The bionic ears market is expected to reach USD 26,980.20 million by 2027 at a CAGR of 8.10%. A bionic ear is a neural prosthesis designed for people with hearing loss. It can stimulate the auditory nerve and deliver sound signals directly to the brain. The bionic ear is a receptor-stimulator and an external sound processor; both are fitted behind the ear.
Best growth boosters
The increasing burden of hearing impairment around the world alongside the increase in the geriatric population is more than likely to drive the market growth in the coming years. The World Health Organization (WHO) reveals that more than 460 million people worldwide currently suffer from some form of hearing loss. According to the Royal National Institute for Deaf People, hearing impairment develops with age, affecting nearly 80% of people over 70 and 45% of people over 50. Prolonged exposure to noise, increasing healthcare costs and the emergence of highly innovative bionic hearing aids have increased the size of the industry across the world.
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The increased demand for minimally invasive surgeries has had a notable impact on the global market. More and more of these devices are adopted as technological innovations continue to increase. The availability of supplemental insurance plans, increased R&D spending for the design of next-generation sound processors, and increased hearing impairment in newborns could also benefit the bionic ear market over the course of time. the next few years.
Poor quality medical facilities, especially in underdeveloped countries, along with strict and strict government policies might restrain the growth of the market in the following years.
The bionic ear market is segmented by device type, end user, and region.
Based on device type, the bionic ears market is divided into cochlear implants, brainstem hearing implants, and bone anchored hearing aids. The cochlear implant segment is expected to hold a significant market share in 2020. The cochlear implant is proving to be more effective than traditional devices. These devices improve sound quality and thus improve a person’s ability to understand speech better. It also helps restore sound even in noisy surroundings and is even considered safe for children.
Based on the end user, the bionic ear market is segmented into research institutes and hearing clinics and hospitals. The hearing clinic and hospital segment dominated the market and held the largest market share in 2020. Hospitals provide better care and have more qualified medical staff, thereby attracting more patients. Apart from this, due to advancements in the treatment procedures and facilities of these hearing clinics, significant growth is expected.
In terms of geography, the bionic ear market has been segmented into regions such as North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the global bionic ear market. North America accounted for the largest market share in 2020 and is expected to continue to dominate over the forecast period, owing to the increasing adoption of new technologies, established medical infrastructure, and growing awareness that accelerated market growth. The North American market includes the United States and Canada. The increasing prevalence of the geriatric hearing impaired population is a key factor supporting the growth of the bionic ear market in North America.
On the other hand, Europe is expected to be the second largest market for the bionic ear due to the highly developed healthcare industry, the large R&D infrastructure and the accessibility of products.
The Asia-Pacific bionic ear market is expected to experience the fastest growing due to the growing geriatric population. In addition, the medical infrastructure of these countries is growing, which has resulted in the growth of the market.
The bionic ear market in the rest of the world is driven by technological developments. The increasing number of healthcare facilities and government initiatives to improve the healthcare industry is also driving the market growth in this region.
On a regional basis, North America is expected to dominate the global bionic ear market due to factors such as the presence of major service providers in this region involved in R&D activities. Increased public awareness among people and improved diagnostic facilities, as well as technological advancements in bionic ears have a huge impact on business development. In addition, the presence of major market giants involved in mergers and acquisitions and new product innovation is another driver of market growth. For example, in May 2021, Sonova acquired the consumer division of Sennheiser electronic GmbH & Co. KG (Sennheiser), which focuses on the business of headphones and hearing aids for private customers, fits perfectly with the strategy from Sonova to innovate the hearing experience. and involve consumers from the start of their hearing journey. Additionally, in July 2017, Cochlear Limited introduced the Cochlear Nucleus 7 sound processor to the US market. It was by the US FDA.
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On the other hand, Europe is expected to occupy the second position in the global bionic ear market due to investments in healthcare, technological advancements, favorable government policies and increasing incomes of individuals.
Asia-Pacific is expected to be the fastest growing regional market during the assessment period due to rapid improvement in health infrastructure and large population.
In addition, the growth of the rest of the world market is attributed to the financial situation and access to healthcare, which has resulted in the early adoption of the product and the management of hearing loss issues.
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