Cochlear Implant Market Size, Trends and Share Analysis by Product (Cochlear Implant Systems and Accessories & Upgrades), Type (Unilaterals Implant and Bilateral Implants), End Users (Hospitals & Clinics, Ambulatory Centers, Research & Academic Institutes), Global Forecast till 2023
Cochlear Implant Market Analysis
According to Market Research Future (MRFR), the Global Cochlear Implant Market is estimated to reach USD 3,203.8 million at a CAGR of 9.86% by 2023. The report evaluates the effect of the COVID-19 pandemic on the global cochlear implant market and provides an accurate estimate of the expected volatility of demand over the forecast period.
Cochlear implant are used to treat hearing problems in people who are deaf. Such implants have replaced the old hearing aid devices. Several manufacturers are engaged in improving the efficiency and functionality of cochlear implant. There has been a significant rise in demand for cochlear implant in the past few years. According to research conducted by DeafandHoH.com, LLC. In 2014, 360 million people worldwide experienced mild to extreme hearing loss. In addition, as per the Centers for Disease Control and Prevention, by 2025, it is estimated that 900 million people worldwide are likely to have hearing impairments, some 90 million of whom may be more likely from Europe.
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The global cochlear implant market is mainly driven by an increase in the number of patients with hearing loss, an increase in the geriatric population, acceptance of hearing implants by patients with hearing disorders, and favorable reimbursement policies. As per the United States of America, Census Bureau (2015), 8.5% of the world’s population, i.e., 617 million people were over 65 years of age.
Over the last few years, people across the globe have embraced these devices, which have led to the growth of the market. As claimed by the National Institute on Deafness and Other Communication Disorders, roughly 324,200 registered devices were implanted worldwide in 2013. In addition, increased expenditure on health care and government support has fueled the market growth. Nonetheless, the cost of impacts may be more than USD 100,000, which is not affordable for the middle-class population, and therefore the high cost of implants may restrict the growth of the cochlear implant market.
Cochlear Implant Market Segmentation
The global cochlear implant market has been segmented based on products, types, and end-users.
Based on the products, the global cochlear implant market has been segmented into the cochlear implant system, and accessories & upgrades.
Based on the types, the global cochlear implant market has been into the unilateral implant and bilateral implant.
Based on the end-users, the global cochlear implant market has been segmented into hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
Cochlear Implant Market Regional Analysis
Regionally, the global cochlear implant market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas accounted for a significant cochlear implant market share due to increasing number of patients suffering from hearing loss, well-developed technology, high healthcare expenditures, and government support for research and development. As claimed by the National Institute on Deafness and Other Communication Disorders, more than 15% of American people, i.e., 37.5 million aged 18 and over, had hearing difficulties in 2015. In addition, several leading players and favorable reimbursement policies have driven the cochlear implant market growth of the sector.
Europe was the second-largest cochlear implant market, followed by the Asia Pacific. Increasing numbers of patients with hearing difficulties, ear infections, and other diseases have fuelled the market’s growth. The high spending on health care in this area is expected to fuel the growth of the market. Improved government support and investment for development and treatment improvement have also fuelled business growth.
The Asia Pacific is the fastest growing cochlear implant market. The growing need for better devices, the rapid advancement in technology, and the existence of a wide patient pool are driving the growth of cochlear implant market in the Asia Pacific region.
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The Middle East & Africa has the least market share due to the presence of poor and slow developing countries, particularly in the African region. In addition, the increasing aging population and the undeveloped market for medical devices are the key drivers in this region.
Cochlear Implant Market Key Players
Some of the significant participants identified by MRFR in this cochlear implant market are Advanced Bionics AG (Switzerland), MED-El (Austria), Cochlear Ltd (Australia), GAES MÉDICA (Spain), William Demant Holding Group (Denmark), Widex (Denmark), and Microson S.A. (Spain).
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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