Increasing Demand for Healthcare Across the Globe is Expected to Boost the Demand for Bionic Ear Market During the Forecast Period 2027
Market Highlights
The global bionic ear market is expected to register a CAGR of~8.10% from 2021 to 2027 and hold a value of ~USD 26,980.20 million by 2027.
The global bionic ear market is driven by the increasing prevalence of hearing disorders which are lifting the demand for the products. The increasing aging population is likely to create a larger patient pool of people with hearing loss.
Many market players are dominating the global bionic ear market. The kay market players are involved in strategic agreements, acquisitions & mergers, product launches, and joint ventures to sustain their market positions. These strategies would provide higher market shares for the players and strengthen their position in the market. Sonova and Advanced Bionics AG are some of the biggest global manufacturers and suppliers of bionic ears. For instance, in March 2019, Sivantos Inc. (US) and widexA/S (Denmark) merge to become WS Audiology. This move strengthens the company’s product portfolio and further accelerates innovation with creative, high-technology, and easy-to-use products and services, thereby broadening the choice for hearing aid users.
Regional Analysis
On a regional basis, North America is anticipated to dominate the global bionic ear market due to the factors such as the presence of leading service providers in this region involved in R&D activity. An increase in public awareness among people and improved diagnostic facilities, and technological advancements in bionic ears greatly impact business development. In addition, the presence of the major giants in the market involved in mergers&acquisitions and new product innovation is another driving the market growth. For instance, in May 2021, Sonova acquired the Consumer Division from Sennheiser electronic GmbH & Co. KG (Sennheiser), which concentrates on the business of headphones and wearables for private customers, is an excellent fit with Sonova’s strategy to lead innovation in hearing experience and to engage consumers early on their hearing journey. Additionally, in July 2017, Cochlear Limited introduced Cochlear Nucleus 7 Sound Processor into the US market. It was by the US FDA.
On the other hand, Europe is expected to hold the second position in the global bionic ear market due to investments in healthcare, technological advancements, favorable government policies, and increased income of individuals.
Asia-Pacific is anticipated to be the fastest-growing regional market over the assessment period due to rapidly improving healthcare infrastructure and a large population.
Furthermore, the growth of the rest of the World’s market is attributed to the financial status and access to healthcare, which resulted in early product adoption and support for hearing loss issues.
Segmentation
The bionic ear market is segmented by device type, end user, and region.
Based on the device type, the bionic ears market segments into cochlear implants, auditory brainstem implants, and bone-anchored hearing aid.The cochlear implant segment is expected to hold a significant share of the market in 2020. A cochlear implant is 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 to regain the sound even in a noisy environment and is even considered safe for children to use it.
Based on end user, the bionic ear market segments into research institutes and hearing clinics & hospitals. The hearing clinics & hospitals segment dominated the market and held the largest market share in 2020. Hospitals provide better care and have more qualified medical personnel, attracting more patients. Aside from that, due to the advancements in the treatment procedures&facilities at such hearing clinics are predicted to grow at a significant rate
In terms of geography, the bionic ear market has been segmented into regions such as North America, Europe, Asia-Pacific, and the Rest of the World.
North America is anticipated to dominate the global bionic ear market. North America accounted for the largest market share in 2020 and is likely to continue to command during the forecast period, owing to increasing adoption of new technologies, established medical infrastructure, and increasing awareness have accelerated the market growth. The North American market comprises the US and Canada. The increasing prevalence of the geriatric population who suffer from hearing disabilities is a key factor supporting the growth of the bionic market in North America.
On the other hand, Europe is expected to be the second-largest bionic ear market due to the highly developed healthcare industry, prominent R&D infrastructure, and accessibility of products.
The bionic ear market in Asia-Pacific is anticipated to be the fastest-growing due to the growing geriatric population. Also, the medical infrastructure in these countries is growing, which has resulted in market growth.
The Rest of the World bionic ear market is driven by technological developments.The growing number of healthcare facilities and government initiatives for improving the healthcare sector is also boosting the growth of the market in this region.
Key Players
Some of the key market players includeAdvanced 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).