Newark, NJ, Oct. 05, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global bionic ear market is expected to grow from USD 14.93 billion in 2019 and to reach USD 26.88 billion by 2027, growing at a CAGR of 7.63%during the forecast period 2020-2027.
The geriatric population has increasingly been suffering from hearing disorders, which has served as the primary reason for the market growth. Apart from this, the incidence of hearing deficiency is rising among the newborn from the time of birth. The increasing awareness among the patient population, especially the parents of a newborn, is leading to the growth of the market.
Bionic ears are standard devices that are used by the patient who suffer from partial or complete hearing inability. There are parts in a bionic ear device, namely receiver-stimulator and external sound processor. These are placed at the back of the ear to provide assistance to the disabled person. These two constituents work simultaneously in order to develop digital code, which is converted into electrical impulses. The bionic ears devices are the result of the integration of physical science and biological science with engineering.
The development of better infrastructure and diagnostic facilities worldwide is creating opportunities for market growth. Moreover, the rapidly increasing technological advancements have propelled the market demand by providing a platform for the development of innovative and advanced products. However, the high cost of bionic ear devices is restricting its demand among middle-income consumers. Also, the imposition of stringent government regulations owing to the risk of failure of these devices or any malfunction is hindering the market growth.
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Key players operating in the bionic ear market are Sivantos Pvt. Ltd., Sonova, Advanced Bionics AG, Cochlear Ltd., MED-EL., LifeNet Health, William Demant Holdings, Össur, Nano Retina Inc, Terumo Corporation, EKSO Bionics and others. The major players in the bionic ear market focus on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations and partnerships. These strategies would extract higher market shares for the players and strengthen their position in the global market. Sonova and Advanced Bionics AG are some of the biggest manufacturers and suppliers of bionic ear worldwide.
The cochlear implant segment dominated the market and held the largest market share of 59.40% in the year 2019
Based on the device type segment, the global bionic ear market includes cochlear implant and bone-anchored hearing aid. The cochlear implant segment dominated the market and held the largest market share of 59.40% in the year 2019. The cochlear implant is found to be effective than traditional devices. These devices enhance the quality of the sound and thus improve a person's ability to better understand a speech. It helps to regain the sound even in a noisy environment and is even considered safe for children to use it.
The hospital segment dominated the market and held the largest market share of 43.92% in the year 2019
Based on the end-user segment, the global bionic ear market includes hospitals, research institutes and hearing clinics. The hospital segment dominated the market and held the largest market share of 43.92% in the year 2019. Hospitals provide better treatment and have skilled medical staff, which attracts more number of patients. Apart from this, the hearing clinics are expected to grow at a significant rate owing to the specialized treatment and advancement of the facilities.
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Regional Segment Analysis of the Bionic Ear Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global bionic ear market is classified into North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America accounted for a significant market share of 47.92% in the year 2019. The region has a high number of the geriatric population who suffer from hearing disabilities, which has increased the demand for the bionic ear. Apart from this, the established medical infrastructure and increasing awareness have accelerated the market growth. However, Asia-Pacific is expected to register the highest growth rate during the forecast period. The developing countries like India, Japan and especially China have high elderly patients who face difficulty in hearing. Also, the medical infrastructures in these countries are growing, which has resulted in market growth.
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About the report:
The global bionic ear market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the market's key insight. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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