People with hearing loss benefit from early identification; use of hearing aids, cochlear implants, and other devices. According to the World Health Organization estimates, around 466 million people worldwide have disabling hearing loss and by 2050 more than 900 million people are expected to suffer from the same. The cochlear implant is the oldest form of neuroprosthetic, which was approved for use by the US Food and Drug Administration (FDA), in 1984. This device proves to be beneficial for people, with deafness, or severely hard-of-hearing. This device can also be used by patients, who have experienced intense hearing loss, caused by disease or injury, allowing them to hear sounds in their environment. Hence, with the increasing incidences of hearing loss, scientists are investing more in novel neuroprosthetics, which will drive the market over the forecast period.
Key Market Trends
Input Neural Prosthetics Segment is Expected to Show Better Growth in the Forecast Years
Based on equipment, it is segmented into input neural prosthetics and output neural prosthetics. The Input neural prosthetics is expected to show better growth. It mainly includes a cochlear Implant and bionic eye/retinal Implant. These are electronic devices that can help to provide a sense of sound to a person, who is profoundly deaf or severely hard-of-hearing. The implant consists of an external portion that sits behind the ear and a second portion that is surgically placed under the skin. In the United States, roughly 58,000 devices have been implanted in adults and 38,000 in children, according to the US Food and Drug Administration. The market for these prosthetics is expected to show better growth, due to the higher number of children born with hearing defects, and the increasing awareness, along with growing research, in the field of neuroprosthetics.
North America Estimated to Hold the Largest Share in the Neuroprosthetics Market
The neuroprosthetics market estimated to hold the largest share in the North America region due to the increasing number of patients suffering from neurological disorders and nerve injury. Additionally, the number of cases, where children are born with hearing defects, is increasing. According to NIDCD (National Institute of Deafness and Other Communication Disorders), about 2 - 3 of every 1,000 children in the country, are born with a detectable level of hearing loss in one or both ears. According to NIH, nearly 188,000 individuals worldwide, are fitted with a cochlear implant. Hence, with the rising acceptance of neuroprosthetic technology, the market is expected to grow in the forecast period.
The global players into the neuroprosthetics market are Abbott Laboratories, Boston Scientific Corporation, Cochlear Limited, Demant A/S, LivaNova PLC, MED-EL, Medtronic PLC, Oticon, Retina Implant AG and Sonova Holding AG.
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