LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global hearing implants market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global hearing implants market will grow at a CAGR of almost 10% during the forecast period. Increasing prevalence of hearing loss is a major factor driving the market’s growth.
There has been a substantial increase in the prevalence of hearing loss in both developed and developing countries. Millions of people across the globe suffer from hearing loss. As of 2016, more than 350 million people (more than 5% of global population) were predicted to be suffering from hearing loss worldwide. This is expected to increase three-fold by 2050. Approximately 35% of people aged 65 years and above are affected by disabling hearing loss among the global population. However, the production of hearing implants is significantly less to meet the increasing demand.
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In this report, Technavio highlights the growth of smart cities as one of the key emerging trends driving the global hearing implants market:
Emerging technological innovations
The hearing implant manufacturers are concentrating on the development of innovative hearing implants with improved patient comfort. Sound processors that feed signals to the hearing implants have undergone many developments in the past few years. Some of the changes include an increase in the number of electrodes (from 8 to 24) and a drastic reduction in the size of the sound processors. The increase in the number of electrodes in these devices has led to the amplified precision in simulating cochlea for delivering clear sound.
Owing to these advances in technology, the sound processors have been made compact and light-weight. This has given the users the freedom to carry the processors freely, either on the ear, arms, or on the shoulders.
“The digital processors can remove noise, pick-up sounds from various sources, and precisely input the signals to the implant and are water-resistant. They can be connected to the cellphones, TVs, and other Bluetooth-enabled devices, which will assist deaf people in leading a normal life,” says a senior analyst at Technavio for research on orthopedics and medical devices.
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Global hearing implants market segmentation
This market research report segments the global hearing implants market based on product type (cochlear implants, BAHA, and others) and key regions (the Americas, APAC, and EMEA).
The cochlear implants segment held the largest market share in 2017, accounting for more than 88% of the market. The BAHA segment held the second largest share, and it was followed by the others segment (MEI and ABI).
The Americas was the leading region for the global hearing implants market in 2017, accounting for a market share of around 46%. EMEA accounted for the second largest share in the market, and it was followed by the APAC region that accounted for the least share in the market.
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