Cochlear Implants Market Is Projected To Be Around $3 Billion By 2025
Publish Date :
A research study titled, “Cochlear Implants Market by Type and End User – Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the cochlear implants market is projected to be around $3 billion by 2025.
A cochlear implant is a device which delivers electrical stimulation to the auditory nerve present in the inner ear. Children and adults affected by profound hearing loss who cannot use hearing aids can be helped with cochlear implants. Hearing loss can arise from hereditary as well as non-hereditary factors or due to certain complications during childbirth or pregnancy. Acquired causes of hearing loss may include infectious diseases such as meningitis, measles or other chronic ear infections. The major impact of hearing loss is on an individual’s ability to communicate with others which in turn, may have social and emotional impact such as feeling of isolation, frustration and loneliness. As per the data revealed by WHO, in February 2017, around 360 million people worldwide are suffering from hearing loss, of which 32 million are children. Nearly one third of people over 65 years of age are suffering from disabling hearing loss.
In 2016, unilateral implants segment held a major share of the overall cochlear implants market, as the surgery for unilateral implants in done at a lower cost as opposed to bilateral implants. Bilateral implants market will exhibit fastest growth rate over the forecast period, due to the exceptional results of these implants for children. Children who have undergone bilateral implantation benefit from the implants to localize sources of sound and recognize speech in noisy environment at home or school. On an average, children with bilateral implants perform better than unilateral implants on tests of movement tracking and localization.
Adults segment dominated the global market in 2016, due to the presence of large number of adult patients suffering with hearing loss as compared to children. Cochlear implants enhance communication ability in most of the adults suffering from severe to profound deafness which in turn deliver positive social and psychological benefits. Pediatrics segment will exhibit fastest growth rate over the forecast period, due to availability of favorable reimbursement policies for implants in children. For instance, the Belgian National Institute for Health and Disability Insurance provides reimbursement for bilateral cochlear implants in children less than 12 years of age since 2010. Also, the government of India provides reimbursement for cochlear implant procedures for prelingually deaf children from age group between 1 to 16 years. In 2016, Europe accounted for the major share of the global cochlear implants market, owing to the presence of large patient base, rapidly growing elderly population, and increased adoption of implants due to improved healthcare infrastructure in the region. North America held the second largest share of the overall market and is expected to witness an impressive growth over the forecast period, due to rising prevalence of hearing loss, high adoption of advanced products, and well-established healthcare infrastructure. According to the National Institute of Deafness and Other communication Disorders, out of every 1,000 children in U.S., around 2 to 3 children are born with a detectable hearing loss in either one or both ears.
Some of the key players operating in this market are William Demant Holding A/S, Cochlear Ltd., MED-EL, Gaes Group, Sonova Holding AG, SeboTek Hearing Systems, LLC, Nurotron Biotechnology Co. Ltd, Audina Hearing Instruments, Inc. and GN Store Nord A/S. These companies are highly focused on continuous innovation in technology to produce more sophisticated implants. For instance, in 2016, Cochlear announced the commercial availability of two new bone conduction sound processors, Cochlear Baha 5 and Baha 5 superpower.
To request a sample copy or view summary of this report, click the link below:
Key Findings of the Research Study:
- Unilateral implants held the largest share of the global market in 2016, as the cost of unilateral procedure is low.
- Adults segment dominated the global market in 2016 and is projected to continue its lead during the forecast period.
- Pediatrics segment is poised to grow at the highest growth rate during the forecast period, due to the proven benefits of bilateral implantations in children along with favorable reimbursement policies for implantations in children.
- European market was the largest in 2016 as a result of large patient pool and improving reimbursement policies. In UK, adults and children who fulfill the criteria are eligible for cochlear implantation free of cost under the National Health Service (NHS).
- Asia-Pacific is projected to be the fastest growing region during the forecast period, primarily due to high patient population, growing awareness about the early implantations, and rising disposable income of people.
About Crystal Market Research
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
304 South Jones Blvd, Suite 1896,
Las Vegas NV 89107,
Toll Free: +1-888-213-4282