MIDDLE EAR IMPLANTS MARKET ANALYSIS

Market Challenges And Opportunities

Increasing concerns related to hearing loss is expected to drive growth of the market in middle ear implants. As per a WHO report, as of 2012, around 360 million people worldwide suffered from hearing loss, which accounts for around 5.3% of the world population. Out of the total hearing loss patient population, 91% were adults with children accounting for the rest. The increasing cases of hearing loss due to exposure to loud noise, trauma, viral infections, increasing geriatric population, and rising incidence of malformation of inner ear are expected to drive growth of the overall middle ear implants industry.  Increasing government regulations for early screening, diagnosis and treatment of hearing problems further augments growth of the middle ear implant market. In the U.S., Medicaid regulates one such program called the Early and Periodic Screening, Diagnosis and Treatment (EPSDT) Program. EPSDT is mandated for children from birth to till age 21, which provides beneficiaries for early screening, diagnosis and treatment of hearing aid. In Canada, hearing loss is covered under ICD-9 389.1 (Sensorineural Hearing Loss), 389.0 (Conductive Hearing Loss)—an initiative by various governmental and non-governmental organizations to spread awareness about early treatment on hearing loss. This creates a highly conducive environment for growth of the global middle ear implants market. On February 6, 2016, Public Affairs & Campaigns of the U.K. initiated a campaign to protect audiology services. On February 25, 2015, WHO started “Make Listening Safe Initiative” to mark March 3, 2015 as Ear care day to draw focus towards danger of unsafe listening, promote safe practices and early treatment. Increasing urbanization and development are one of the major factors to drive middle ear implants industry. Despite impetus to market growth from increasing number of cases of hearing loss being reported worldwide, the availability of alternative treatments such as Bone-anchored devices and Cochlear implants are expected to hinder growth of the market.