The global Bionic ears market size was robust in 2022 and is expected to register a steady revenue CAGR over the forecast period. Damage to small sensor hair cells or other abnormalities in the ear found inside the cochlea or inner ear are closely associated with hearing loss. Bionic ears are designed to circumvent these problems. Elderly persons frequently have hearing loss, which can negatively impact their social interactions. This is one of the major factors driving the bionic ear market revenue growth. Newborns with hearing impairments may experience lifelong effects, which can lead to a number of delays in their speech and audio-sensory development. The performance of bionic ears and the operation of hearing nerves are being improved by research organizations such as the Bionics Institute.
A bionic ear is an electronic implantable device created to give deaf patients the experience of hearing by electrically stimulating the inner-ear nerves. A cochlear bionic implant is a tiny electronic gadget that is surgically implanted into the inner ear of a person to improve their hearing. It comprises a sound processor and transmitter implants placed under the skin tissue behind the ear of the patient. It is the first time that the restoration of sensory and cognitive functions has been therapeutically effective, and it integrates electronic technology and engineering with human physiology into a direct functional link.
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Major Factors Driving Revenue Growth of the Global Bionic Ear Market:
Given the fact that a large proportion of the geriatric population suffers from partial or even complete hearing loss, hearing aids have become a necessity. Some of the statistics given by the World Health Organization (WHO) state that about 360 Million people across the globe suffer from some or other forms of hearing disorder. Hearing disorders are common among the elderly population of 70 and above, which can be a result of long-term exposure to loud sounds or even birth defects. In addition, companies are actively investing in research and development in minimally invasive implant technologies, and that coupled with the fact that there is a growing awareness among parents and the availability of infrastructure in the healthcare sector are some other factors driving revenue growth of the bionic ear market.
Factors Restraining Revenue Growth of the Global Bionic Ear Market:
When it comes to the healthcare sector, governments are usually extra cautious, and due to this, regulatory requirements for bionic ears are quite high. Due to their intricate structure and a complex overlay of multiple electronic components, there is always a fear of malfunction in these devices. There are high medical and device costs associated with this market. These are some of the factors expected to hamper revenue growth of the bionic implant market.
Opportunities for Players in the Global Bionic Ear Market:
Research and development in the Bionic ear market have increased on a global scale. The goal of bionics institutions is to enhance the performance of these implants and the functioning of the auditory nerves. Due to expenditures in healthcare, technical breakthroughs, supportive governmental policies, and rising individual incomes, Europe is expected to be the second-largest bionic ear market. North America, (i.e., in the U.S. and Canada) has carried out a significant amount of the field’s research. Researchers are working to increase the affordability and accessibility of these items.
Global Bionic Ear Market Revenue Growth Driven by Type Segment:
Based on type, Cochlear Implants, Auditory Brainstem Implants & Bone-Anchored Hearing Aid are the main segments in the market. The cochlear implant segment is expected to account for a significantly large revenue share over the forecast period. Adults and children who are moderate to completely deaf and who receive very little benefit from hearing aids might benefit from cochlear implants. Patients with severe nerve impairment or damage can use it. While the Bone-Anchored Hearing Aid (BAHA) system avoids the resistivity of the epidermis and surrounding tissue by transmitting sound directly to the inner ear via the skull using an osseointegrated titanium implant.
Global Bionic Ear Market Leading End-use Segment:
Based on application, the global Bionic ears market is segmented into research institutes, hearing clinics, and hospital. The hospital segment is expected to account for a large revenue share over the forecast period. Implants can help infants born with birth abnormalities and individuals with severe hearing loss, even if they had previously heard, communicate more effectively through listening and speaking. Due to its remarkable adaptability, it has vast application potential, and has various uses of Bionic ears. Bionic ears are rapidly being explored and newer and more efficient technologies are being developed.
Bionic Ear Market Regional Overview:
Based on regional analysis, the market is segmented into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America, remains the market leader in terms of market size and innovation, it is further subdivided into the U.S. and Canada. Europe, which holds the second-largest market share, shows great potential for revenue growth and is further divided into the U.K., France, Germany, Italy, Spain, and Russia. While some of the burgeoning areas are China, Japan, South Korea, India, Australia, and South East Asia, which comprises the Asia Pacific region. The Latin America area is further segmented into Brazil, Mexico, and the Rest of Latin America.
Major Companies in the Market Include:
- Cochlear Ltd. (Australia)
- MED-EL Pvt Ltd. (India)
- Advanced Bionics Corporation (U.S.)
- Oticon (Denmark)
- Hangzhou Nurotron Co. Ltd. (China)
- Listent Corporation (U.S.)
- WS Audiology A/S (Singapore)
- Medtronic PLC (Ireland)
- Edward Lifesciences Corporation (U.S.)
- Terumo Corporation (Japan)
- LifeNet Health Inc. (U.S.)
Strategies and Objectives of Major Companies:
- On 11 January 2022, Cochlear, which is a global pioneer in implantables, received the U.S. Food and Drug Administration (FDA) clearance for Nucleus, a therapy for unilateral hearing loss (UHL)/single-sided deafness (SSD). Cochlear implants can now be used to increase implantable therapeutic options for those with UHL/SSD.
The global Bionic ear market has been segmented as follows:
Type Outlook (Revenue, USD Billion; 2023-2032)
- Cochlear Implant
- Bone Anchored Hearing Aid
- Auditory Brainstem Implants
Application/End-Use Outlook (Revenue, USD Billion; 2023-2032)
- Research Institutes
- Hearing Clinics
Regional Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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