Global Bionic Ear Market: By Device Type (Cochlear Implant, Auditory Brainstem Implants, Bone-Anchored Hearing Aid), By End User (Research Institutes, Hearing Clinics, Hospitals), and Region (North America, Europe, Asia-Pacific, Rest of the World)—Forecast to 2027
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Regional Analysis
On aregional basis, the North Americais anticipated to dominate the global bionic ear market dueto 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 hearables 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.
Segmentation
The bionic ear market is segmented by device type, enduser, 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. 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 theadvancements in the treatment procedures&facilities at such hearing clinics are predicted to grow at 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.
The North America is anticipated to dominate the global bionic ear market. The North America accounted for the largest market share in 2020 and is likely to continue to command during the forecast period, owing toincreasing adoption of new technologies, thesetablished medical infrastructure, and increasing awareness have accelerated the market growth. The North America 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 earmarket in North America.
On the other hand, Europe is expected to be the second-largest bionic earmarket due to the highly developed healthcare industry, prominent R&D infrastructure, and accessibility of products.
The bionic earmarket 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).
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