- Bone Anchored Hearing Aids
- Cochlear Implant
Bionic Ears Market size was valued at USD 22.52 billion in 2022, growing at a CAGR of 8.2% from 2023-2029. A bionic ear is an electronic device that is designed by electrically stimulating nerves in the inner ear of deaf patients to produce hearing sensation. It consists of a receiver stimulator implanted below the patient's skin behind the ear and a sound processor. These processors stimulate the inner ear nerves which send signals to the brain where these signals are interpreted as sound. The bionic ear is beneficial for people who are suffering from severe, profound, or total loss of hearing. Standard hearing aid devices work by amplifying sound, but it is only useful for people with partial loss of hearing not for people who are deaf or have profoundly impaired hearing. Loss of hearing is associated with damage or other abnormalities in the tiny sensor hair cells present inside the cochlea or inner ear. To overcome such conditions bionic ears are used. The bionic ears market is expected to show considerable growth over the forecast period. As per WHO, more than 360 million people are affected by loss of hearing disability globally. Loss of hearing is one of the leading global disorders. According to the Royal National Institute for Deaf People (RNID), the prevalence rate of hearing disorders is growing with age, which is affecting about 70% of people over 70 and 42% of people over 50. Geriatric people are highly susceptible to loss of hearing which can affect their social life. Due to this factor, the bionic ear market is expected to show significant growth. Untreated loss of hearing among newborn can affect their entire life. As it can lead to impairment in speaking and affect their psychological abilities. However, due to technological advancement and the development of bionic ears, it is now possible to help these children. Also due to increasing awareness and better diagnostic facilities to detect the problem number of cases are being registered among newborn children. Research institutes such as the Bionics Institute are aiming at improving the performance of bionic ears and the function of hearing nerves.
Fastest Growing Market
In the geriatric population, there has been a rapid rise in the prevalence of hearing disorders that will fuel the growth of bionic ears market. Hearing disabilities caused in new-born babies is a major cause of concern. Bionic ears are used to aid infants with hearing disabilities. Other factors such as availability of better infrastructure, better diagnostic facilities, increase in awareness among the population, and technological advancements in the field of bionic ears have positive influence on the market growth. Fear of malfunction of these devices and high cost associated are restricting the growth of bionic ears market. Furthermore, regulatory requirements for bionic ears also hampering the growth of the market.
The bionic ears market size was valued at USD 22.52 billion in 2022
The bionic ears market key players are: Sivantos Pvt. Ltd. (South Korea) Cochlear Ltd. (Australia) William Demant Holdings (Denmark) Terumo Corporation (Japan) EKSO Bionics (U.S) Advanced Bionics AG (Switzerland) Sonova (Switzerland) MED-EL (Austria) LifeNet Health (U.S) Ã–ssur (U.S) Nano Retina Inc.(Israel)
The bionic ears market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.