Product Code: RP-ID-10293937 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10293937
Market Overview:
Cochlear Implant Market, By Types (Unilateral Implant and Bilateral Implant), and Geography (North America, Europe, Asia Pacific, and RoW) – Analysis, Share, Trends, Size, & Forecast From 2014 – 2025
REPORT HIGHLIGHT
The Cochlear Implant market is estimated to represent a global market of USD 1.37 billion by 2017 with growth rate of 9.6%.
Cochlear implants are small electronic medical equipment, designed to amplify the sounds of the damaged part of an ear. This device is basically featured with the microphone, speech processor, transmitter, and an electrode array. Unlike the hearing aids, cochlear implant bypass the damaged portions of the ear and enable to stimulate the auditory nerve directly.
Market Dynamics
Increasing number of hearing related problems is expected to surge in demand for cochlear implants, leading to augment the market growth. According to the World Health Organization (WHO), approximately 360 million (5% of the global population) affected with some kind of hearing related problems.
Similarly, the National Institute on Deafness and Other Communication Disorders estimated that around 1 out of 3 people (65 to 75 age) is affected with hearing loss which demands the use of hearing aid devices. Due to this fact, there is a significant rise in the number of end users for cochlear implants from last few years. As per the U.S. Food and Drug Administration (FDA), around 219,000 people have received cochlear implants across the globe as of December 2010. As per the latest data published by the Ear Foundation, there were around 600,000 cochlear implant users across the globe as of 2014.
Furthermore, rising number of research activities is anticipated to boost the market growth to some extent. For example, research studies are undergoing to integrate short electrode array with implants to improve the efficacy of devices. Continuous increase in geriatric population is one of the driving factor for this industry growth. As per the WHO statistics (September 2015), the world’s geriatric population (over 60 years) is projected to increase from 12% to 22% between the year 2015 to 2050. Such facts would, in turn, stimulate the uptake of devices, leading to driving the market growth. However, low awareness regarding the benefits of this devices is projected to hamper the market growth to some extent.
Types Takeaway
The global cochlear implants industry is segmented into three distinct levels: by type, by end use, and by geography. In terms of types, the market is divided as unilateral implants and bilateral cochlear implants. The bilateral implant is anticipated to grow at the fastest growth rate owing to the significant rise in bilateral fitting rate coupled with improving reimbursement for bilateral fitting. For example, high bilateral implantation is one of the key factors that can be attributed to the dominance of U.S. in the global market. The bilateral fitting rate increased from 23% in 1983 to about 75% in 2010. Based on the end user, the market is segmented into adults and pediatrics.
Regional Takeaway
Regionally, North America captured the largest share of the market owing to the high acceptance of cochlear implants in the U.S. The data published by the U.S. FDA, around 70,000 cochlear implants were implanted in the U.S. by December 2010. Developing regions such as Asia Pacific region is expected to grow with the highest growth rate due to the rise in demand for hearing aid devices coupled with increasing incidences of hearing related disorders. According to the WHO estimates (2012), the prevalence of disabling hearing loss is high in population over the age of 65 years in the Asia Pacific, Sub-Saharan Africa, and South Asia.
Key Vendor Takeaway
Cochlear Ltd., William Demant Holding, Sonova, MED-EL, and Nurotron are some of the players operating in this market. Companies such as Cochlear Ltd and MED-EL exhibits significant presence in the market owing to the strong product offering and strategic expansion in the potential market. Additionally, in January 2017, Nurotron Biotechnology entered the European market with their Venus Cochlear Implant System. The company aimed to expand their presence in the European market through enhancing product penetration.
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