23 Feb 2021
Posted in Medical Devices
Hearing implants market will grow steadily to reach $2.1bn by 2028 driven by technical advancements
The hearing implants market was worth nearly $1.5bn in 2019 and is expected to grow to $2.1bn by 2028, driven by technical advancements and increasing prevalence of hearing loss with aging populations, according to GlobalData, a leading data and analytics company.
The hearing implants market had a negative revenue growth in the first half of 2020 due to the COVID-19 pandemic. The market decreased 7.9% to approximately $1.3bn due to the cancellation of elective surgeries and decreased hospital admissions in 2020. However, the hearing implants market is expected to grow steadily with a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028.
Tina Deng, MSc, Principal Medical Devices Analyst at GlobalData, comments: “North America, which holds over 45% of the market, experienced significant decline as COVID-19 cases rose in the US. However, as many elective surgeries resumed in many countries, the market is recovering from the major loss. GlobalData expects that the market will show a positive growth of 10.6% in 2021. However, the future wave of COVID-19 casts a shadow over the market. Complete revenue loss recovery is expected to occur by the end of 2021.”
The market is expected to continue growing in the long term due to increasing prevalence of hearing loss with the aging populations. Technical advancements related to remote care solutions in allowing healthcare providers and patients to access efficient and convenient care are in demand. Improvement in the implants’ quality and effectiveness, allowing better insertion in minimally invasive procedures and fewer postoperative hospital stays, will increase device penetration in patients with severe hearing loss. Additionally, increasing numbers of skilled professionals will drive the market ahead.
Deng continues: “According to WHO, over 5% of the world’s population has disabling hearing loss. It is estimated that by 2050 over 900 million people will have disabling hearing loss. When hearing aids are not effective, more severe hearing loss can be surgically treated with hearing implants. Cochlear implants are the most common implants used for inner ear surgery and will lead market growth between 2021 and 2028.”