Hearing Implants Market Set for Rapid Growth And Trend, by 2025
Hearing loss can be caused by many different causes, some of which can be successfully treated with medicine or surgery, depending on the disease process. There are three types of Hearing loss: Conductive hearing loss, Sensorineural hearing loss and Mixed hearing loss.
According to the WHO's estimates, there will be approximately 1.2 billion people in the world over the age of 60 by 2025. This marks a shift in population demographics, from a demographic majority of young people globally to a more balanced proportion of young and old. There are around 360 million people in the world with disabling hearing loss. Hearing loss is one of the six leading global disease burden. According to the Royal National Institute for Deaf People, the prevalence of hearing loss increases with age, affecting 42% of people over 50 and more than 70% of people over 70. Rising life expectancy is therefore likely to result in an increasing numbers of people living with hearing loss.
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Hearing Implants Market: Drivers and Restraints
The factors driving the market is the increase in the customization of hearing implant devices. Most of the leading hearing implant device manufacturers have been customizing their product lines to appeal more to consumers and as a result help them to stay ahead of the competition.
Further, the major challenges faced by the market is the high cost of hearing implant devices. Various end-users do not have the budget to capitalize on expensive hearing implant device procedures.
Hearing Implants Market: Segmentation
Hearing implants market is segmented on the basis of following types:
Bone Anchored Hearing Aids (BAHA)
Auditory Brainstem Implant (ABI)
Hearing Implants Market: Overview
With rapid technological advancement and wide acceptance of hearing implants procedures among patients with hearing problem, the global hearing implants market is expected to have a double digit growth in the forecast period (2015-2025).
Hearing Implants Market: Region- Wise Outlook
Depending on geographic regions, global Hearing implants market is segmented into seven key regions: North America (U.S., Canada), Latin America (Mexico. Brazil), Western Europe, Eastern Europe, Asia Pacific, Japan, Middle East and Africa (GCC, S. Africa, N. Africa)
Europe holds the highest share in the global hearing implant market both in terms of revenue and volume. The introduction of latest products mostly takes place in the European market since majority of the key market players are located in this region. Continuous developments in healthcare infrastructure, greater incidence of deafness, and healthcare reforms are the key factors driving the Asia Pacific hearing implants market.
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Hearing Implants Market: Key Players
Some of the key market players in Hearing implants market are Cochlear Limited, Sonova holding AG, Med-EL, and William Demant Holding A/S.
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