Increase in the demand for cochlear implants due to increasing prevalence of hearing-impaired patient is expected to drive the global cochlear implants market. The Global Cochlear Implants Market is estimated to be USD 1.9 Bn in 2020 and is expected to reach USD 3.9 Bn by 2027, growing at a CAGR of 10.7 % during the forecast period.
Increase in surgical procedure for implantation and introduction of insurance & funding schemes for the implantation devices also boost the market during the forecast period. There are many private organization taking steps by providing funds for research & development to propel in market. Increase in demand for next generation implants and speech processes further witness a significant growth in the cochlear implants market.
Increase in healthcare expenditure, increase in level of initiatives being undertaken by government and various organization to support research and development activities, disposable income of people are the major reasons which drives the market of cochlear implants. Also rising geriatric population is one of the reasons which boost the global market.
Rising prevalence of hearing loss among the adults is the propelling factor for the growth of the global cochlear implants market. According to data published on 1st April 2021, by WHO (Worlds Health Organization), the number of populations suffering from hearing issues were 466.0 million among these population 432 million were adults and 34 million children across the globe. These shows the high incidences of hearing impairment among adults.
However, the lack of skilled professionals to perform proper surgeries for implantation of cochlear devices which is the major restraining factor for the growth of the global market. Further, the post surgeries adverse effects such as risk of damage to nerves and brain during surgery, post implant inflammation and possibility of infections are also considerably hampering the growth of the targeted market. The emerging market of cochlear implants and increasing investment by the key-players can create a lucrative opportunity for the growth of the global cochlear implants market. However, availability of alternative treatment such as subtotal petrosectomy surgery for cochlear implants which is the major challenge for the global cochlear implants market growth.
In terms of geography, in the year 2020, Europe region accounted the major share of the global market. This is owing to the presence of necessary infrastructure and availability of skilled professionals in countries of the region. Moreover, high funding available for research and development activities is another factor supporting European market. The rising prevalence of hearing inabilities in this region is the fueling factor for the growth of the targeted market in the European region.
However, the Asia- Pacific region shows significant growth over the forecast period due to rising demand for cochlear implant among the increasing geriatric population in the Asia-Pacific region boosts the growth of the global market. Investment by major cochlear implants market players and local presence of key companies are also boosting the market during the forecast period.
The Global Cochlear Implants Market Segmentation:
Global Cochlear Implants Market, by Type Outlook (Revenue, USD Billion, 2021-2027)
Global Cochlear Implants Market, by End-Users Outlook (Revenue, USD Billion, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the global cochlear implants market are: