Hearing Implants Market:
WiseGuyReports.com adds “Global Hearing Implants Market Research Report 2021 Analysis and Forecast 2030” reports to its database.
The hearing implants devices and equipment market consists of sales of hearing implants. Hearing implants are surgically installed devices aimed to improve the hearing of a person suffering from severe or profound levels of hearing loss. These are segmented into cochlear implants, bone anchored hearing aids (BAHA), mid-ear implants, and auditory brainstem implants (ABI).
The global hearing implants market is expected to decline from $2.5 billion in 2019 to $2.1 billion in 2020 at a compound annual growth rate (CAGR) of -15.5%. The decline is mainly because of worldwide supply and demand mismatches of resources due to the COVID-19 outbreak. There is an inadequate production of hearing implants, hearing aid, hearing diagnostic, voice prosthesis, and other ENT-related devices due to the restrictions imposed by governments of various countries to shutdown factories or function with minimal staffing to contain the spread of virus and keep the staff safe. The market is then expected to recover and grow at a CAGR of 10.5% from 2021 and reach $3.6 billion in 2023.
AGR of 9.25% through 2023.
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Aging population is increasing worldwide and loss of hearing is one of the most common age related disorder in the aged above 60 years. In 2017, population aged above 60 years was more than 600 million and with the increasing geriatric population, the demand for hearing implants is expected to rise. Therefore, increasing aging population is expected to drive the market for hearing implants in the future.
The surgical procedure for implanting hearing implants are associated with various risks and is expected to restraint the market growth in the future. During the surgery, there are possibilities of facial nerve damage which can lead to complete or partial paralysis on the same side of the face as the implant. Due to this and other complications such as development of meningitis, cerebrospinal fluid leakage, infection and others, people prefer conventional hearing aids over implants. Hence, restraining the growth of hearing implants market.
Companies in hearing implants market are making implants using 3D printing in binaural cochlear surgeries. The technology focuses on developing customized 3D printed implants using biocompatible materials to treat anatomical defects with the help of stem cells. Sonova manufactures binaural cochlear implants, which uses two different modes of stimulation, electrical and acoustic to enhance hearing and better discrimination of speech.
Cochlear implant manufacturers have to submit information regarding the material used, efficacy based on clinical trials, any adverse effects to the FDA. The manufacturer can begin the sale of the implants in the USA only after receiving approval from the FDA.
Major players in the market are Sonova (Switzerland), Advanced Bionics AG (Switzerland), Siemens AG, William Demant Holding Group (Denmark) and Microson S.A. (Spain).
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