Hearing Implants Global Market Report 2024

“Hearing Implants Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on hearing implants market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for hearing implants? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The hearing implants market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Cochlear Implants; Middle Ear Implants; Bone Conduction Implants; Auditory Brainstem Implant
• 2) By Age: Adult; Pediatric
• 3) By End-User: Hospitals; ENT clinics; Ambulatory Surgical Centres
• Companies Mentioned: Sonova Holdings AG; Advanced Bionics AG; Siemens AG; William Demant Holding Group; Microson S.A.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Hearing implants are medical devices that are surgically implanted to enhance the hearing capabilities of individuals with severe or profound hearing loss.

The primary types of hearing implant devices and equipment include cochlear implants, middle ear implants, bone conduction implants, and auditory brainstem implants. Cochlear implants, for instance, are electronic devices designed to partially restore hearing. They offer a viable solution for individuals who experience severe hearing loss due to inner ear damage and find limited benefit from conventional hearing aids. These hearing implant devices serve individuals across various age groups, including adults and pediatric patients. These devices are typically used by a range of medical facilities, including hospitals, ENT (Ear, Nose, and Throat) clinics, and ambulatory surgical centers, to provide effective hearing restoration solutions.

The hearing implants devices and equipment market research report is one of a series of new reports from The Business Research Company that provides hearing implants devices and equipment market statistics, including hearing implants devices and equipment industry global market size, regional shares, competitors with a hearing implants devices and equipment market share, detailed hearing implants devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the hearing implants devices and equipment industry. This hearing implant devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hearing implants market size has grown rapidly in recent years. It will grow from $4.38 billion in 2023 to $4.85 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth observed in the historical period can be attributed to factors such as the prevalence of hearing loss, increased awareness and diagnosis of hearing-related issues, and the focus on pediatric populations in need of hearing implant solutions. These factors have contributed to the demand for hearing implant devices and equipment.

The hearing implants market size is expected to see strong growth in the next few years. It will grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The anticipated growth in the forecast period can be attributed to various factors, including the improvement in the quality of life for individuals with hearing impairments, the adoption of minimally invasive implantation techniques, regulatory support and reimbursement policies, the integration of telehealth and remote monitoring in hearing implant care, and the shift towards value-based healthcare. Notable trends expected during this period include advancements in sound processing technology, the use of biocompatible materials, the development of hybrid implant solutions, and the integration of wearable technology to enhance the functionality and accessibility of hearing implants.

The global aging population is on the rise, and one of the most common age-related conditions among individuals aged 60 and above is hearing loss. According to the World Health Organization's October 2022 report, the global population of individuals aged 60 and older is expected to double by 2050, reaching 2.1 billion, while the number of people aged 80 and older is projected to triple from 2020 to 2050, reaching 426 million. Consequently, the increasing aging population is anticipated to be a significant driver for the hearing implants market in the future.

The growing prevalence of hearing loss cases is expected to fuel the expansion of the hearing implants market. Hearing loss can vary in degree and type, including moderate, mild, severe, and profound hearing impairments. Hearing implant systems provide a valuable solution for individuals with hearing loss seeking to improve their speech and noise comprehension. As indicated in a February 2023 report from the World Health Organization, by 2050, an estimated 2.5 billion individuals will experience varying degrees of hearing impairment, with at least 700 million requiring hearing rehabilitation services. Hence, the increasing instances of hearing loss are a key driver for the hearing implants market's growth.

Despite the growth potential, the surgical procedure associated with hearing implantation carries several risks, which may hinder market expansion in the future. Surgery for hearing implants may pose risks such as facial nerve damage, leading to partial or complete facial paralysis on the side of the implant. Other potential complications include the development of conditions like meningitis, cerebrospinal fluid leakage, and infections. These risks have led some individuals to prefer traditional hearing aids over implants, thus restraining the growth of the hearing implants market.

Companies operating in the hearing implants market are leveraging 3D printing technology for binaural cochlear surgeries. This technology focuses on creating customized 3D-printed implants using biocompatible materials, particularly in cases of anatomical defects addressed with stem cells. Manufacturers such as Sonova produce binaural cochlear implants that utilize both electrical and acoustic stimulation modes to enhance hearing and improve speech discrimination. Additionally, researchers have developed a 3D-micro scaffold cochlear implant with a 3D-printed steroid reservoir designed to reduce residual hearing damage during electrode insertion. Manufacturers of cochlear implants must provide the FDA with information regarding the materials used, clinical trial efficacy, and any adverse effects. The sale of implants in the USA can only commence after obtaining FDA approval.

Major companies in the hearing implants market are committed to innovation to maintain a competitive edge. Technological advancements enhance hearing implants by improving their performance, sound quality, noise reduction, speech recognition, and compatibility with various devices, ultimately enhancing the overall hearing experience for individuals with hearing loss. For instance, in August 2021, Cochlear Limited, an Australia-based medical device company, introduced the Nucleus Kanso 2 Sound Processor in Singapore, offering advanced hearing solutions. This compact off-the-ear cochlear implant sound processor enables direct streaming from Apple and Android devices, features an integrated rechargeable battery, and offers high water resistance. It includes dual microphones for noise reduction, Forward Focus for enhanced conversation focus, and SmartSound IQ with SCAN for improved hearing in various environments. The user-friendly design simplifies control with automatic on/off functionality.

Major companies operating in the hearing implants market include Sonova Holdings AG, Advanced Bionics AG, Siemens AG, William Demant Holding Group, Microson S.A., RION Co.Ltd., SeboTek Hearing Systems, Arphi Electronics, Widex A/S, Audina Hearing Instruments, MED-EL, Cochlear Ltd., Oticon, Phonak, Unitron, Sonic Innovations Inc., Nurotron Biotechnology Co. Ltd., Ototronix LLC, Envoy Medical Corporation, Medtronic PLC, GN Hearing A/S, Starkey Hearing Technologies, Sivantos Group, Neurelec SA, Otologics LLC, Sonitus Medical Inc., Advanced Bionics

North America was the largest region in the global hearing implants devices and equipment market in 2023. Asia-Pacific was the second-largest region in the hearing implants devices and equipment market. The regions covered in the hearing implants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the hearing implants market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The hearing implants market consists of sales of cochlear implants, bone anchored hearing aids (BAHA), mid-ear implants, and auditory brainstem implants (ABI) that are used to improve hearing capability. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.