The Global Hearing Implants Market to Grow at a Considerable CAGR of 7.38% During the Study Period (2018-26), Assesses DelveInsight

The surge in demand for hearing aids implants amongst children and the growing prevalence of patients that are deaf or are suffering from other types of hearing issues are some of the key factors that are responsible for the growth of the Hearing Implants market.

LAS VEGAS, April 21, 2022 /PRNewswire/ -- According to the latest report published by DelveInsight, "Hearing Implants Market Insight, the global Hearing Implants market is expected to witness remarkable growth owing to the rising incidence of hearing disorders, technological advancements observed in hearing implants, rising patient preference for minimally invasive procedures, and the significant increase of the geriatric population pertaining to Hearing Implants. This report will provide an in-depth market understanding of Hearing Implants, further benefiting the competitors or stakeholders operating in the Hearing Implants market.

Key Takeaways from the Hearing Implants Market Report

• As per DelveInsight analysis, APAC is anticipated to dominate the global Hearing Implants market during the forecast period.
• The leading Hearing Implant companies with various implanted hearing aids products in development, such as MED-EL Medical Electronics., Sonova, Demant A/S, Medtronic, Cochlear Limited, Envoy Medical., Ototronix, TODOC Co., Ltd., and others, are currently working in the Hearing Implants market.
• On April 7, 2022, Commerce and Industry Minister Piyush Goyal Of India suggested Cochlear Limited (Sydney), a global leader in making hearing aids, to set up a manufacturing base in India, this will attract a huge market for domestic sales as well as export opportunities to other countries.
• On January 11, 2022, Cochlear Limited obtained the Food and Drug Administration for Cochlear Nucleus implant for the treatment of patients suffering from unilateral hearing loss (UHL)/single-sided deafness (SSD).
• In June 2021, Oticon Medical announced FDA Premarket Approval for Neuro Cochlear Implant System to Treat Severe to Profound Hearing Loss.
• In March 2021, Cochlear received FDA clearance for Baha 6 Max, the industry's smallest 55 dB sound processor with direct android streaming.
• On May 21, 2020, Cochlear Americans received approval from the FDA to lower the age of cochlear implantation from 12 months to 9 months for children with bilateral, profound sensorineural hearing loss.
• In July 2020, Cochlear received FDA approval for three new products in its arena of hearing technology solutions. The approved products are Kanso® 2 Sound Processor, Nucleus® 7 Sound Processor for Nucleus 22 Implant recipients, and Custom Sound® Pro fitting software.
• On July 22, 2019, FDA approved MED-EL USA's Cochlear Implants for Single-Sided Deafness and Asymmetric Hearing Loss.
• Therefore, owing to the numerous product development activities in the Hearing Implants domain, there will be significant growth in the Hearing Implants market during the forecast period.

Interested in knowing how the Hearing Implants market will be growing by 2026? Click to get a snapshot of the Hearing Implants Market Report

Hearing Implants

Hearing Implants are known as electronic devices that can be surgically placed in the ear to prevent hearing loss and deafness. Hearing implants are implanted in the inner part of the ear of patients that suffer from mild to severe deafness. Hearing loss is generally of two types that are conductive and sensorineural. When hearing aids cannot fulfill the purpose of enabling a person to listen, hearing implants can be used. They are fitted in the person's ear for surgical purposes and comprise an electrode array, transmitter, speech processor, and microphone. The implanted hearing device tends to transform the sound vibrations into signals that can electrically stimulate the nerves. The signals are then sent to the auditory nerve, allowing the person to recognize the sounds and hear them clearly. Although the implant is not capable of restoring the hearing capabilities, it allows the individual in order to interpret and understand the sounds. The hearing implant devices are effective, widely accepted, and are a long-term solution.

Hearing Implants Market Insights

Geographically, the global Hearing Implants market is studied for North America, Europe, Asia-Pacific, and Rest of the World. In terms of the fastest Hearing Implants market growth, Asia-Pacific is expected to register the fastest growth in terms of CAGR and would continue to present great opportunities for revenue generation in the Hearing Implants market during the forecast period. This fast growth of the Hearing Implants market can be ascribed to the presence of a large geriatric population base, a growing patient population associated with hearing disorders. Furthermore, the rising demand for minimally invasive techniques in the region might also lead to an increase in the adoption of hearing implants which may further drive the demand for Hearing Implants in the region. In addition to the factors mentioned above, the growth observed in the insurance and funding schemes along with the technological upgradations and the rising prevalence of hearing disorders amongst children in the region is also contributing to the regional Hearing Implants market growth in APAC.  However, the superiority in revenue generation would be accounted for the North America Hearing Implants market.

Want to understand why APAC would register faster growth in the global Hearing Implants market? Click to get a snapshot of the Hearing Implants Market Analysis

Hearing Implants Market Dynamics 

Hearing Implants are in high demand right now due to the growing prevalence of hearing loss among the global population, where hearing aids are ineffective. Furthermore, increased exposure to high-intensity sound, which may result in hearing impairments and hearing loss, will increase the demand for Hearing Implants. Furthermore, the growing prevalence of age-related hearing loss is a driving force in the Hearing Implants market. The factors mentioned above will thus contribute to the global Hearing Implants market growth over the forecasted period.

However, certain factors, such as the stringent regulatory approval process for devices and the high cost of implants and surgical procedures, are likely to hinder the growth of the hearing implants market.

Moreover, the impact of the COVID-19 pandemic has adversely impacted the healthcare sector. Hospitals around the world were getting filled with patients that demand urgent care, owing to which many hospitals were running out of resources. Millions of elective surgeries were being postponed or canceled to reallocate the resources for managing COVID-19 patients. This has also negatively affected the medical devices sector. There was a lesser demand observed for hearing implants. The COVID-19 pandemic had shifted the major focus of the healthcare system towards COVID-19, and as a part of the COVID-19 restrictions, a large number of surgeries had to be canceled in many parts of the world, which led to a decline in the global cochlear implant market in 2020.  However, as the restrictions are being eased in most parts of the world, the Hearing Implants market is anticipated to recover and continue at its normal pace from the year 2022 onwards.

Get a sneak peek at the Hearing Implants market dynamics @ Hearing Implants Market Dynamics Analysis

Scope of the Hearing Implants Market Report

• Coverage: Global
• Study Period: 2018-2026
• Market Segmentation By Product Types of Hearing Implants - Cochlear Implants, Middle Ear Implants, Bone Conduction Implants, and Auditory Brainstem Implants
• Market Segmentation By Processor - Behind The Ear Processor and Body-Worn Processor
• Market Segmentation By Application - Conductive Hearing Loss, Mixed Hearing Loss, and Sensorineural Hearing Loss
• Market Segmentation By End-User - Hospitals, Ent Clinics, and Others
• Market Segmentation By Geography - North America, Europe, Asia-Pacific, and Rest of World
• Key Hearing Implant Companies - MED-EL Medical Electronics., Sonova, Demant A/S, Medtronic, Cochlear Limited, Envoy Medical., Ototronix, TODOC Co., Ltd., among others
• Porter's Five Forces Analysis, Product Profiles, Case Studies, KOL's Views, Analyst's View

DelveInsight Analysis: The Hearing Implants market size is expected to grow at a CAGR of 7.38% during the forecast period from 2021 to 2026.

Which MedTech key players in the Hearing Implants market are set to emerge as the trendsetter explore @ Hearing Implants Companies

Table of Contents 

Learn more about hearing aid implant surgery @ Implants for Hearing Loss

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SOURCE DelveInsight Business Research, LLP