Hearing Implant Market to Rise of US$ 2 Bn by 2028 | Advanced Bionics AG, Nurotron Biotechnology Co. Ltd

upcoming outlook titled, “Hearing Implants Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment, 2018 – 2028”. In terms of value, the global hearing implant market is projected to register a healthy CAGR of 7.5% during the forecast period due to various factors, regarding which FMI offers vital insights in detail. Increasing demand for technological advanced products is expected bolster the growth of the global hearing implants market over the forecast period.

The global hearing implants market is segmented on the basis of product type, end users and regions. On the basis of product type, the hearing implants market is segmented into cochlear implants, middle ear implants, bone conduction implants and auditory brainstem implants. The cochlear implant is a prosthetic substitute that stimulates the auditory nerve. The middle ear implants are electronic devices that convert the sound into mechanical vibrations, which stimulate the middle ear. The implant has two parts, the external part is the processor and the internal implanted part increases the transmission of sound waves to the inner ear.

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The implant is surgically inserted into one of the middle ear bone. Middle ear implants are used by patients suffering from outer ear infections, narrow, closed or malformed ear canals. The auditory brainstem implant is used when the hearing nerve is absent or damaged. Auditory brainstem implant bypasses the nerve of hearing and brings the sound signal directly to the brainstem. The auditory brain stem system is similar to the cochlear implant, but instead of electrical stimulations within the cochlea the implant stimulates the cochlear nucleus. Due to the technological advancements, bone conduction system devices are used instead of bone anchored hearing aids. The implant collects the sounds as that of a hearing aid, but instead of sending through the canal it converts them into sound vibrations that are sent through the skull bone by passing the outer and middle ear.

On the basis of end users, the global hearing implants market is segmented into hospitals, ENT clinics and ambulatory centers. The hospital segment is expected to witness significant growth during the forecast period due to large presence of hospitals in all the regions. The chances of hearing loss among adults 65 years and above are high. Besides, many patients opt for hearing implants at a particular stage. Hearing implants if not properly addressed can increase the risk of failure. After the procedure of implants, the patients have to visit the doctor on a regular basis after the initial programming of the implant, which is a major challenge for the patients. However, companies are investing into development of novel hearing implants which minimize the practical challenges associated with the procedure. For instance, in July 2017, Cochlear Limited launched Nucleus 7 sound processor which is compatible with iphone. Patients with cochlear implants can directly stream the sound and customize their hearing according to their needs.

This report covers the trends driving the growth of each segment and offers analysis and insights of the potential treatments for profound hearing loss and the usage of hearing implants with the upcoming technologies related to it, which are offered in all the regions across the globe. The growing awareness regarding hearing implants with the help of social media platforms is expected to fuel the growth of the market for hearing implants. The demand for hearing implants has increased due to the increasing patient pool.

The growth is expected to be prominent in the cochlear implant segment due to its advanced wireless technology. Further, the increasing efforts from hearing implants manufacturers to introduce novel product line and extensive focus on product marketing and distribution across Asia and Europe regions are the factors expected to create lucrative growth opportunities in the market.

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Examples of some of the key players operating in the global hearing implants market are Cochlear Ltd., MED-EL, William Demant Holding A/S, Advanced Bionics AG, Nurotron Biotechnology Co. Ltd., Ototronix, Envoy Medical Corporation and Medtronic.

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