Bone conduction implants are medical devices that conduct sound through bone conduction implants by using the natural ability of the human body.
Albany NY, United States: Global Bone Conduction Implants Market: Overview
Bone conduction implants are medical devices that conduct sound through bone conduction implants by using the natural ability of the human body. Bone conduction implants are generally used by individuals affected by conductive hearing loss, mixed hearing, or single-side deafness. Different kinds of bone conduction implants devices (BCDs) are available for hearing rehabilitation. Hearing loss can result from certain infectious diseases, exposure to excessive noise, genetic causes, chronic ear infections or complications at birth. Also, problems associated with hearing is one of the major issues faced by the elderly population (people aged 60 years or above).
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Global Bone Conduction Implants Market: Drivers and Restraints
Increasing incidence of disabling hearing loss, growing elderly population, wide availability of technologically advanced products, and increasing prevalence of chronic ear infections are some of the factors likely to drive the bone conduction implants market during the forecast period. According to the World Health Organization, in 2016, 360 million people worldwide suffered from disabling hearing loss and 32 million of these were children. Unaddressed hearing loss across the globe costs approximately US$ 70 Bn annually. Also, 1.1 billion youngsters (people aged between 12 and 35 years) are at a risk of hearing loss due to exposure to noise in recreational settings. According to the U.S. Census Bureau, in 2016, 8.5% of people across the world (617 million) were aged 65 years or above and the number is projected to increase to nearly 17% by 2050 (1.6 billion).
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Global Bone Conduction Implants Market: Key Segments
The bone conduction implants market can be segmented based on product, type of implant, application, end-user, and geography. Based on product, the market has been segmented into skin drive devices and direct drive devices. The skin drive devices segment has been sub-divided into conventional devices and passive transcutaneous devices. The direct drive devices segment has been sub-segmented into percutaneous devices and active transcutaneous devices. Based on type of implant, the bone conduction implants market has been classified into active implants and passive implants. Based on application, the market has been segregated into conductive hearing loss, single-sided deafness, and others. Based on end-user, the bone conduction implants market has been divided into hospitals, specialty clinics, and others.
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Based on geography, the global bone conduction implants market has been segmented into five regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2016. Increasing prevalence of hearing loss among children and elderly people and presence of key market players in the region are some of the factors likely to drive the bone conduction implants market in North America during the forecast period. According to Hearing Loss Association of America, two to three of every 1,000 children in the U.S. are born with detectable hearing loss in one or both ears. Europe is expected to account for the second-largest share of the global bone conduction implants market during the forecast period. Growth of the bone conduction implants market in the region is attributable to favorable reimbursement policies and increasing adoption of technologically advanced products in the region. According to the National Institute for Health and Disability Insurance, public expenditure on hearing aids reimbursement in Belgium is around US$ 22.7 Mn per year, for approximately 40,000 devices. Reimbursement in the country is based on a fixed lump-sum of US$ 569 for unilateral devices and around US$ 1,081.9 for bilateral devices. The bone conduction implants market in Asia Pacific is expected to register a high growth rate from 2017 to 2025, due to development of health care infrastructure, rise in disposable incomes, growth of elderly population in countries such as India and China, and economic development of the region. According to United Nations ESCAP, the Asia Pacific region is currently home to about 60% of the world’s elderly population. The number of elderly people in the region is expected to get more than double, from 547 million in 2016 to nearly 1.3 billion by 2050.
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Global Bone Conduction Implants Market: Key Players
Some of the key players operating in the global bone conduction implants market are Cochlear Ltd., Medtronic, Siemens Healthineers, and Sonova.
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