- Published on Saturday, 24 December 2016 10:59
Future Market Insights (FMI) recently published a new market forecast for the hearing implant sector showing that the market is expected to have double-digit growth in the forecast period from 2015 to 2025.
The hearing implants market analysis includes the following segments: cochlear implants, mid-ear implants, bone-anchored hearing aids (BAHA), and auditory brainstem implants (ABIs). In terms of regions analyzed, Europe has the highest share both for revenue and volume. The latest products are most commonly launched first on the European market since most of the key players in this field are based in Europe, including Sonova holding AG, Med-EL, and William Demant Holding A/S .
The main factors driving the market are rapid technological development and broad acceptance of hearing implant procedures among eligible patients, according to the report. The increase in customization of hearing implant devices is also cited as a crucial factor for increasing the number of people fitted with hearing implants.
The main challenge facing the sector is the high cost of implanted devices. With cochlear implants as an example, the average cost of the procedure (including the post-operative aural rehabilitation process), exceeds USD 40,000 according to the American Speech-Language-Hearing Association (ASHA). The treatment is, however, reported to be one of the most cost-effective medical procedures in the long term.
Changing demographics are also particularly important concerning this market: based on World Health Organization (WHO) estimates, there will be about 1.2 billion people in the world over the age of 60 years by 2025. In addition, hearing loss is reported to be one of the six leading conditions in global disease burden.Source: SAT PR