After a downturn at the beginning of the Covid-19 pandemic, the global hearing implants market is now set for a full recovery by the end of 2021
Cochlear implants are among the most common devices used for inner-ear surgery (Credit: Ivan_Shenets/Shutterstock)
Technical advancements and an increasing prevalence of hearing loss due to ageing populations will lead to a 40% jump in value for the global hearing implants market by 2028, according to an analyst.
In 2019, the market was worth about $1.5bn – and experienced a negative revenue growth in the first half of 2020 due to the Covid-19 pandemic’s profound impact on numerous industries.
Analytics firm GlobalData is now anticipating, however, that the market will expand at a CAGR (compound annual growth rate) of 4.8% between now and 2028, to a value of $2.1bn.
Tina Deng, MSc, principal medical devices analyst at GlobalData, said: “North America, which holds more than 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 these major losses.
“GlobalData expects that the market will show a positive growth of 10.6% in 2021 and complete revenue loss recovery is expected to occur by the end of the year – although future waves of Covid-19 cast a shadow over the market.”
Reasons for renewed growth in global hearing implants market
The market for hearing implants is expected to continue growing in the long term as ageing populations increase the prevalence of hearing loss.
Technical advancements related to remote care solutions are growing in demand too, and allowing healthcare providers, and patients, to access more efficient and convenient care.
Improvements in the quality and effectiveness of implants are allowing better insertion through minimally-invasive procedures and resulting in fewer postoperative hospital stays – and will also help to increase device uptake in patients with severe hearing loss.
Additionally, increasing numbers of skilled professionals will drive the market forward over the next eight years.
“According to WHO, more than 5% of the world’s population has disabling hearing loss,” said Deng. “And, it is estimated that, by 2050, more than 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 this market growth between 2021 and 2028.”