One of the consequences of this tech-filled hustle bustle of life is hearing impairment. In addition to this, Hearing loss is a problem caused by genetic discrepancies or old age. This consequently provides a wide scope for Hearing implants market globally. The demand of hearing aids is expected to rise owing to increase in number of cases of hearing losses in hospitals and dispensaries. This is particularly due to the advancements in technology and increasing inclination towards health awareness owing to government and insurance policies, the hearing implants sector of medical instruments is expected to witness quite a high increase in sales in the near future. The industry research report – ‘South Korea Hearing Implants Market Outlook to 2025’ – provides the overview of the industry, parameters affecting the market and relevant forecasts, technological development in this field and its affect on the working of the industry and the future scope of the overall market in South Korea.
Market Scope and Technological advancements
The end users of hearing aids, such as cochlear implants, bone anchored hearing implants and middle ear implants, are adult population and pediatrics. The advancements in technology in the field of medicine provides a scope for improvements in the hearing aid instruments which can cater to more growing demands of innovation such as digital waterproof hearing aid or features like watching TV easily through Bluetooth. Innovations through artificial intelligence will provide a boost to the industry in following years. The penetration of internet has made it possible for the vendors to sell their products to a wider and diverse customer base through e-commerce channels such as Amazon. Not only these e-commerce channels, government policies such as one in Australia which provides free hearing aids to their pension receiving citizens provides quite a demand for these products.
Leading players and Geography
As the industry requires continuous investment in research and development, many firms invest in continuously developing their products. Phonak and Sonova are such organizations which have made Korea among the Big 4 in the Asia- Pacific geographical region of the global hearing aid industry. The hearing aid market is stretched globally across North America, Europe, Asia Pacific and other countries such as Brazil and Turkey. There are many global leading players such as Cochlear Ltd, Widex and Oticon in this industry. Sonova’s invention of sword Chips which are used in instruments such as Audio B-Direct which helps in watching TV using Bluetooth. These are such technological advancements that can pave the way for the higher growth and revenue rates for the industry in near future.
Future Outlook of the South Korea Hearing Implant Industry
In the upcoming years, it is forecasted that by 2025, the industry is expected to witness a high trend in its growth. The introduction of artificial intelligence provides a way to innovate and produce products that can revolutionize the simple hearing aids into instruments with unique features to satisfy more upcoming and trendy demands, other than just the act of hearing, by the customers. Currently, the leading innovation centre for the industry is known to be Denmark but in near future, there is a possibility of more emerging innovation centres as organizations are vested in developing their products and investing more profusely in their research and development. In addition to that, growing medical awareness among people is expected to give the desired push to the demand of these products in increasing direction.
For more information on the research report, refer to below link:
Ankur Gupta, Head Marketing & Communications