specialized medical staff, and resources required to perform complex hearing implant surgeries, including cochlear, middle ear, and sensorineural implants. The extensive capabilities of hospitals provide patients with a sense of security, ensuring that implant procedures are conducted in a controlled and medically equipped environment.
However, the ambulatory surgical centers segment is projected to register the highest CAGR of 8.9% during the forecast period owing to increase in demand for minimally invasive surgical procedures, the convenience and cost-effectiveness of ambulatory surgical centers, and a growth in trend toward outpatient treatments for hearing implant procedures. These factors have driven the strong growth of this segment in the market.
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North America is expected to maintain its dominance by 2032
On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for two-fifths of the global hearing implants market revenue owing to an increase in technological advancements, rise in hearing disorder cases and rise in adoption of hearing implants for management of hearing loss. In addition, the presence of key market players and their offerings strengthen the market position. These companies actively engage in R&D, ensuring the availability of innovative and effective hearing implants potentially driving the market growth in this region.
However, the Asia-Pacific segment is projected to register the highest CAGR of 9.5% during the forecast period. This growth is attributed to several factors including growth in prevalence of hearing loss conditions attributed to the growth in geriatric population and the need for hearing implants for effective management are anticipated to drive the market growth. In addition, the growth in demand for minimally invasive implantable procedures further drives the market growth in this region. Moreover, the improvement in healthcare infrastructure and increased initiatives in awareness and support for early diagnosis and treatment are anticipated to drive market growth in this region.
Leading Market Players: –
- Cochlear Limited
- Med-El Elektromedizinische Geräte Gesellschaft M.B.H.
- Sonova Holding Ag
- Medtronic Plc
- Zhejiang Nurotron Biotechnology Co., Ltd
- Envoy Medical
- Ototronix LLC
- Todoc Co. Ltd
- Neubio AG.
- Hemideina
The report provides a detailed analysis of these key players in the global hearing implant market. These players have adopted different strategies such as acquisition and clinal trials, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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