Bionic Ear Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1835
Bionic Ear Market size is projected to experience significant growth from 2017 to 2024.
Bionic ear market is set to witness lucrative growth owing to the remarkable innovation in rechargeable devices, economic growth in emerging countries, and rising investments by manufacturers for developments of next generation sound processors. Rising prevalence of hearing disorders should lift the demand for the product. Increasing geriatric population is likely to create larger patient pool of people living with hearing loss.
According to WHO, there are more than 360 million people in the world affected with hearing loss disability. Hearing loss is one of the leading global disorder. As stated by the Royal National Institute for Deaf People, prevalence of disorder increases with age, affecting 70% of people over 70 and 42% people over 50. Moreover, increasing healthcare spending and prelaunch of bionic ear devices are some other factors driving the industry size.
Low adoption of bionic ear due to inadequate insurance plans, high medical & device cost and complexities associated with device batteries may restrain the bionic ear market size during the forecast period. The overall high cost of product adoption is attributed to several factors such as various evaluations to surgery, hospital costs, doctor’s fees, medication, operating room supplies, and the device used in instruments.
Binaural devices play a key role in implantation procedure. Binaural implants are tested for auditory discrimination in order to quantify binaural differences. Increase in aging population worldwide and the number of individuals with hearing loss witnesses’ lucrative growth opportunities.
U.S. bionic ear market will show significant growth due to rising patient acceptance and patient awareness about the product benefits. Presence of leading service providers such as Cochlear, Unitron, Intelligent Hearing system and Advanced Bionics in the region will stimulate industry growth in the coming years.
Favorable development policies coupled with manufacturing processes and materials cost structures will drive the European bionic ear market. Asia Pacific driven by Japan will witness lucrative growth rate in the coming years owing to increasing geriatric population. The region is expected to foresee almost double in value over the forecast period.
Increasing public healthcare expenditure and government reimbursement plans should drive Latin American bionic ear market during the forecast period. Brazil public health care program provides free hearing health care services, including rehabilitation, diagnosis, hearing aid distribution, and treatment.
MEA should witness moderate growth over the forecast period. South Africa offers untapped growth opportunities to industry players. Accessible services introduced in the country such as financial status and access to healthcare has led to the early product adoption and provides support for hearing loss issues.
Key industry players in bionic ear market include Advanced BIONICS, Cochlear, MED-EL and William Demant Holdings, among others. Companies focus on various R&D activities to improve the quality of products and develop waterproof devices. 3D bioprinting technology is playing a significant role in the development of bionic ears.
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