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Hearing Implants Market 2024 - By Size, Drivers, Trends, Competitors
Hearing Implants Market
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According to The Business Research Company's, The hearing implants market size has grown rapidly in recent years. It will grow from $4.38 billion in 2023 to $4.85 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to hearing loss prevalence, awareness and diagnosis, awareness and diagnosis, pediatric population.
The hearing implants market size is expected to see strong growth in the next few years. It will grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to quality of life, minimally invasive implantation techniques, regulatory support and reimbursement, telehealth and remote monitoring, value-based healthcare. Major trends in the forecast period include improved sound processing, biocompatible materials, hybrid implants, wearable technology integration.
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Market Drivers and Trends:
The aging population is increasing worldwide and loss of hearing is one of the most common age-related disorders in the aged above 60 years. For instance, in October 2022, according to the World Health Organization, a Switzerland-based intergovernmental organization, the global population of individuals aged 60 years and above is projected to double by 2050, reaching 2.1 billion, while the number of people aged 80 years or older is anticipated to triple from 2020 to 2050, reaching 426 million. Therefore, the increasing aging population is expected to drive the market for hearing implants in the future.
Companies in the hearing implants market are making implants using 3D printing in binaural cochlear surgeries. The technology focuses on developing customized 3D-printed implants using biocompatible materials to treat anatomical defects with the help of stem cells. Sonova manufactures binaural cochlear implants, which use two different modes of stimulation, electrical and acoustic to enhance hearing and better discrimination of speech. Further, scientists developed a 3D-micro scaffold cochlear implant using a 3D-printed steroid reservoir designed to reduce the damage of residual hearing against electrode insertion trauma. Cochlear implant manufacturers have to submit information regarding the material used, efficacy based on clinical trials, any adverse effects to the FDA. The manufacturer can begin the sale of the implants in the USA only after receiving approval from the FDA.
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Major Key Players of the Market:
Sonova Holdings AG, Advanced Bionics AG, Siemens AG, William Demant Holding Group, Microson S.A., RION Co.Ltd., SeboTek Hearing Systems, Arphi Electronics, Widex A/S, Audina Hearing Instruments, MED-EL, Cochlear Ltd., Oticon, Phonak, Unitron, Sonic Innovations Inc., Nurotron Biotechnology Co. Ltd., Ototronix LLC, Envoy Medical Corporation, Medtronic plc, GN Hearing A/S, Starkey Hearing Technologies, Sivantos Group, Neurelec SA, Otologics LLC, Sonitus Medical Inc., Advanced Bionics
Hearing Implants Market 2024 Key Insights:
• The hearing implants market size is expected to see strong growth in the next few years. It will grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
• Rising Aging Population Fuels Future Growth In The Hearing Implants Market
• Advancements In 3D Printing Technology
• North America was the largest region in the global hearing implants devices and equipment market in 2023
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