Hearing Implant Market Value to Expand by $600M This Decade

Technical advancements and increasing numbers of hearing loss cases among aging populations is expected to bolster the hearing implants market over the next seven years.

Valued at $1.5 billion in 2019, the sector is forecast to expand to $2.1 billion by 2028, according to GlobalData, a worldwide data and analytics company. 

“North America, which holds over 45 percent of the market, experienced significant decline as COVID-19 cases rose in the U.S. However, as many elective surgeries resumed in many countries, the market is recovering from the major loss,” said Tina Deng, MSc, a principal medical devices analyst at GlobalData. “GlobalData expects that the market will show a positive growth of 10.6 percent 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 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 percent to approximately $1.3 billionn 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 percent from 2021 to 2028.
  
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. 
 
“According to WHO, over 5 percent 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,” Deng noted.