Hearing Implants Market by Product [Cochlear Implants, Bone-Anchored Hearing Systems (BAHS), Auditory Brainstem Implants, and Middle Ear Implants), Application (Severe-to-Profound Sensorineural Hearing Loss, High Frequency Sensorineural Hearing Loss, and Mild-to-Severe Sensorineural Hearing Loss], End-User [Hospitals & Clinics, and Ambulatory Surgical Centers (ASCs)], Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

Hearing Implants Market Analysis:

Hearing implants refer to the electronic devices that are surgically placed in the ear to treat hearing loss and deafness. They are implanted in the inner part of the ear of patients having mild to severe nerve deafness. Hearing loss is generally of two types that are conductive and sensorineural. When hearing aids don’t fulfill the purpose of enabling a person to listen, hearing implants are used. They are fitted in a person’s ear for surgical purposes. A hearing implant device comprises of an electrode array, transmitter, speech processor, and a microphone. The implant device transforms sound vibrations into signals by electrically stimulating nerves. These signals are then sent to the auditory nerve, which enables a person to recognize sounds and hear clearly. Although the implant isn’t capable of restoring hearing capabilities, it assists an individual to interpret and understand sounds. They are effective, widely accepted, and a long term hearing solution.

Growing cases of hearing disorders, rising geriatric population, and increasing adoption for minimally invasive techniques to drive the market growth

Rising cases of hearing disorders across the globe with mild to severe nerve deafness have led to major adoption of hearing implant devices. For instance, as per a March 2020 report published by the World Health Organization (WHO), more than 5% of the global population is suffering from hearing loss. The numeric figure is around 466 million people of which 432 million are adults and 34 million are children. Further, the report estimates show that by the year 2050 over 900 million people across the globe will have a hearing loss disability, which accounts for one person in every ten people. These estimations clearly show a big portion of the population suffers from hearing disorders and seek to hearing implant devices across the world. Further, the growing geriatric population is also facilitating in market growth as with the growing age the auditory nerves often become weak and lose their full ability to hear. As per a report released in 2015 by the World Health Organization (WHO), the global geriatric population will reach 2.1 billion by the year 2050. This will create a major customer base over the forecast period due to a significant rise in the geriatric population, leading to the rise in demand for hearing implant devices. Also, there has been a significant rise in the demand for minimally invasive treatments for surgical purposes owing to growing adoption and awareness by healthcare sectors across the globe. This has led to a significant increase in the demand for hearing implant devices.

High treatment costs with postoperative follow-ups are the major factors hampering the market growth

High treatment costs owing to the usage of costly equipment and technology impact the market growth negatively as a large customer base globally shifts for cheap or more affordable options like hearing aids. Further, continuous follow-ups for the fine-tuning of implant devices to understand how well they are working and what minor changes are to be made makes the overall process cumbersome and increases costs incurred.

Growing insurance and funding schemes, technological upgradations and increasing prevalence of hearing diseases in children to drive the market growth

Growing funding schemes by private banks and financial institutions to fund the surgeries and other medical-related bills have positively impacted the market. The government runs healthcare reimbursement schemes by multiple developed countries such as U.S., U.K., Canada, Germany, and others which has created a lucrative opportunity for market growth. Owing to growing awareness about these schemes and increasing transparency about the terms and conditions has created a large customer base to cater during the forecast period. Further, technological upgradations and advancements in the healthcare sector of multiple poor, underdeveloped, and developing nations have developed new market opportunities by extending their reach and creating a new set of customers. Also, the growing prevalence of chronic ear diseases due to multiple reasons has created a great opportunity. As per a March 2020 report by World Health Organization (WHO), 34 million children have hearing diseases across the globe and the major reasons are certain infectious diseases, complications at birth, use of a particular drug, genetic causes, and chronic ear infections. The figures are expected to rise majorly during the forecast period and will create major market opportunities for growth.

Hearing Implants Market, by Product:

Cochlear implants segment to be the most lucrative till 2027

Cochlear implants will have a dominating share in the global market and they are expected to register a significant revenue during the forecast period. Major adoption by patients, cost-efficiency, favorable reimbursement schemes, and greater availability across the globe are the major factors driving the market growth. Further, growing hearing diseases and the rise in the geriatric population are expected to fuel the market.

Hearing Implants Market, by Application:

High frequency sensorineural hearing loss will register a significant growth

High frequency sensorineural hearing loss segment is expected to register significant growth in the hearing implants market during the forecast period. High frequency sensorineural hearing loss refers to the permanent loss of hearing high frequencies between the range of 2,000-8,000 hertz (Hz). High frequency loss condition is the most prevailing across the globe because of which the implants are mostly used for its treatment.

 Hearing Implants Market, by End User:

Hospitals and clinics segment to grow exponentially

Hospitals and clinics segment is anticipated to grow exponentially in the hearing implants market during the forecast timeframe. Growing cases of hearing disease require immediate treatment for which hospitals and clinics are highly equipped. Growing investments in the healthcare sector have made all the technology available in these hospitals and clinics and developed healthcare infrastructure majorly. Hospitals and clinics are more cost-effective and have highly trained staff which can place these devices surgically more efficiently. All these factors motivate the general public to get treated in hospitals and clinics, because of which the demand for hearing implants comes mostly from them.

Hearing Implants Market, by Region:

North America region to hold the largest market share

North America region is expected to hold the largest share in the hearing implants market during the forecast period. Growing awareness and adoption, government reimbursement schemes, funding schemes, access to advanced healthcare centers for rehabilitation post-surgery, robust healthcare infrastructure, and wide availability are the major factors driving the market growth in the region. Further, growing hearing diseases and the geriatric population is fueling the market growth in the region.

Asia Pacific region to grow at a fast pace

Asia Pacific region is anticipated to grow at a fast pace in the hearing implants market during the forecast timeframe. Rising urbanization and industrialization in the region has led to increased hearing ailments due to massively growing noise pollution. Moreover, Improper legislation for prevention of noise pollution allows such factories to let the workers and employee work in places which produce high-frequency sensations, capable of potentially damaging auditory nerves permanently. Growing customer spending on the healthcare sector, increased investments, growing government initiatives, technological advancements, and rising geriatric population and hearing disease cases to propel the market growth in the region.

Key Participants in the Global Hearing Implants Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Source: Research Dive Analysis

Some of the significant hearing implants market players include WIDEX USA, INC., Sonova., Cochlear Ltd., MED-EL Medical Electronics., GN Store Nord A/S, William Demant A/S, IntriCon, Sivantos Pte. Ltd., Starkey, and Medtronic.

Hearing implants market players are concentrating on acquisition & merger and advanced product development. These are the various strategies followed by established organizations. To emphasize more on the competitor analysis of market players, the Porter’s five forces model is explained in the report.