Global Hearing Implant Market 2028: Technological Advancements In Hearing Care Solutions Are Boosting Global Market Demand For Hearing Implants

Loss of hearing is becoming a global cause of concern, with not only the geriatric population but also children suffering from hearing disabilities. Early intervention of hearing implants in children is becoming a trend, according to a new research on the hearing implant market published. Expenditure on hearing impairment is a major liability on the global healthcare sector, and manufacturers of hearing implants are pushed to innovate hearing solutions that can provide accessible hearing care to the global population. Of the various products available in the global hearing implant market, cochlear implants are the most preferred, especially in the case of people with severe loss of hearing where hearing aids do not offer much benefit.

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Cochlear implants are recommended for patients whose inner ear sensory cells are severely damaged. These implants directly stimulate the auditory nerve and provide a sensation of sound, enabling patients with severe hearing loss to perceive sounds. Cochlear implants are the best option for enhanced hearing and are finding wide acceptance among the global medical fraternity. A promise of better hearing is boosting the adoption of hearing implants, thereby enhancing revenues in the global market. According to analysis, the global hearing implant market is projected to be valued at about US$ 2 Bn by the end of 2028, up from an estimated US$ 996.2 Mn in 2018. This is indicative of a decadal growth rate of 7.5%.

Global Unmet Need of Hearing Implants and Technological Advancements in Hearing Solutions Key Opportunity Area for Manufacturers

The global market for hearing implants provides immense opportunities for companies, with the market faced with the need to manufacture affordable and functional hearing implants along with the provision of adequate follow-up services with audiologists. With the current production rate of hearing implants falling short of the global demand – especially when factoring in patients requiring bilateral implants – there is huge growth potential for both existing hearing implant manufacturers as well as new players. Further, considering that there are very few companies manufacturing hearing implants globally, there exists a lucrative revenue opportunity in the global hearing implant market.

Technological advancements in hearing care solutions are boosting global market demand for hearing implants. For instance, laser light technology is being incorporated in a new type of cochlear implants. Regular doctor follow-ups are mandatory post the initial programming of the hearing implant, and to simplify this process, a new remote feature is being developed, which enables patients to have regular follow-up programming sessions with their audiologists as and when required. One of the key players in the global hearing implant market has launched a Bluetooth wireless connectivity enabled device for patients opting for cochlear implants. By connecting to audio processors, this device helps patients acquire better hearing experiences.

The global hearing implant market has been segmented on the basis of regions into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding China and Japan (APECJ), Japan and Middle East & Africa (MEA). In terms of revenue, North America is projected to be the dominant regional market for hearing implant throughout the forecast period as manufacturers in the region are developing products that have the potential to treat profound hearing loss, by collaborating with other companies and by developing sound processors with double microphones, which will help the patients to listen better without disturbances and noise. APECJ, Japan and China are expected to witness significant growth during the forecast period as numerous research and development activities are been carried out by the manufactures to improve the hearing quality of the hearing implants. The U.S. is expected to be the dominant market in North America due to a large patient pool (both pediatrics and adults above the age of 65 years) suffering from various diseases. Germany and the U.K. with a high adoption rate of hearing implants is estimated to have 48% share in the global market over the forecast period. The U.S., Japan, Germany, the U.K. and China contribute a major share in the global hearing implants market.

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Hearing Implants Market: Key Players

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. A large number of players operating in the hearing implants market are focused on entering into collaborations and partnerships with other companies in order to enhance their market presence as well as technologies globally. Moreover, this also enables the companies to increase product visibility across different regions.

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