Cochlear Implant Market - Forecast 2021 - 2026
The cochlear implant market registered a global value of $1.5 billion in 2018. In line with growing awareness of hearing impairment, the global cochlear implant market is projected to grow at a CAGR of 10.6% through the forecast period of 2019-2025.
According to the World Health Organization (WHO), around 466 million people globally have disabling hearing loss and 34 million among them are children. Globally, 1.1 billion people, aged between 12-35 years, are at the risk of developing hearing loss owing to exposure to excessive noise in a recreational environments. Congenital hearing loss is an issue found among the newborn infants, under this condition, the babies suffer from one or more hearing impairment. According to the March of Dimes, up to 3 in 1,000 infants are born with congenital hearing loss in the United States each year. Although, the number is less than 1%, but it is affecting the families involved at a greater extent. By 2050, over 900 million people are expected to develop disabling hearing loss. Implementing cochlear implants in the human ear can help tackle this condition.
Europe was the most lucrative region in the global cochlear implant market in 2018, accountable for 35% of the total cochlear implant market share. According to the European Federation of Hard of Hearing People, the annual cost of untreated hearing loss in Europe is around $200 billion. Evidently, a significant share of healthcare funds are invested in hearing loss due to its heavy importance. The number is on a rise for hearing loss patients all over the world, and hearing aid devices are far from fulfilling this growing number of patients. Therefore, there is a dire need of implementing cochlear implants at a commercially viable level so as to cater to each and every section of the society. In economical stable and technically advanced countries such as France, Germany, and Belgium, the massive capital investment policies are supporting the growth in the healthcare segment and further creating opportunities for the cochlear implant market.
Cochlear Implant Market Outlook:
A cochlear implant is a neuroprosthetic device that is surgically implanted into the ears of deaf patients. These implants skip the acoustic hearing process; and instead convert sounds to electric signals that stimulate the auditory nerve and result in hearing. The demands for cochlear implants are surging owing to the increasing geriatrics population among both the developed and developing economies.
The adult population is the key end-user segment in the cochlear implants market, estimated to grow at a CAGR of 8.21% through to 2025. Growing density of geriatrics population is one of the main reasons driving growth in the cochlear market. According to the United Nations, there were 962 million people aged over 60 years in 2017 globally. This number is projected to reach 2.1 billion by 2050. A considerable number of people suffer from hearing impairment at this age. Moreover, the global acceptance of cochlear implant devices by the aged population is supporting growth of the cochlear implant market.
Cochlear Implant Market Growth Drivers
· Growing awareness of advancements in cochlear implants is one of the major growth drivers in the cochlear implant market. The cochlear implant is relatively better than hearing aid devices, as it assists deaf persons with nearly 80% of hearing issues unlike the 10% assistance offered by hearing aids.
· Growing number of people affected by noise pollution is driving the global cochlear implant market growth. Exposure to excess noise pollution from industrial, transportation, and construction activities is responsible for the global hearing loss problems. However, with technological advancements in the healthcare industry, such as with improvements in cochlear implants, concerns related to loss of hearing have become curable.
Cochlear Implant Market Trends
· Manufacturers are developing hybrid miniature systems for high-frequency electrical simulation and low-frequency acoustics amplification. Integrating such systems within cochlear implants is expected to increase the number of potential consumers which will lead to further growth in the cochlear market.
· The cochlear implant devices manufacturers are introducing mobile phone applications to allow the users to manage their device. With such mobile applications, the users can track various aspects of the device such as the battery life, power consumption, and efficiency levels. Therefore, the up-gradation in the software industry is also playing a major role in the growth of the global cochlear implants market.
Cochlear Implant Market Key Players Perspective
There is strong threat from local players in this market as the technology is fairly feasible to replicate, thus the key players are innovating and manufacturing high-quality products which help them stay ahead of local market influencers developing counterfeit products. The key players involved in the cochlear implant market are Cochlear, Advanced Bionics, MED-EL, Oticon Medical Neurelec, Nurotron Biotechnology, Sonova Holding AG, Demant A/S, and Microson.
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the cochlear implant market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The cochlear implant market research report also analyses the application of cochlear implant in various sectors such as real estate, small and medium-sized business, and others.
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