Cochlear implants are used to aid the hearing defects in patients with severe of total hearing impairment. These implant has replaced the old hearing aid devices. Cochlear implants are equipped with an external sound processor containing microphones, battery, electronics assembly and other parts. The device stimulate the cochlear nerve through the use of a coil.
The Global Cochlear Implants Market is anticipated to generate a CAGR growth of 9.86% which is expected to reach USD 3,203.8 million by the end of forecast period of 2023.
Dynamics of Global Cochlear Implants Market:
Technological advances and product development are the two most successful strategies used by the market leaders.
The large number of patients suffering from hearing impairments is the critical driver of the market. It is estimated that in 2014, almost 360 million patients worldwide were suffering from serious hearing loss. According to the Centers for Disease Control and Prevention, by 2025, an estimated 900 million patients are likely to suffer from severe hearing impairment. Thus a large unmet need is easily comprehendible.
Other drivers of the market are rising geriatric population, and favorable reimbursement policies. According to the U.S. Census Bureau in 2015, 8.5% of people representing 617 million over age 65 years of age are suffering from hearing loss.
The growing demand for cochlear implants is the other driver of the market. According to the National Institute on Deafness and Other Communication Disorders estimates, approximately 324,200 registered devices were implanted in 2013 alone. Increasing healthcare expenditure and government support have fuelled the market growth.
The high cost of impacts which can exceed USD 100,000 is the critical restraint on the market. Other prime restraint is the discomfort associated with the devices, and the sense of unnatural sound with lack of clarity and the issue of echo which results in self-rejection by the patients.
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Key players in the Global Cochlear Implants Market:
Some of the major players in this 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).
Advanced Bionics AG, MED-El, GAES MÉDICA, Cochlear Ltd, and William Demant Holding Group are the dominant market players with large market share.
The Global Cochlear Implants Market is expected to grow at a CAGR of 9.86% during the period 2017-2023. Increasing prevalence of the ear infection, increasing geriatric population, and technological advances are some of the major factors responsible for market growth.
The Cochlear Implant System type of the products holds the major share of the market.
MED-El, Cochlear Ltd, Advanced Bionics AG, GAES MÉDICA, and William Demant Holding Group are some of the prominent market players in the global cochlear implants market.
Regional analysis of Global Cochlear Implants Market:
The U.S. accounted for the major market share owing to large demand, well-developed technology, high healthcare expenditure, and reimbursements. The large patient’s pool of37.5 million aged 18 and over representing over 15% of American adults add to the market. The presence of a number of leading players and faster uptake of technology add to the growth of the market.
Europe accounted for the second largest market led by Germany on account of its large medical device industry. Europe is followed by the Asia Pacific region led by Japan, South Korea, China and India. China and India are the future markets in Asia Pacific on basis of their growing economies and large unmet needs.
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The Middle East & Africa is expected to generate moderate growth owing to the presence of poor socio-economic conditions. The Gulf economies of Saudi Arabia, UAE and Kuwait are expected to drive the market.
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