The Global Cochlear Implants Market Size 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.
Cochlear Implants Market Definition
A cochlear implant is an electronic device that stimulate the cochlear nerve (nerve for hearing). The two parts of implants are internal and external which fits in and outside of the ear. Where external part picks up sounds with a microphone. Then processes the sound and transmits it to the interior a part of the implant device. The successful rate of implantation is quite low, for instance, according to NCBI, success rate of the cochlear implanted surgeries in children was 26.87% and for the hearing-impaired children with conventional hearing aids 20.32%.
Cochlear Implants Market Dynamics
Increase in surgical procedure for implantation and introduction of insurance & funding schemes for the implantation devices also boost the market during the forecast year. There are many private organization taking steps by providing funds for research & development to propel in this market. For instance, American Cochlear Implant Alliance is not for profit organization created to eliminate the barrier to cochlear implantation by providing funds for research, driving awareness among the population.
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. Increase in demand for next generation implants and speech processes further fuels the growth of the cochlear implants market. Also rising geriatric population is one of the reasons which boost the cochlear implants market growth.
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) globally, the number of populations suffering from hearing issues were 466 million among these population 432 million were adults and 34 million children. These shows the increasing incidences of hearing impairment among adults.
High cost for the hearing aids such as cochlear implant is the major restrains which might hamper the market. 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 cochlear implants market. Further, the post surgeries ill effects such as risk of damage to nerves and brain during surgery, post implant inflammation and possibility of infections is also the hampering factor for the cochlear implants market growth. Emerging market offer lucrative opportunities for the key player to propel in this field. One of the major challenges is lacking trained professionals who are capable for curing ENT procedures like cochlear implantation.
The Global Cochlear Implants Market Segmentation:
By End- Users
Based on type, the bilateral implant, is expected to dominate the global cochlear implants market due to increasing adaptation among the geriatric population as hearing aids
Based on type, the global cochlear implants market has been segmented into bilateral implant and unilateral implant. The unilateral implant is dominating sub-segment. The unilateral implant is cost effective, need less amount of anesthesia and less duration of surgery than that of bilateral implantation. Moreover, the reimbursement policies are available for unilateral implants in adults which is the propelling factor for unilateral segment.
Further, unilateral implant has advantage to recognize difference between speech and noise. Unilateral implant shows significant growth during the forecast period.
Based on end-users, adults segment is expected to grow at the highest CAGR during the forecast period due to increasing demand of cochlear implant among the adults
Based on end-users, the global market is segmented into children and adults. The adult cochlear implant among the adults due to increasing incidences of hearing loss. In 2016, as per the NIDCD (National Institute of Deafness and Communication Disorders) in U.S 15% of adults were reported the hearing loss incidences and according to NIDCD age group between 60 to 69 years have large numbers of patients suffering from hearing loss problem.
Geographically, North America accounted for the largest share of the global cochlear implants market
Europe region accounted for the largest share and dominating the cochlear implants market in 2020 during the forecast period. This can be attributed to the substantial investment in research and development activities carried out for the cochlear implants. In addition, favourable government initiatives and technological advancement such as increasing battery life of devices and developed medical devices sectors for the hearing impairment accelerate the growth of the regional market.
Asia-Pacific region is expected to show lucrative growth in the near future. This is due to increasing demand for cochlear implants due to increasing old-age population in the region drives the global cochlear impants market.
Company Profiles and Competitive Intelligence
The key players operating in the cochlear implants market are:
The report also provides an in-depth analysis of the global cochlear implants market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Global Cochlear Implants Market Growth Analysis
Covid-19 has highly affected the industries in terms of growth, economy, health, and mental well-being of every individual. In this challenging situation, every industry is trying to give the best services in terms of quality and safety. Healthcare sector has been highly affected by the COVID-19 outbreak. The cochlear implant surgeries post-pounded due to occupancy of hospitals by COVID-19 patients. However, the funding and focus on research and development have been distracted due to this pandemic is the restraining factor for the growth of the cochlear implants market.
The unique insights provided by this report also includes the following:
The report also provides an in-depth analysis of global cochlear implants market key trends
The report also provides an in-depth analysis of recent news developments and investments
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