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2023
Hearing Implants Market

Hearing Implants Market

by Product (Cochlear Implants, Bone Conduction Devices, Middle Ear Implants, Auditory Brain Stem Implants), by Application (Sensorineural , Conductive), by End User (Hospitals, ENT Clinics , Ambulatory Surgical Centers): Global Opportunity Analysis and Industry Forecast, 2023-2032

Report Code: A01689
Pages: 334
Tables: 127
Charts: 58
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Hearing Implants Market Research, 2032

The global hearing implants market size was valued at $1.7 billion in 2022 and is projected to reach $3.8 billion by 2032, growing at a CAGR of 8.2% from 2023 to 2032. The increase in the prevalence of hearing disorders is primarily attributed to the expanding geriatric population and the escalating instances of hearing loss cases at birth. For instance, an article published in the National Institute of Health in 2020, reported that approximately 1 in 1000 live births in the U.S. experiences sensorineural unilateral hearing loss (UHL). This phenomenon underscores the need for effective interventions such as hearing implants to address congenital hearing impairments. The market growth is consequently driven by the imperative to provide solutions for individuals across various age groups who encounter hearing challenges. 

The 2023 recession has posed significant economic challenges on the hearing implant market. The economic downturn has led to a decrease in healthcare budgets, resulting in reduced investments in R&D, as well as limited access to medical resources. However, surge in prevalence of hearing disorders and the growth in need for effective management of hearing loss conditions is expected to drive the growth of the market

Hearing Implants Market

Key Takeaways

• On the basis of product, the cochlear implant segment dominated the global market in 2022. 
• On the basis of application, the conductive segment dominated the market in terms of revenue in 2022.
• On the basis of end user, the hospitals segment dominated the global market in 2022 and is anticipated to be the fastest-growing segment.
• The North America region dominated the market in terms of revenue in 2022.

Hearing implants are medical devices designed to restore or enhance a person's hearing abilities. They are surgically implanted to bypass damaged or non-functional parts of the ear and directly stimulate the auditory system, allowing individuals with hearing impairments to perceive sound and improve their overall hearing experience. 

Market Dynamics

The hearing implants market size is being propelled by the increase in the embrace of minimally invasive procedures and the accessibility of state-of-the-art hearing implants. This trend has contributed significantly to the expansion of the market. The preference for minimally invasive techniques is driven by their potential to reduce patient discomfort, shorten recovery times, and minimize surgical risks. Simultaneously, the availability of advanced hearing implants equipped with innovative technologies amplifies their effectiveness in addressing hearing impairments. As a result, the combination of minimally invasive approaches and innovative implant technologies has acted as a dual catalyst, propelling the hearing implant market to new heights of growth and prominence.

However, the surgical insertion of these devices comes with inherent dangers, dissuading certain individuals from selecting them. Furthermore, limited candidacy due to factors such as anatomical constraints or health issues have restrained the market growth.  In addition, the substantial expense associated with hearing implants and the accompanying procedures creates a financial hurdle for numerous prospective users. Moreover, the need for continuous upkeep and possible complications following implantation is anticipated to discourage the adoption of implants. Consequently, these factors are predicted to hinder the expansion of the market.

The demand for medical devices remains relatively steady due to their essential role in treating health conditions even in times of economic downturns. In addition, the increase in the aging population and the prevalence of hearing disorders contribute to the ongoing need for medical devices such as hearing implants.

Moreover, the resilience of the medical device industry during recessions is bolstered by advancements in technology. Continuous innovation results in the creation of novel devices that enhance patient outcomes, streamline processes, and lower healthcare expenses. However, some medical technology firms have delayed capital investments, including R&D spending, due to recession concerns. As an example, as per a Deloitte report from January 2023, the projected return on investment in pharmaceutical R&D in 2022 has decreased to 1.2%, marking the lowest ROI observed in the 13 years of the study.

Consequently, the hearing implant market maintains a moderate level of vulnerability to economic recessions.  The market is expected to experience some degree of impact due to cautious R&D investments while the intrinsic importance of these devices for healthcare persists. However, the overarching factors of medical necessity, demographic shifts, and technological progression collectively contribute to its overall stability, even in the face of economic fluctuations.

Segmental Overview

The hearing implants market is segmented based on product, application, end user and region. On the basis of product, the market is categorized into cochlear implant, middle ear implant, bone conduction implant and auditory brainstem implant. On the basis of application, the market is bifurcated into conductive and sensorineural. On the basis of end user, the market is fragmented into, hospitals, ENT clinics and ambulatory surgical centers (ASCs). On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

By Product

On the basis of the product, the hearing implant market is segmented into cochlear implant, middle ear implant, bone conduction implant and auditory brainstem implant. The cochlear implant segment was the largest revenue contributor to the market in 2022 owing to its widespread adoption is its efficacy in managing severe to profound hearing loss. It offers enhanced auditory abilities to individuals for whom conventional hearing aids are of limited benefit. Furthermore, the progression in cochlear implant technology, encompassing enhanced speech processing algorithms and prolonged battery life, has bolstered its attractiveness, cementing its status as a top preference for individuals in search of a holistic approach to their hearing challenges.

However, the bone conduction implant segment is expected to register the fastest growth during the forecasted period. Bone conduction implant present an alternative remedy for individuals suffering with specific categories of hearing loss, especially those for whom conventional hearing aids are ineffective due to concerns such as conductive hearing loss or structural anomalies. Bone conduction implant have evolved into more advanced iterations, enabling superior auditory quality and tailored adjustments with technological strides. Furthermore, progress in surgical methodologies and implant engineering has bolstered the safety and efficacy of the procedures.

Hearing Implants Market

By Application

On the basis of application, the hearing implants industry is bifurcated into conductive and sensorineural. The sensorineural segment acquired the largest hearing implants market share in 2022, owing to advancements in sensorineural implant technology, encompassing refinements in speech processing algorithms and enhanced adaptability to diverse lifestyles, have augmented the demand for implants for the management of sensorineural conditions. In addition, the growth in awareness among medical practitioners and prospective recipients regarding the advantages associated with sensorineural implants has fueled their escalating popularity.

However, the conductive segment is expected to register the fastest growth during the forecast period. This can be attributed to rise in occurrences of conditions such as congenital abnormalities, persistent ear infections, or hearing loss caused by injuries, the adoption of hearing implants is on the rise. Moreover, the increase in recognition of the benefits of conductive implants and the enhancement of surgical methodologies have contributed to their wider acceptance.

Hearing Implants Market

By End user

On the basis of end users, the hearing implants industry is divided into hospitals, ENT clinics and ambulatory surgical centers (ASCs). The hospitals segment was the largest revenue contributor to the market in 2022 and is expected to remain dominant during the forecast period. Hospitals play a central role in the healthcare landscape, offering essential facilities, specialized medical personnel, and necessary resources to carry out intricate hearing implant surgeries such as cochlear, middle ear, and sensorineural implants. The comprehensive attributes of hospitals instill confidence in patients, guaranteeing that implant procedures take place within a controlled and medically prepared setting. Moreover, hospitals frequently provide holistic care, spanning preliminary evaluations, surgery, aftercare, and subsequent monitoring, thereby enhancing the entirety of the patient journey and results.

However, the ambulatory surgical centers segment is expected to register the fastest CAGR during the hearing implants market forecast period owing to increasing demand for minimally invasive surgical procedures, the convenience and cost-effectiveness of ambulatory surgical centers, and a growing trend towards outpatient treatments for hearing implant procedures.

Hearing Implants Market

By Region

On the basis of region, the hearing implant market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest hearing implants market share in terms of revenue in 2022, owing to an increase in technological advancements, rise in adoption of hearing implants for management of hearing loss and the presence of key market players and their offering strengthens the market position. These companies actively engage in R&D, ensuring the availability of innovative and effective hearing implants have potentially driven the market growth in this region.

However, the Asia-Pacific region is projected to exhibit the highest CAGR in the hearing implants market during the forecast period. This growth is attributed to the prevalence of hearing loss conditions attributed to the growth in the geriatric population and the need of hearing implants for effective management are anticipated to drive the market growth. In addition, the growth in demand for minimally invasive implantable procedures further drive the market growth in this region.

Furthermore, a rise in research activities as well as the well-established presence of domestic companies in the region are expected to provide notable opportunities for market growth. In addition, a rise in contract manufacturing organizations within the region provides is expected to drive the hearing implants market growth.

Hearing Implants Market

 

Competition Analysis

Competitive analysis and profiles of the major players in the hearing implant market such as major players that operate in the market include Cochlear Limited, Medtronic plc, Envoy Medical, MED-EL, Sonova Holding AG, Zhejiang Nurotron Biotechnology Co., Ltd, Ototronix, LLC, Todoc Co. ltd, Neubio AG. and Hemideina. key players have adopted strategy such as product approval, expansion and acquisition to enhance their product portfolio.

Recent Product Approval in the Hearing Implants Market

  • In January 2022, Cochlear limited, the global leader in implantable hearing solutions, received FDA approval to treat patients with single-sided deafness (SSD) with the Cochlear™ Nucleus® System. This approval expands treatment options to include both bone conduction solutions and cochlear implants for these patients.
  • In April 2020, Cochlear Limited, the global leader in implantable hearing solutions, obtained U.S. Food and Drug Administration (FDA) approval on April 2 for its Remote Check solution.

Recent Acquisition in the Hearing Implants Market

  • In April 2022, Cochlear Limited, a global leader in implantable hearing solutions, agrees to acquire Oticon Medical for DKK850 million (approx. AUD170 million) following Demant’s decision to exit its hearing implants business activities. Cochlear has committed to providing ongoing support for  base of more than 75,000 hearing implant recipients of Oticon Medical as part of the transaction, which includes cochlear and acoustic implants.
  • In March 2022, Sonova Holding AG, a leading provider of hearing care solutions, successfully closed the previously announced acquisition of the Consumer Division from Sennheiser electronic GmbH & Co. KG. This marks the formation of a fourth business unit, which will further broaden attractive portfolio of Sonova products and expand its channel presence and customer base.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hearing implants market analysis from 2022 to 2032 to identify the prevailing hearing implants market opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the hearing implants market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global hearing implants market trends, key players, market segments, application areas, and market growth strategies.

Hearing Implants Market Report Highlights

Aspects Details
Market Size By 2032 USD 3.8 billion
Growth Rate CAGR of 8.2%
Forecast period 2022 - 2032
Report Pages 334
By End User
  • Hospitals
  • ENT Clinics 
  • Ambulatory Surgical Centers
By Product
  • Bone Conduction Devices
  • Middle Ear Implants
  • Auditory Brain Stem Implants
  • Cochlear Implants
By Application
  • Sensorineural 
  • Conductive
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (Japan, China, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players Todoc co. ltd, Ototronix, LLC, Neubio AG., Envoy Medical, Hemideina, Medtronic plc, Sonova Holding AG, Cochlear Limited, MED-EL Elektromedizinische Geräte Gesellschaft m.b.H., Zhejiang Nurotron Biotechnology Co., Ltd

Analyst Review

The utilization of hearing implants is expected to witness a significant rise with increase in prevalence of hearing disorders. The hearing implants market has piqued the interest of healthcare providers because of several benefits offered by these devices in management of profound hearing loss. Furthermore, there have been remarkable technological advancements in hearing implants to provide advanced and efficient management of patients. In addition, favorable FDA approvals, surge in patient preference for minimally invasive surgeries, and shorter recovery times & minimal postoperative complications drive growth of the global hearing implants market.  

Moreover, in the North America region, several factors contribute to the growth of the hearing implants market including rise in hearing disorder cases and rise in adoption of hearing implants for management of hearing disorder cases. In addition, the presence of key market players and their offering strengthens the market position. Furthermore, Asia-Pacific is anticipated to witness notable growth during the forecast period owing to increase in geriatric population and the need for hearing implants for effective management that are anticipated to drive the market growth. Moreover, the improvement in healthcare infrastructure and increased initiatives in awareness and support for early diagnosis and treatment are anticipated to drive the market growth in this region.
 

 

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Published Date :
Oct 2023
Author(s) : Monika D, Shreya M , Onkar S
FREQUENTLY ASKED QUESTIONS?

A. Hearing implants are sophisticated medical devices designed to restore or enhance hearing in individuals with varying degrees of hearing loss.

A. The major factor that fuels the growth of the hearing implants market are increase in prevalence of hearing disorders ,growth in geriatric population and technological advancements in hearing implants drive the growth of the global hearing implants market .

A. Top companies such as Cochlear Limited, Medtronic plc, Envoy Medical and MED-EL held a high market position in 2022. These key players held a high market postion owing to the strong geographical foothold in North America, Europe, Asia-Pacific, and LAMEA.

A. The base year is 2022 in hearing implants market .

A. The cochlear implant segment is the most influencing segment in hearing implants market.This is attributed to its effectiveness in addressing severe to profound hearing loss. It provides improved hearing capabilities to individuals who cannot benefit significantly from traditional hearing aids.

A. The total market value of hearing implants market is $1,733.33 million in 2022.

A. The forecast period for hearing implants market is 2023 to 2032

A. The market value of hearing implants market in 2032 is $3,819.36 million

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