Bionic Ear Market to Garner USD 26,980.20 Million Revenue by 2027 Witnessing 8.10% CAGR – Report by Market Research Future (MRFR)

New York, US, Aug. 17, 2021 (GLOBE NEWSWIRE) — Bionic Ear Market Overview:

According to a comprehensive research report by Market Research Future (MRFR), the “Bionic Ear Market Information by Device Type, End User, and Region – Forecast till 2027“, the market is estimated to cross valuation of around USD 26,980.20 Million by 2027 at 8.10% CAGR.

Market Scope:

A bionic ear is a neural prosthesis which is designed for the people suffering from hearing disability. It can stimulate the hearing nerve and provide sound signals directly to the brain. The bionic ear constitutes a receiver-stimulator and an external sound processor; both are fit behind the ear.

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Competitive Landscape:

The industry leaders listed in the report are:

• Advanced Bionics (US)
• Sonova (Switzerland)
• Cochlear (Australia)
• MED-EL (Austria)
• 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)
• Terumo Corporation (Japan)

These companies are coming up with strategies to augment their global presence while launching highly innovative devices by indulging in acquisitions, partnerships, and collaborations. The rise in FDA approvals has also been encouraging factor for the manufacturers to focus more on product innovation or launch of new devices. For instance, in March 2021, Cochlear Limited, a world-renowned developer of implantable hearing solutions got approval from the U.S. Food and Drug Administration for its latest Cochlear Baha 6 Max Sound Processor. The new device helps elevate the hearing quality for people affected by SSD or single-sided deafness, mixed or conductive hearing loss.

Market USP exclusively encompassed:

Top Growth Boosters

Increased burden of hearing disorders worldwide in line with the expanding geriatric population are more than likely to boost the market growth in the following years. The World Health Organization (WHO) reveals that over 460 million individuals in the world currently suffer from some form of hearing disability. The Royal National Institute for Deaf People says that the hearing disorder develops in conjunction with age, affecting almost 80% of people more than 70 years of age with 45% of people that are more 50 years of age. Prolonged noise exposure, surge in healthcare spending and the emergence of highly innovative bionic ear devices have enhanced the industry size across the globe.

Heightened demand for minimally invasive surgeries has had a notable impact on the global market. More and more of these devices are being adopted as technological innovations continue to rise. Availability of supportive insurance schemes, rise in R&D spending for designing next-generation sound processors and increase in hearing disorders among newborns could also benefit the bionic ear market in the next several years.

Market Restraints:

Substandard medical facilities, especially in underdeveloped countries along with strict stringent government policies could curb the market growth in the following years.

Browse In-depth Market Research Report (120 Pages) on Bionic Ear: https://www.marketresearchfuture.com/reports/bionic-ear-market-10644

COVID 19 Analysis

The COVID-19 pandemic has worked against the bionic ear market, emerging as a significant challenge for patients with hearing disabilities and more. Owing to social distancing measures, various hospitals were forced to focus only on non-elective procedures as well as surgeries and provide video conferencing services to patients with disabilities. This limited the market growth to a large extent.

Market Segmentation

The various device types considered in the MRFR study are auditory brainstem implants, bone-anchored hearing aid and cochlear implant. Cochlear implants have seized the largest portion of the global market, as these are highly effective compared to the traditional device types. These help elevate the sound quality, improving the wearer’s ability to better comprehend speech. These device types also help filter the sound clearly in a noisy environment and is increasingly being adopted by children, given their high safety level. Moreover, cochlear implants are the only devices that facilitate restoration of partial hearing for a deaf person with the use of electric stimulation of all the residual auditory nerves. It can also be used by patients with extreme hearing loss due to damage in the inner ear. Given all these properties, cochlear implants are witnessing a significant rise in their demand worldwide.

The top end users of bionic ears are hearing clinics, hospitals, and research institutes. Notable surge in healthcare spending along with the accelerated use of bionic ears contribute majorly to the market growth.

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Regional Analysis

North America houses the biggest market for bionic ear and will maintain its stronghold throughout the conjecture period. Thanks to the high public awareness about the available treatment options and well-equipped diagnostic facilities, as well as technological advances, the bionic ear market in the region should continue to thrive in the coming years. The surge in the adoption rate of the various types of bionic ears among patients in view of the growing recognition about their benefits can mean considerable revenue generation in the United States. Additionally, presence of some of the most eminent service providers like Unitron, Cochlear, Advanced Bionics, and Intelligent Hearing System in the region could further spur the market demand in the following years.

Asia Pacific shall record the fastest growth rate during the analysis period, with support from rapidly emerging countries like India, Japan, and China. In China, the massive pool of elderly patients facing hearing issues along with the rapid improvement in medical infrastructure could result in considerable market growth in the next few years.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Browse In-depth Market Research Report (120 Pages) on Bionic Ear: https://www.marketresearchfuture.com/reports/bionic-ear-market-10644