Partial Ossicular Replacement Prostheses Market: Introduction
According to the report, the global partial ossicular replacement prostheses market was valued at ~US$ 536 Mn in 2018 and is projected to expand at a CAGR of ~6% from 2019 to 2027. The global partial ossicular replacement prostheses market is anticipated to be driven by value-added features offered by various partial ossicular replacement prostheses products in order to provide appropriate diagnosis, efficient treatments, generating positive outcomes, and suitable medical aid and care. Partial ossicular replacement prostheses are used for the treatment of hearing loss, which helps in enhancing the hearing ability of patients.
According to the WHO, in 2018, around 466 million people globally had disabling hearing loss, and 34 million of these were children. An estimated 900 million people will have disabling hearing loss by 2050. Key players offering partial ossicular replacement prostheses are introducing value-added features such as launching products with technological advancements, more efficacy & technical features etc. Hence, companies are focusing on research & developmental activities to provide value-added features in their products.
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Titanium to be Highly Lucrative
Traditional hearing aids are suggested by medical professionals for individuals with mild to moderate hearing loss. Titanium has proven to be the most lightweight and biocompatible material used for ossicular reconstruction. Ossicular reconstruction is used for severe hearing impairment and people who cannot be assisted with hearing aids. These can be received by both adults and children. Patient population with profound hearing loss or deafness have sensorineural hearing loss, in which there is damage to the minuscule hair cells in the inner ear, also called the cochlea. Hearing aids are used to make sounds louder, whereas these products are used to do the work of inner ear’s (cochlea) damaged parts for sending the sound signals to the brain.
High Demand for Partial Ossicular Replacement Prostheses among Adults
In terms of age group, the global partial ossicular replacement prostheses market has been bifurcated into adults and pediatric. The adults segment is projected to account for a leading share of the global market during the forecast period. Increase in the geriatric population, surge in hearing loss among adults, and rise in prevalence & incidence of diseases such as otitis media and cholesteatoma are factors expected to fuel the growth of the segment. Moreover, extensive research & developmental activities and increase in interest of scientists in the research of these diseases drive the segment.
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Hospitals to be Dominant End User
In terms of end user, the hospitals segment held a major share of the global partial ossicular replacement prostheses market in 2018. The segment is anticipated to gain market share by the end of 2027. It is expected to expand at a CAGR of 6.6% from 2019 to 2027. Increase in the number of hospital visits by patients, surge in hearing loss or deafness cases, injuries, genetic disorders, and congenital defects; and rise in number of audiologists or ENT specialists boost the growth of the segment. Moreover, rise number of clinics, increase in network hospitals, clinics, and medical professionals & related care are attributed to the segment’s significant market.
Europe Dominated Partial Ossicular Replacement Prostheses Market
Increase in the geriatric population and rise in the number of hearing impairment cases are anticipated to propel the global partial ossicular replacement prostheses market in the near future. Europe is expected to dominate the global market, owing to high geriatric population, rise in patient population, and surge in technological advancements. Europe accounted for a leading share of the global partial ossicular replacement prostheses market in 2018 and the trend is likely to continue during the forecast period. Increase in geriatric population, rise in patient population, surge in the number of medical professionals, extensive research & development for providing more efficient and advanced products, increase in number of players engaged in mergers & acquisitions, and rise in acceptance of advanced products among the patient population are the key factors accelerating the growth of the market in Europe.
The partial ossicular replacement prostheses market in Asia Pacific is projected to grow at a rapid pace during the forecast period. Increase in geriatric population, rise in prevalence of diseases that cause hearing loss, surge in research & development, extensive government initiatives in the healthcare sector, increase in presence & investments by global players fuel the growth of the partial ossicular replacement prostheses market in Asia Pacific.
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Launch of Advanced Audiological Devices and Acquisition & Collaboration among Leading Players to Strengthen Geographic Presence: Key Trends
The report also provides profiles of leading players in the global partial ossicular replacement prostheses market. William Demant Holding A/S, Sonova, Olympus Corporation, Sivantos Pte. Ltd., Medtronic plc, Heinz Kurz GmbH Medizintechnik, SPIGGLE & THEIS Medizintechnik GmbH, and CoreMed are the leading players in the global partial ossicular replacement prostheses market accounting for significant share. Companies in the global partial ossicular replacement prostheses market focus on expanding geographic presence through strategic acquisitions, collaborations, and mergers with players in respective regions. Extensive research & development activities and technological advancements are factors likely to drive the global partial ossicular replacement prostheses market in the next few years.
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