Bionic Ear Market Projected To Hit USD 4.93 Billion By 2032, Fueled By Growing Prevalence Of Hearing Loss And Technological Advancements

(MENAFN- GlobeNewsWire - Nasdaq) The Bionic Ear Market will grow at a very remarkable rate, mainly due to the increasing prevalence of hearing impairment accompanied by constant technological advancements in bionic ear technologies.

Pune, Oct. 17, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “ Bionic Ear Market size was estimated at USD 2.34 billion in 2023 and is anticipated to reach USD 4.9 3 billion through 2032, with a growth of CAGR of 8.6% over the period from 2024 to 2032. ” Growth in this market is derived from steady increases in the rates of hearing loss along with an increasingly aging population and a few major bionic ear technologies improvements, like cochlear implantations and auditory brainstem implantations. The increasing awareness of hearing disorders and the existence of reimbursement policies also prove to be other growth factors in the interest of this industry.

Market Overview

The Bionic Ear Market, on account of both increasing demand as well as innovative solutions in supply, is experiencing huge growth. The increased prevalence of hearing loss around the globe, affecting millions of people regardless of their age, is the main cause of the rising demand for bionic ears. According to the World Health Organization, about 1.5 billion people are suffering from some kind of hearing loss, which is likely to increase to 2.5 billion by 2050. Supply-side: Continuous innovation in technology with a better outcome in devices along with an increase in applications. Major companies are investing in R&D for state-of-the-art products, enhancing patient care along with increasing market share.

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Key Manufacturers of Cochlear Implants and Bionic Ear Devices are:

Cochlear Ltd., Sonova, Demant A/S, GAES, Advanced Bionics, MED-EL, WS Audiology, Oticon, Hangzhou Nurotron, and Zhejiang Nurotron Biotechnology Co. Ltd.

Companies Offering Related Technologies and Solutions are:

Amplifon, Listent Medical, Medtronic PLC, Ekso Bionics, Ossur, LifeNet Health, Terumo Corporation, William Demant Holdings, and Edward Lifesciences Corporation.

Bionic Ear Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 2.34 Million
Market Size by 2032	USD 4.93 Million
CAGR	CAGR of 8.6% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments	. By Type (Cochlear Implant, Auditory Brainstem Implants, BAHA/BAHS) . By End Use (Hospitals, Clinics, Others)
Key Drivers	. Growing Hearing Disorders, Aging Population, and Advances in Minimally Invasive Procedures

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Segment Analysis

Based on Type

In 2023, the segment of the market accounted for by cochlear implants had a revenue share of 74.4%. This is due to the steadily increasing number of cochlear implantation surgeries and better penetration into the market. Advances in the technology of cochlear implants have made it possible to restore hearing to thousands of people which has enormously improved their standard of living. For instance, in January 2022, FDA approval was given for Cochlear Nucleus Implants from Cochlear Limited, designed for a patient with single-sided deafness and unilateral hearing loss.

However, the ABI segment is growing fast on account of NF2 cases. Hardware and electrode configurations have lately opened up the use of ABIs. Results have been quite promising for restoring hearing in children and those without tumors. This opens up further scope for expanding the reach of the ABI market.

By End Use

Hospitals contributed the largest market share of 56.2% in 2023. The highest growth is expected to come from this segment in the forecast period mainly due to the favorable health reimbursement policies and the large number of surgical procedures that are conducted in hospitals. Specialists who can carry out intricate procedures, such as cochlear and auditory brainstem implantation, also support the growth coming from the hospital segment.

The clinics segment will be the second-fastest-growing segment for the next forecast period. In the last years, clinics have turned out to be the biggest platforms for cochlear implantation procedures, managing patients with advanced SNHL. The prevalence of hearing loss, along with the increasingly well-equipped ENT clinics, is fueling this growth segment.

Regional Analysis

In 2023, North America accounted for the largest share of the Bionic Ear Market with 40.5% of the overall market. This is due to the significant rate of hearing loss, huge investments in health infrastructure, and a leading manufacturers' base. Major companies across North America, such as Cochlear Limited and MED-EL, are playing a significant role in the development and distribution of bionic ear technologies. Innovation and balanced reimbursement frameworks are likely to enable this region to maintain its leadership of the market.

The fastest-growing market in the Asia Pacific region would be seen during the forecast period with significant growth in bionic ears, which is fueled by increased health expenditure, an increasing level of awareness for hearing disorders, and access to advanced medical technologies. Countries like India and China are investing vastly in healthcare infrastructure, thus making access to bionic ear devices even better. The significant players are also increasing their footprint in the region: Cochlear Limited and Sonova Holding AG stand out amongst them.

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Recent Events

January 2023 : Launch of Cochlear Nucleus Profile Plus Implant by Cochlear Limited. The implant has superior sound quality and is compatible with the Nucleus 7 Sound Processor.

March 2023 : MED-EL has announced the RONDO 3 audio processor's new design intended to provide a better experience for the user along with more connectivity opportunities.

June 2023 : FDA approved the Advanced Bionics HiRes Ultra 3D Cochlear Implant, citing improved electrode design and benefits to audiologic outcomes.

August 2023 : Oticon Medical launches Neuro Zti Implant, promising to bring enhanced performance for those with the need for an auditory brainstem implant.

September 2023 : Sonova Holding AG announces a new, kid-specific hearing aid called Phonak Sky Marvel.

October 2023 : NIH issues a grant to explore new approaches that may augment cochlear implant performance in children.

Table of Contents – Major Key Points

1. Introduction

1.1 Market Definition

1.2 Scope (Inclusion and Exclusions)

1.3 Research Assumptions

2. Executive Summary

2.1 Market Overview

2.2 Regional Synopsis

2.3 Competitive Summary

3. Research Methodology

3.1 Top-Down Approach

3.2 Bottom-up Approach

3.3. Data Validation

3.4 Primary Interviews

4. Market Dynamics Impact Analysis

4.1 Market Driving Factors Analysis

4.2 PESTLE Analysis

4.3 Porter's Five Forces Model

5. Statistical Insights and Trends Reporting

5.1 Incidence and Prevalence (2023)

5.2 Prescription Trends, (2023), by Region

5.3 Device Volume, by Region (2020-2032)

5.4 Healthcare Spending, by Region, (Government, Commercial, Private, Out-of-Pocket), 2023

6. Competitive Landscape

6.1 List of Major Companies, By Region

6.2 Market Share Analysis, By Region

6.3 Service Benchmarking

6.4 Strategic Initiatives

6.5 Technological Advancements

6.6 Market Positioning and Branding

7. Bionic Ear Market Segmentation, by Type

7.1 Chapter Overview

7.2 Cochlear Implant

7.3 Auditory Brainstem Implants

7.4 BAHA/BAHS

8. Bionic Ear Market Segmentation, by End Use

8.1 Chapter Overview

8.2 Hospitals

8.3 Clinics

8.4 Others

9. Regional Analysis

10. Company Profiles

11. Use Cases and Best Practices

12. Conclusion

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