Bionic Ear Market Overview
Market Research Future (MRFR) expects the bionic ear market to surpass nearly USD 26,980.20 million by the end of 2027. The market should thrive at a rate of around 8.10% between 2020 and 2027. The alarming rise in the cases of hearing disorder across the globe, coupled with the burgeoning geriatric patient base with deteriorating hearing ability have been favorable for the global market. The World Health Organization (WHO) says that more than 570 million people across the world are affected by hearing disability. Hearing disorder generally develops in line with advancing age. Reports confirm that the condition affects nearly 80% of individuals that are over the age of 70. Prolonged exposure to loud noise, rising healthcare expenditure coupled with the emergence of sophisticated bionic ear devices would work in favor of the global industry as well.
Significant demand for minimally or non-invasive surgeries is emerging as a major trend in the global market. The demand for bionic ear devices has been escalating in conjunction with the surge in technological advances. Availability of several insurance schemes, surge in R&D spending for developing next-generation sound processors and the disconcerting rise in hearing disorders among infants and newborns will further enhance the Bionic Ear Market Size in the next couple of years
Organ transplants become necessary when an organ of a body gets damaged due to any reason. However, there are also chances that the brogan transplant will not succeed as sometimes the body rejects the organ transplant. It is a substance introduced in the body to improve the body and make it function like before. The most developed bionics organs, heart and kidney and the most developed medical bionics, are pacemaker and cochlear.
Bionic Ear Market Segmentation
Different device types available in the global market are auditory brainstem implants, cochlear implant, as well as bone-anchored hearing aid. Cochlear implants form the biggest share in the market, since these perform much better than the conventional device types. This device elevates the overall sound quality, enhancing the wearer’s ability to clearly understand the speech. They also clearly filter the sound when its noisy and are mostly worn by children in view of their impressive safety level. Also, cochlear implants help restore partial hearing using electric stimulation of every residual auditory nerve, a feat that no other device is able to achieve. It is used extensively by patients with severe hearing loss. In view of these benefits, the cochlear implants segment should continue to dominate the global market throughout the evaluation period.
End users in the global market for bionic ears include hearing clinics, research institutes, and hospitals. With the increasing spending on healthcare and rising deployment of bionic ears would favor the global market in the years to come.
Bionic Ear Market Regional Analysis
North America, with the biggest share in the bionic ear market, is the leading region and would retain its dominance all throughout the assessment period. Thanks to the significant public awareness regarding the latest treatments and the presence of well-equipped and staffed diagnostic facilities along with technological advances, the regional market has taken the lead. Escalating adoption rate of the various types of bionic ears among patients as they are gradually recognizing the benefits will do wonders for the market in the United States. Also, with several reputed service providers such as Unitron, Advanced Bionics, Intelligent Hearing System, and Cochlear present in the region, the market demand is bound to soar rapidly in the future.
Asia Pacific will clock the fastest growth between 2020 and 2027, thanks to the surging support from governments in countries like Japan, China, and India. China is one of the most lucrative markets in the region, given the enormous aging patient base affected by hearing disability and the rapid advances in the medical infrastructure.
Bionic Ear Market Players
· Aleva Neurotherapeutics S.A. Switzerland
· Biocontrol Medical Israel
· Biomet, Inc. U.S.
· Boston Scientific Corporation U.S.
· Cochlear Ltd. (Australia), Cyberonics, Inc. U.S.
· Ekso Bionics U.S.
· LivaNova PLC U.K.
· Medtronic, Inc. U.S.
· NeuroPace, Inc. U.S.
· Orthofix International N.V. The Netherlands
· Ossur Iceland
· Second Sight Medical Products, Inc. U.S.
· St. Jude Medical, Inc. (U.S.).
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