ID: MRFR/HC/9163-HCR | 120 Pages | Published By Rahul Gotadki on March 2023
The bionic ear market is expected to cross ~USD 17.20 Billion by 2030 at a CAGR of ~7.80% during the forecast period.
A bionic ear is an electronic device termed as a neural prosthesis which is designed for the people suffering from hearing disability. Itcan stimulate the hearing nerve and provide sound signals directly to the brain. The bionic ear constitutes a receiver-stimulator and an external sound processor; both are fit behind the ear. Additionally, the sound processor captures the external sound and then converts it to a digital code. This digital code gets transmitted to the receiver-stimulator fitted behind the ear. Furthermore, the receiver develops the electrical signals with the help of the received digital code and sends them to the electrode array, which is present in the cochlea. These devices can be used by both,the ones suffering from profound loss or total loss.The rising prevalence of hearing disorders is likely to lift the demand for the product. The increasing aging population will also create a larger patient pool of people living with hearing loss. For instance, it is estimated that as of March 2019, around 466 million people globally are having disabling hearing loss.The number is expected to reach 900 million by 2050.
COVID-19 Analysis of Bionic Ear Market
COVID-19 negatively impacted the bionic ear market. The pandemic resulted in severallockdown measures and added to the challenges ofpatients with hearing disabilities.Many hospitals were restricted to non-elective procedures and surgeries and reallocated hospital resources like nursing staff and ICU beds to care for patients with the coronavirus. Furthermore, there are limitations associated with treatments anda decline in the production of implantable bionics, which further restricted the growth of the bionic ear market.
The rising prevalence of hearing disorders and the increasing geriatric population are likely to create a larger patient pool with hearing loss. For instance, according to the WHO,more than 360 million people in the world have hearing loss disabilities. Hearing loss is one of the leading disorders globally. According to the Royal National Institute for Deaf People, the disorder increases with age, affecting 70% of people over 70 and 42% of people over 50. Moreover,the prolonged exposure to noise in recreational settings, increasing healthcare spending and the prelaunch of bionic ear devices are some other factors driving the bionic ear market size.
The demand for minimally invasive surgical techniques is increasing significantly andcannotablly augment the global bionic ear market. There has been significant growth in the adoption of such equipment due to technological advancements and the establishment of favorable insurance schemes
The stringent approval procedure associated with the bionic ear implants is projected to significantly hamper the market growth during the forecast period.
There have been increased R&D activities on bionic ears worldwide.Bionics institutes are aiming at improving the performance of bionic ears and the function of hearing nerves.
Bionic Ear Market Segment Overview:
By Device Type
Based on device type, the bionic ears market is segmented into cochlear implant, auditory brainstem implants, and bone-anchored hearing aid.The cochlear implant segment held a significant share of the market in 2020.Cochlear implantsare found to be effective than traditional devices. These devices enhance the sound quality and thus improve a person's ability to better understand a speech.It also helps regain the clear sound in a noisy environment and is even considered safe for children.
By End User
Based on end user, the bionic ear market is segmented into research institutes, hearing clinics, ad hospitals.Growing healthcare expenditure and increasing demand for bionic ears are anticipated to contribute to the market's growth. On February 20, 2019, the WHO released a new report on global health expenditure, according to which global spending on health increased in low- and middle-income countries by 6 percent and in high-income countries by 4 percent.
Bionic Ear Market Regional Analysis
Increase in public awareness & technological advancements is driving the North America bionic ear market
North America dominated the bionic ear market in 2020 and is expected to continue its stronghold for a few more years. This is due to the increased public awareness among people and improved diagnostic facilities, and technological advancements in bionic ears.
Rising patient adoption and recognition of the product's benefits drive the growth of the bionic ear market in the US. Moreover, the presence of leading service providers such as Cochlear, Unitron, Intelligent Hearing System, and Advanced Bionics in the region will stimulate industry growth in the years to come.
Advancements in healthcare infrastructure are fueling the Europe bionic ear market
Europe is expected to be the second-largest bionic ear market due to investments in healthcare, technological advancements, favorable government policies, and increased income of individuals.
Advancement in healthcare infrastructure and large population is fueling the Asia-Pacific bionic ear market
Asia-Pacific is anticipated to be the fastest-growing over the assessment period due to rapidly improving healthcare infrastructure and a large population.
Companies are concentrating their efforts on bionic ear R&D. For instance, Doppler Labs, a start-up, has developed a bionic ear that allows users to control and personalize their hearing experience. Moreover, the companies are concentrating their efforts on the development of waterproof devices and improving their quality. In addition, few companies are working on wirelessly rechargeable bionic ears. 3D printing technology is playing a major role in the development of bionic ears.
List of Key Companies Covered in Bionic ear market Report:
The study covers the existing short-term and long-term market effects. It also helps decision-makers to draught short-term and long-term plans for businesses by region. The report covers major regions such as North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter's Five Forces, value chain, and the impact of COVID on the market.
Scope of the Report & Segmentation
By Device Type
By End User
|Market Size||2027: ~USD 26,980.20 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Device Type & By End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||• Advanced Bionics (US) • Sonova (Switzerland) • Cochlear (Australia) • MED-EL (Austria) • Sivantos/ WS Audiology (Singapore) • Oticon (Denmark) • Hangzhou Nurotron (China) • Listent Medical (China) • Medtronic PLC (Ireland) • Edward Lifesciences Corporation (US) • Ekso Bionics (US) • Ossur (Iceland) • LifeNet Health (US) • William Demant Holdings (Denmark) • Terumo Corporation (Japan)|
|Key Market Opportunities||Increase in Research and development activities on bionic ear|
|Key Market Drivers||• Growing prevalence of hearing disorders • Growing demand for minimally invasive surgical techniques to boost the market|
bionic ear market is expected to cross USD 17.20 Billion by 2030 at a CAGR of 7.80% during the forecast period.
Advanced Bionics (US), Sonova (Switzerland), Cochlear (Australia), MED-EL (Austria), Sivantos/ WS Audiology ( Singapore), Oticon (Denmark), Hangzhou Nurotron (China), Listent Medical (China), Medtronic PLC (Ireland), Edward Lifesciences Corporation (US), Ekso Bionics (US), Ossur (Iceland), LifeNet Health (US),William Demant Holdings (Denmark), and Terumo Corporation (Japan) are the key players in the market of bionic ear
North America is predicted to lead the market of bionic ear
Growing prevalence of hearing disorders and Increasing demand for minimally invasive surgical techniques to boost the market are the major market driver of bionic ear
Regulatory requirement and High medical & device cost may limit the market growth of bionic ear