Hearing Implants Market Worth Over $2 billion by 2023
Arizton’s recent market research report on the global hearing implants market segments the market by product type (Cochlear implants and BAHA implants), end-user (hospitals, clinics/audiology centers, and individuals), and geography (APAC, Europe, Latin America, MEA, and North America).
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The global hearing implant market is divided into three major segments –product, end-users, and geography.
Hearing Implants Market
The growing awareness and increasing prevalence of hearing loss is driving the global hearing implants market. The hearing implants market constitutes of cochlear and BAHA implants. The most prominent cochlear implant vendors in the global market are Cochlear, MED-EL, Sonova, and William Demant. The hearing implants segment is slowing gaining traction in the global hearing aids market. The vendors are focusing on improving growth restraints such as high procedure cost, lack of audiologists, and patient discomfort to boost the demand for these products in the global market. The global hearing implant market is expected to grow significantly during the forecast period. The increasing awareness about these products and vendors expanding in developing countries will boost the demand for hearing implants in the global market.
Cochlear implants to occupy the largest market share in the global hearing implants market during the forecast period
The cochlear implant segment represents about 90% of the total implantation market share in the global hearing implants market. Cochlear is one of the leading market vendors in the manufacturing and distribution of cochlear implants across the globe.
In 2017, Cochlear approximately sold 32,554 cochlear units, recording $1,240 million in sales revenue.
According to the National Institutes of Health (NIH), there are more than 350,000 registered devices implanted worldwide. With the increasing awareness, the sale of these implants is likely to drive the sales revenues in the global hearing implants market.
Hearing implants will slowly gain market share in the North American market during the forecast period
The growing demand for technologically advanced hearing implants is driving the market for these products in North America. The vendors in North America are focusing on launching hearing implants for patients with severe hearing loss that enable product enhancement and modification of the existing products. The hearing implants market in North America occupied around 40% of the total market share in 2017. The US is the leading market for hearing implants in North America. The prominent vendors in the US are investing in R&D activities for the introduction of products that are safer, offer comfort, and have differentiated functionalities. The hearing implants market in US occupied about 35% of the total market share in 2017.
The leading vendors in the hearing aids market are Cochlear, William Demant, Sivantos Group, and Sonova.
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The complete overview of the latest market research report on the hearing aids market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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