Market Scenario:
Cochlear implants are used to treat the hearing problems in deaf patients. These implants has replaced the old hearing aid devices. Many manufacturers are involved in improving the quality and design of the cochlear implants. During the last few years, there has been a significant increase in the demand for cochlear implants. According to the research carried out by DeafandHoH.com, LLC. in 2014, 360 million people worldwide were suffering from moderate to profound hearing loss. Additionally, according to the Centers for Disease Control and Prevention, by 2025, it is estimated that 900 million people across the globe are likely to suffer from hearing impairment of which around 90 million of these people may more likely from Europe. The global Cochlear Implants Market is majorly driven by increasing number of patients having hearing loss, rising geriatric population, acceptance of hearing implants by the patients with hearing disorders, and favorable reimbursement policies. According to the U.S. Census Bureau (2015), 8.5% of people across the globe i.e. 617 million were over age 65.
During the last few years, people across the globe have adopted these devices, which have helped the growth of the market. According to the National Institute on Deafness and Other Communication Disorders, in 2013, approximately 324,200 registered devices have been implanted worldwide. Additionally, increasing healthcare expenditure and government support have fuelled the market growth. However, the cost of impacts can be more than USD 100,000 which are not affordable to the middle-class population, thus, the high cost of the implants may slow the growth of the market. The Cochlear Implants Market Size is expected to grow at the CAGR of 9.86% during the forecast period and is estimated to reach USD 3,203.8 million by 2023.
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).
Segments
The global cochlear implants market has been segmented on the basis of products, types and end users.
On the basis of the products, the global cochlear implants market is segmented into the cochlear implant system, and accessories & upgrades.
On the basis of the types, the market is segmented into the unilateral implant and bilateral implant.
On the basis of the end users, the market is segmented into hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
Regional Analysis:
The Americas accounted for the major share of the market owing to the presence of huge patients suffering from hearing loss, well-developed technology, high healthcare expenditure, and government support for the research & development. According to the National Institute on Deafness and Other Communication Disorders, in 2015, over 15% of American adults i.e. 37.5 million aged 18 and over were suffering from hearing problems. Additionally, the presence of a number of leading players and favorable reimbursement policies have fuelled the growth of the market.
Europe accounted for the second largest cochlear implants market, which is followed by the Asia Pacific. Increasing number of patients suffering from hearing problems, ear infection and other diseases have boosted the growth of the market. The high healthcare expenditure in this region is likely to provide a push to the growth of the market. Furthermore, increasing government support and funding for the development and treatment improvement have fuelled the growth of the market.
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