Global Hearing Implants Market 2018-2022
About Hearing Implants
Hearing implants are used when the normal function of the inner ear is damaged. These devices send sound signals artificially to the brain of the patients with severe hearing impairment to help them hear.
Technavio’s analysts forecast the global hearing implants market to grow at a CAGR of 9.73% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global hearing implants market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of hearing implants.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hearing Implants Market 2018-2022
Technavio recognizes the following companies as the key players in the global hearing implants market: Cochlear, MED-EL, Sonova, and William Demant
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing focus on emerging markets. The emerging markets of South America and APAC, especially in Brazil, Mexico, India, and China have wide opportunity for marketing hearing implants. The prevalence of disabling hearing loss is higher in APAC and Sub-Saharan Africa. The number of people adopting hearing implants in these regions is very less due to the lack of awareness about the hearing implants and its benefits. The growth of healthcare expenditure is leading to increased adoption of innovative and technologically advanced hearing implants in emerging markets. Further, the cosmetic and aesthetic appeal of hearing implants are attracting the customers to adopt these devices”
According to the report, one of the major drivers for this market is Increasing prevalence of hearing loss. The prevalence of hearing loss is significantly increasing in both developed and developing countries. Millions of people are living with hearing loss globally. As of 2016, more than 350 million people (more than 5% of global population) are living with hearing loss worldwide. This is expected to increase threefolds by 2050. According to the NIH, in the US, about 2 to 3 out of every 1,000 children are born with significant hearing loss in one or both ears.
Further, the report states that one of the major factors hindering the growth of this market is High cost of hearing implants. The cost of a cochlear implants is $25,000 per device. The average selling price of cochlear implants typically ranges between $18,000 to $20,000. The cost of BAHA is substantially higher than standard conventional hearing aids. The unit cost of BAHA ranges between $4,000 to $7,000 depending upon the features offered. Factors that add to the high cost of cochlear implantation and BAHA procedures are the evaluations prior to surgery, direct and indirect hospital costs, and the cost of the implant and surgery. The cost of cochlear implantation varies depending on the duration and extent of patient’s hearing loss.
Cochlear, MED-EL, Sonova, and William Demant