Major players in the hearing implants market are Sonova (Switzerland), Advanced Bionics AG (Switzerland), Siemens AG, William Demant Holding Group (Denmark) and Microson S. A. (Spain). The global hearing implants market is expected to grow from $2.
New York, May 03, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Hearing Implants Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06067869/?utm_source=GNW
06 billion in 2020 to $2.47 billion in 2021 at a compound annual growth rate (CAGR) of 19.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.68 billion in 2025 at a CAGR of 10.5%.
The hearing implants devices and equipment market consists of sales of hearing implants.Hearing implants are surgically installed devices aimed to improve the hearing of a person suffering from severe or profound levels of hearing loss.
These are segmented into cochlear implants, bone anchored hearing aids (BAHA), mid-ear implants, and auditory brainstem implants (ABI).
Companies in hearing implants market are making implants using 3D printing in binaural cochlear surgeries.The technology focuses on developing customized 3D printed implants using biocompatible materials to treat anatomical defects with the help of stem cells.
Sonova manufactures binaural cochlear implants, which uses two different modes of stimulation, electrical and acoustic to enhance hearing and better discrimination of speech. Further, in 2020, scientist developed a 3D-microscaffold cochlear implant using 3D printed steroid reservoir was designed to reduce the damage of residual hearing against electrode insertion trauma.
Aging population is increasing worldwide and loss of hearing is one of the most common age related disorder in the aged above 60 years.As reported by United Nations, in 2020, there are 727 million people aged 65 years in the world and with the increasing geriatric population, the demand for hearing implants is expected to rise.
Therefore, increasing aging population is expected to drive the market for hearing implants in the future.
Cochlear implant manufacturers have to submit information regarding the material used, efficacy based on clinical trials, any adverse effects to the FDA. The manufacturer can begin the sale of the implants in the USA only after receiving approval from the FDA.
The surgical procedure for implanting hearing implants is associated with various risks and is expected to restraint the market growth in the future.During the surgery, there are possibilities of facial nerve damage which can lead to complete or partial paralysis on the same side of the face as the implant.
Due to this and other complications such as development of meningitis, cerebrospinal fluid leakage, infection and others, people prefer conventional hearing aids over implants. Hence, restraining the growth of hearing implants market.
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