Cochlear, William Demant, MED-EL, Advanced Bionics, Ototronix, Nurotron Biotechnology, Envoy Medical Corporation, Sonova Holding, Medtronic, GN Re Sound, Starkey Hearing Technologies, Sivantos Group/ Widex, Gn Store Nord, Widex, Sebotek Hearing Systems, Zounds Hearing, Audina Hearing Instruments, Microson, Rion, Horentek, and Arphi Electronics are major contributors in the industry company market share.
Brooklyn, New York, April 19, 2021 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, the Implantable Hearing Devices Market will grow with a high CAGR value during the forecast period [2021 to 2026].
Implantable hearing devices are technologically advanced surgical components that are implanted internally for better hearing. Increasing incidences among the young and adult population diagnosed with hearing loss are projected to fuel the industry growth. Government support to enhance the medical infrastructure along with approval to implement new surgical technologies will support the market penetration.
Genetic mutation, birth defects, hereditary, and excessive exposure to loud noises are major causes for hearing loss. Rising demand for more sustainable and long-term solutions without compromising patient’s lifestyle has instigated the penetration of implantable hearing devices.
Increased availability of medical facilities and well-trained surgeons are key success factors in the industry. A high success rate with minimal after-effects makes these devices more preferable to achieve long-term healing. Growing consumer affordability to opt for implant surgeries along with rising awareness programs to provide knowledge regarding early deaf symptoms are creating demand for these medical services.
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Active implantable devices gaining attention
Active implantable devices are projected to witness the highest demand in the coming years. The increasing need for sustainable and more technologically advanced products accompanied by easy and safe implantations are critical factors driving growth in this segment. Other advantages such as reliability and stability of the devices on the human body will proliferate the demand.
Bone conduction implants hold the highest potential
In the implantable hearing devices type segment, the bone conduction implants will foresee the highest gains during the forecast period. Annually, a large number of the population is diagnosed with hearing loss due to accidents, noise pollution, and ageing. Thus, these implants type holds high potential due to their effective treatment. Also, increasing patient preference for bone conduction implants rather than bone conduction aids will instigate the product demand.
Europe will be the major contributor
Europe led by Germany, France, and Italy will hold the maximum share during the forecast period. Healthcare industry expansion and increased incidences of people suffering from hearing loss will drive the regional demand. Other factors such as the rising geriatric population with listening difficulty due to age will positively drive the demand.
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Company market share is competitive
The industry will witness high rivalry due to the presence of few players dominating the revenue share. Mergers & acquisitions and technological development will the major strategies adopted by the industry players. Cochlear, MED-EL, William Demant, Advanced Bionics, Nurotron Biotechnology, Ototronix, Envoy Medical Corporation, GN Re Sound, Starkey Hearing Technologies, Sonova Holding, Medtronic, Sivantos Group/ Widex, Widex, Gn Store Nord, Arphi Electronics, Sebotek Hearing Systems, Audina Hearing Instruments, Zounds Hearing, Microson, Horentek, and Rion are key industry participants.
Product Outlook (Revenue, USD Million, 2019-2026)
Active Hearing Implants
Passive Hearing Implants
Type Outlook (Revenue, USD Million, 2019-2026)
Middle Ear Implants
Bone conduction Implants
Auditory brainstem implant
Patient Type Outlook (Revenue, USD Million, 2019-2026)
End-Use Outlook (Revenue, USD Million, 2019-2026)
Ambulatory Surgical Centres
Regional Outlook (Revenue, USD Million, 2019-2026)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of the Middle East & Africa
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