Auditory Brainstem Implant Market to Witness Widespread Expansion by 2024
• According to the Hearing Loss Association of America (HLAA), hearing loss is considered to be the third-most common physical condition after arthritis and heart disease, affecting people of all ages. Gradual hearing loss can affect people of all ages - ranging from mild to profound. It can be mild or severe, temporary or permanent, depending on the cause.
• According to the WHO, a person who is unable to hear as well as someone with normal hearing (hearing thresholds of 25 dB or better in both ears) is considered to have hearing loss. According to the WHO, in 2019, unaddressed hearing loss is anticipated to pose an annual global cost of US$ 750 Bn. This comprises health sector costs (excluding the cost of hearing devices), educational support costs, societal costs, and loss of productivity.
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• Auditory brainstem implant is a neuroprosthetic device that provides a sense of sound to people with hearing loss who are ineligible for the cochlear implant. This is primarily due to a missing or very small hearing nerve or severely abnormal inner ear (cochlea). The auditory brainstem implant electrically stimulates second order neurons in the cochlear nucleus.
• Auditory brainstem implant is an electronic hearing device designed to produce useful hearing sensations for a person with severe to profound nerve deafness by electrically stimulating nerves inside the inner ear
• Auditory brainstem implants are designed to help severely to profoundly deaf adults and children who get little or no benefit from hearing aids. Even individuals with severe or profound 'nerve deafness' could benefit from auditory brainstem implants.
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Key Drivers and Restraints of Global Auditory Brainstem Implant Market
• Rise in cases of severely abnormal inner ear, increase in availability of quality health care services, and supportive initiatives taken by governments in developed economies across the globe are creating lucrative opportunities in the auditory brainstem implant market in developed countries
• Emerging economies are likely to present significant opportunities due to the presence of market players in these countries. On June 26, 2019, GN Store Nord A/S' GN Hearing division signed a strategic partnership agreement with EarWay, a new China-based retail chain composed of four leading hearing aid dispensers, who is its partner in establishing the Beltone business in China. EarWay has an extensive network of over 110 shops spread over four provinces of Sichuan, Shandong, Jiangsu, and Guangdong.
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• Emerging economies are prominent markets for auditory brainstem implants, which is attributed to high prevalence of hearing loss and initiatives taken by governments in the health care sector. According to a study by the Indian Journal of Otology, the Government of India initiated the National Programme for Prevention and Control of Deafness (NPPC) in 2006. It was initially commenced as a pilot project which was implemented in 25 districts in 10 states and 1 union territory. It was upgraded to include 203 districts in all states and union territories in the eleventh 5-year plan (2007-2012). The NPPCD was launched with the long-term objective of reducing the total disease burden of hearing impairment and deafness by 25% at the end of the eleventh 5-year plan.
• Improving health care infrastructure and government initiatives in hearing impairment diagnosis & treatment are likely to create opportunities for market players to expand presence in the Middle East and Latin America
• According to the WHO, nearly 466 million people were suffering from disabling hearing loss across the world in 2019. Among these, 93% were adults and 7% were children. Among adults, there were more males (56%) than females (44%) with disabling hearing loss. According to the WHO, the prevalence of disabling hearing loss is anticipated to be 6.12% across the world in 2019, including 4.57% in high income regions, 8.36% in Central/Eastern Europe and Central Asia, 4.55% in Sub-Saharan Africa, 3.17% in Middle East & North Africa, 7.37% in South Asia, 6.90% in Asia Pacific, 6.18% in Latin America & Caribbean, and 6.85% in East Asia. Consequently, rise in the prevalence of disabling hearing loss is projected to drive demand for diagnosis and treatment, which in turn is anticipated to boost the global auditory brainstem implant market.
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Hospitals Segment to Lead Global Auditory brainstem implant Market
• The hospitals segment is expected to capture nearly half of the market share in terms of revenue by 2027. It is likely to be the most lucrative segment of the global auditory brainstem implant market during the forecast period. Governments are extending support and funding toward increasing the number of skilled surgeons. This in turn increases the number of hospitals offering surgeries and treatments for auditory brainstem implant.
• North America has well-established health care and hospital infrastructure, which is anticipated to meet the high demand for treatment for severely abnormal inner ear. Developed countries are considered hubs for safe and effective surgeries. This perception will create opportunities in the auditory brainstem implant market in North America, followed by Europe. However, developing countries could present significant opportunities for investments and expansion for market players.
Key Players Operating in Global Auditory Brainstem Implant Market
Manufacturers in the global auditory brainstem implant market are increasingly investing in research and development of new and innovative techniques to manufacture advanced products. These players are also focused on offering highly efficient and reliable products to provide better protection from fragility. The global auditory brainstem implant market is less fragmented, with the presence of a small number of regional players.
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