A research study titled, “Cochlear Implants Market by Type and End
User – Global Industry Analysis and Forecast to 2025” published by Crystal
Market Research, states that the cochlear implants market is projected to be
around $3 billion by 2025.
A cochlear
implant is a device which delivers electrical stimulation to the auditory nerve
present in the inner ear. Children and adults affected by profound hearing loss
who cannot use hearing aids can be helped with cochlear implants. Hearing loss
can arise from hereditary as well as non-hereditary factors or due to certain
complications during childbirth or pregnancy. Acquired causes of hearing loss
may include infectious diseases such as meningitis, measles or other chronic
ear infections. The major impact of hearing loss is on an individual’s ability
to communicate with others which in turn, may have social and emotional impact
such as feeling of isolation, frustration and loneliness. As per the data
revealed by WHO, in February 2017, around 360 million people worldwide are
suffering from hearing loss, of which 32 million are children. Nearly one third
of people over 65 years of age are suffering from disabling hearing loss.
In 2016,
unilateral implants segment held a major share of the overall cochlear implants
market, as the surgery for unilateral implants in done at a lower cost as
opposed to bilateral implants. Bilateral implants market will exhibit fastest
growth rate over the forecast period, due to the exceptional results of these
implants for children. Children who have undergone bilateral implantation
benefit from the implants to localize sources of sound and recognize speech in
noisy environment at home or school. On an average, children with bilateral
implants perform better than unilateral implants on tests of movement tracking
and localization.
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Adults segment dominated the global market in 2016, due to
the presence of large number of adult patients suffering with hearing loss as
compared to children. Cochlear implants enhance communication ability in most
of the adults suffering from severe to profound deafness which in turn deliver
positive social and psychological benefits. Pediatrics segment will exhibit
fastest growth rate over the forecast period, due to availability of favorable
reimbursement policies for implants in children. For instance, the Belgian
National Institute for Health and Disability Insurance provides reimbursement
for bilateral cochlear implants in children less than 12 years of age since
2010. Also, the government of India provides reimbursement for cochlear implant
procedures for prelingually deaf children from age group between 1 to 16 years.
In 2016, Europe accounted for the major share of the global cochlear implants
market, owing to the presence of large patient base, rapidly growing elderly
population, and increased adoption of implants due to improved healthcare
infrastructure in the region. North America held the second largest share of
the overall market and is expected to witness an impressive growth over the
forecast period, due to rising prevalence of hearing loss, high adoption of
advanced products, and well-established healthcare infrastructure. According to
the National Institute of Deafness and Other communication Disorders, out of
every 1,000 children in U.S., around 2 to 3 children are born with a detectable
hearing loss in either one or both ears.
Some of the
key players operating in this market are William Demant Holding A/S, Cochlear
Ltd., MED-EL, Gaes Group, Sonova Holding AG, SeboTek Hearing Systems, LLC,
Nurotron Biotechnology Co. Ltd, Audina Hearing Instruments, Inc. and GN Store
Nord A/S. These companies are highly focused on continuous innovation in
technology to produce more sophisticated implants. For instance, in 2016,
Cochlear announced the commercial availability of two new bone conduction sound
processors, Cochlear Baha 5 and Baha 5 superpower.
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Competitive Analysis
The market is heavily
dominated by few large companies such as Cochlear Ltd. and MED-EL, who have a
global presence and a diverse product portfolio. These players are highly
focused on developing innovative products to sustain the market competition.
For instance, in 2015, MED-EL received FDA approval for its SYNCHRONY cochlear
implant, the first and only cochlear implant approved for 3.0T MRI without
magnet removal. Some of the other key players in this market are William Demant
Holding A/S, Sonova, Gaes Group, and Nurotron Biotechnology Co. Ltd.
Market Opportunities
Increase in geriatric
population worldwide will boost the demand for implants significantly.
According to a World Health Organization (WHO), the geriatric population
(senior citizens at least 65 years in age) will increase by 88% in coming
years. Also, proven results of effectiveness of implantations in children at a
young age propose significant prospects in the pediatric market worldwide.
Developing countries exhibit a lucrative market due to growing awareness and
easily available reimbursement policies.
Cochlear Implants Market
Segmentation:
By Fitting Type:
- Bilateral
Implantation
- Unilateral
Implantation
By End User:
- Pediatrics
- Adults
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& materials, technology, automotive, and energy.
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