The Cochlear Implants Market is growing steadily and has a bright future. The Market for Healthcare Industry is expected to grow at the CAGR of 9.86% from 2019 to 2023.
The Global Cochlear Implants Market is anticipated to grow at a CAGR of 9.86% and is due to reach USD 3,203.8 Mn over the forecast period of 2017-2023, projects Market Research Future (MRFR) in a detailed report.Cochlear Implants are medical devices that are surgically inserted to provide a sense of sound to a person with hearing loss. The last few years have witnessed a significant increase in the demand for cochlear implants owing to the rise in a number of patients with hearing impairment who generate demand for diagnosis and treatment. The Centers for Disease Control and Prevention estimates that by 2025, 900 Mn people are likely to suffer from hearing impairment.The rise in global geriatric population is also expected to be a positive factor influencing the growth of the global cochlear implants market. The aged populace is more susceptible to hearing loss which induces high demand for cochlear implants.
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There has been increased interest by medical device manufacturers to invest heavily in R&D activities which have led to the development of advanced cochlear implants. The increasing use of next-generation metals, polymers, ceramics and biomaterials in cochlear implants has resulted in enhancement of the value of surgery and improvement of surgical outcomes which has further accelerated the growth of the market.Other factors boosting the growth of the market include a rise in a number of clinical trials, improving reimbursement scenario in developing countries and an increase in the number of FDA approvals.
Conversely, the cost of cochlear remains a significant hurdle to the growth of the global cochlear implants market. The estimated cost of a cochlear implant can go up to high amounts which might not be affordable to middle-class and low-income class population.
Segmentation:
The Global Cochlear Implants Market has been segmented based on product, type, and end user.
By Product, the Global Cochlear Implants Market has been segmented into a cochlear implant system, and accessories & upgrades.
By Types, the Global Cochlear Implants Market has been segmented into cochlear implant system, and accessories & upgrades.
By End User, the Global Cochlear Implants Market has been segmented into hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
Key Players:
MED-El (Austria)
Microson S.A. (Spain)
Widex (Denmark)
GAES MÉDICA (Spain)
Cochlear Ltd (Australia)
William Demant Holding Group (Denmark)
Advanced Bionics AG (Switzerland).
Regional Analysis:
The Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa are the key markets for cochlear implants. The Americas represent a significant market for cochlear implants owing to the presence of a vast patient population. Rising geriatric population, increasing demand for advanced treatment options and affordability are key factors determining the growth of the Americas market.Europe accounts for the second largest share of the global cochlear market. The Europe market is driven by strong government support, availability of funds for R&D activities and high expenditure on healthcare.
Asia Pacific follows Europe closely and is slated to be the fastest growing market over the forecast period. Rapid advancement in medical technology in the region and the presence of considerable patient pool in the region drives the market for cochlear implants. Also, improving reimbursement scenario, the growing need for better medical devices, and expanding expenditure on healthcare due to a rise in disposable income has created a conducive environment for the growth of the market. China and India are the key contributors to the APAC market.The MEA market accounts for the least share of the global cochlear implants market. Limited availability of medical facilities, poor economic conditions, and lack of awareness restricts the growth of the Africa market. Meanwhile, the well-developed economy in the Middle East offers growth opportunities for cochlear implants.
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Industry Updates:
- In August 2018, Advanced Bionics, a global leader in cochlear implants, announced FDA approval for its new HiRes Ultra 3D Cochlear Implant. The new cochlear implant is hassle-free and pain-free choice for patients and is equipped with a unique magnet technology.
- In November 2018, researchers at Asan Medical Center (AMC) developed artificial intelligence (AI)-based prediction platform for cochlear implant surgery. The platform can provide rapid diagnoses, treatment, and rehabilitation of hearing loss.
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