USD 1.94 Billion
Report ID:
SQMIG35B2169 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
Bionic Ear Market size was valued at USD 2.10 Billion in 2022 and is poised to grow from USD 2.28 Billion in 2023 to USD 4.32 Billion by 2031, at a CAGR of 8.35% during the forecast period (2024-2031).
The market has been expanding rapidly as a result of the aging population, rising rates of hearing loss, technological improvements, and supportive reimbursement policies.
In addition, during the past few years, bionic ear technology has made considerable strides. For instance, cochlear implants can now connect wirelessly to other devices like cell phones, televisions, and additional audio devices. Users can stream audio content straight through their cochlear implants due to this capability.
The quality life for those who have hearing loss has substantially improved due to bionic ears technology. Bionic ears have gotten smaller, more covert, and more potent recently. In order to enhance user experience or sound quality, they could be incorporated with directional microphones, connection to the internet, machine learning, or hybrid technology.
The market for bionic ears is expanding as a result of these developments and rising consumer awareness of different audiology technologies.
The WHO predicts that by 2050, almost 2.5 billion people are going to have some degree of hearing loss, with at least 700 million of those people needing hearing rehabilitation. Nearly 1 billion youths are also in danger of suffering permanent, avoidable hearing loss as a result of bad listening habits. Young people's interaction with loud noises & loud speakers has a bearing on the occurrence of hearing loss. This will probably increase demand in the future for bionic ears.
US Bionic Ear Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.94 Billion
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
8.35% CAGR
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Global bionic ear market is type, end-use and region. Based on Type the market is segmented into cochlear implant, auditory brainstem implants, BAHA/BAHS. Based on End-use the market is segmented into hospitals, clinics, others. Based on region the global bionic ear market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Bionic Ear Market Analysis by Type
In 2022, the cochlear implants market category held a 74.4% revenue share, dominating the overall market. The expansion of this market segment is being fueled by an increase in cochlear implantation procedures and market penetration. Significant improvements in cochlear implants have enabled thousands of people all around the world to restore their hearing and enhance their quality of life. For people with unilateral hearing loss and single-sided deafness (UHL/SSD), Cochlear Limited announced in January 2022 that the FDA has approved Cochlear Nucleus Implants.
The market for auditory brainstem implants is anticipated to expand as type 2 neurofibromatosis becomes more common. The electrode design and auditory brainstem implant technologies have changed significantly during the past few years. Additionally, despite the fact that the ABI was primarily created for NF2 (Neurofibromatosis type 2) patients, recent studies show that this technology can also be utilized to deliver hearing in youngsters and those without tumors.
Bionic Ear Market Analysis by End-use
In 2022, the hospital segment was the largest one overall. During the projection period, the segment is anticipated to increase at the fastest rate. Favorable health reimbursement regulations and the large number of surgeries performed in hospitals are important contributing elements to the segment's leading position. Hospitals with specialists on staff who can carry out challenging cochlear, BAHA, & auditory brainstem implantations are encouraging segment growth.
The category for clinics is anticipated to increase at the second-highest rate over the projection period. Cochlear implantation treatments have been widely available in clinics in recent years to help some people with significant sensorineural hearing loss regain their auditory abilities. (SNHL). The segment is growing as a result of the incidence of hearing loss and the rise in ENT clinics with modern equipment.
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Europe held the largest market share with 39.1%. The elevated incidence of hearing loss in the area, particularly among the senior population, is the main factor fueling the expansion of the bionic ears market. The market is expanding as a result of improvements in the internet, a rise in the prevalence of implantable cochlear implants in both adults and children, and greater awareness of the various ways to treat hearing loss.
Asia Pacific is anticipated to grow significantly in the years to come. The area's population is sizable and growing swiftly, which would increase the prevalence of hearing loss. The sector is also growing as a result of things like rising disposable incomes and healthcare costs. The lack of adequate medical facilities in some countries and the high cost of bionic ear items may hinder the region's development.
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Bionic Ear Market Drivers
Growing Awareness and Acceptance
Bionic Ear Market Restraints
High Cost
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To increase their market position, firms in the industry are employing strategic actions such product launches, alliances, and acquisitions. For instance, Cochlear Ltd. announced its intention to purchase Oticon Medical in April 2022. Under the terms of the arrangement, the business would provide support to the more than 75,000 users of hearing implants, like both acoustic and cochlear implants, at Oticon Medical.
Bionic Ear Market Top Player’s Company Profiles
Bionic Ear Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the bionic ear market has been expanding rapidly as a result of the aging population, rising rates of hearing loss, technological improvements, and supportive reimbursement policies. In addition, during the past few years, bionic ear technology has made considerable strides. The integration of connectivity and smart features is gaining prominence in the bionic ear market. Cochlear implant systems with wireless connectivity enable users to stream audio directly from compatible devices such as smartphones, televisions, and assistive listening devices. Smartphone apps are being developed to provide control, customization, and remote monitoring capabilities for users and healthcare professionals. Hybrid cochlear implants, which combine electric and acoustic stimulation, are gaining traction in the market. These systems are designed for individuals with residual low-frequency hearing and severe high-frequency hearing loss. Hybrid implants provide improved access to both low-frequency sounds and high-frequency speech cues, enhancing overall hearing performance.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 2.10 Billion |
Market size value in 2031 | USD 4.32 Billion |
Growth Rate | 8.35% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Bionic Ear Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Bionic Ear Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG35B2169