Global Bionic Ear Market: By Device Type (Cochlear Implant, Auditory Brainstem Implants, Bone-Anchored Hearing Aid), By End User (Research Institutes, Hearing Clinics, Hospitals), and Region (North America, Europe, Asia-Pacific, Rest of the World)—Forecast to 2027
Market Forecast
The global bionic ear market is expected to cross ~USD 26,980.20 million by 2027 at a CAGR of ~8.10% during the forecast period.
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Regional Analysis
On aregional basis, the North Americais anticipated to dominate the global bionic ear market dueto the factors such as the presence of leading service providers in this region involved in R&D activity.An increase in public awareness among people and improved diagnostic facilities, and technological advancements in bionic ears greatly impact business development. In addition, the presence of the major giants in the market involved in mergers&acquisitions and new product innovation is another driving the market growth. For instance, in May 2021, Sonova acquired the Consumer Division from Sennheiser electronic GmbH & Co. KG (Sennheiser), which concentrates on the business of headphones and hearables for private customers, is an excellent fit with Sonova's strategy to lead innovation in hearing experience and to engage consumers early on their hearing journey. Additionally, in July 2017, Cochlear Limited introduced Cochlear Nucleus 7 Sound Processor into the US market. It was by the US FDA.
Segmentation
The bionic ear market is segmented by device type, enduser, and region.
Based on the device type, the bionic ears market segments into cochlear implants, auditory brainstem implants, and bone-anchored hearing aid.The cochlear implant segment is expected to hold a significant share of the market in 2020. Cochlear implant is found to be effective than traditional devices. These devices enhance the sound quality and thus improve a person's ability to better understand a speech.It also helps to regain the sound even in a noisy environment and is even considered safe for children to use it.
Key Players
Some of the key market players includeAdvanced Bionics (US), Sonova (Switzerland), Cochlear (Australia), MED-EL (Austria), Sivantos/ WS Audiology ( Singapore), Oticon (Denmark), Hangzhou Nurotron (China), Listent Medical (China), Medtronic PLC (Ireland), Edward Lifesciences Corporation (US), Ekso Bionics (US), Ossur (Iceland), LifeNet Health (US),William Demant Holdings (Denmark), and Terumo Corporation (Japan).
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