According to The Insight Partners market research study titled ‘Cochlear implants Market – Global Analysis and Forecasts by Product and End User. The Global Cochlear Implants Market is expected to reach US$ 4,124.1 Mn in 2027 from US$ 1,510.9 Mn in 2018. The market is estimated to grow with a CAGR of 11.9% from 2019-2027. The report highlights the trends prevalent in the global cochlear implants market and the factors driving the market along with those that act as deterrents to its growth.
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The cochlear implants market by type of fitting is segmented into unilateral cochlear implantation, bilateral cochlear implantation. In 2018, the Unilateral Implantation segment held a largest market share of 55.7% of the cochlear implants market, by type of fitting. This segment is also expected to dominate the market in 2027 as unilateral cochlear implantation restores hearing and promotes auditory development. Moreover, the bilateral cochlear implantation segment is also anticipated to witness the fastest growth rate of 12.4% during the forecast period, 2019 to 2027 owing to the rising demand for the bilateral cochlear implantation.
Key factors driving the market are, growing geriatric population, increase in number of patients suffering from hearing loss, and increasing R&D expenditures in medical device companies. However, the restraining factors for the market are high cost of cochlear implants and side effects associated with the cochlear surgery.
Some of the prominent players operating in cochlear implants market are, Cochlear Ltd., MED-EL, Sonova, Nurotron Biotechnology Co. Ltd., Medtronic, Demant A/S, Starkey, WIDEX A/S, Amplifon, and GN Hearing A/S. The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, The Neuro 2 by Demant A/S was launched in the market in February 2018, it has been sweeping up prizes because of its ground-breaking design in the cochlear implant industry. Neuro 2 combines high quality engineering with a strong focus on sound quality and usability.
Increase In Number Of Patients Suffering From Hearing Loss
Hearing loss is on the rise. Unless this trend is reversed, it will mean higher direct costs for health systems. The need will grow for ear and hearing care services and related technologies, such as hearing devices, cochlear implants, and others. If these needs are not met, this would be detrimental not only for individuals in terms of social isolation and increased poverty but also for societies as a whole, due to lower productivity. A number of governments around the world have recognized the importance of mitigating current trends by preventing hearing loss in the first instance. Several factors like growing global population, rising genetic diseases, and infections leading to hearing loss, increasing geriatric population and others are all together driving the increase in hearing loss worldwide. According to the report published by World Health Organization (WHO) in 2018, 466 million people across the globe suffered from hearing loss and the number is expected to rise to 630 million by 2030 and 900 million by 2050. Therefore, owing to the above-mentioned factors, the market is likely to fuel its growth during the forecast period.
Increasing Medical Tourism in Emerging Nations
Many of the emerging countries are preferred location for medical tourism. Asia is one of the most preferred medical tourism destinations drawing increasing numbers of patients for treatment. Medical tourist visits Asia for plastic surgeries, weight loss surgeries, cochlear surgery, cardiovascular surgery, and orthopedic treatment. The cost of these surgical procedures is comparatively less than in emerging nations as compared to developed countries. According to the Malaysia Healthcare Travel Council, in 2017, Over 1,050,000+ healthcare travelers visited Malaysia for healthcare purposes. Also, India has witnessed a sudden increase in the number of patients coming to India for Cochlear implant surgery. Patients with hearing defects come to India mainly from the Middle East countries like Oman and Iran and from a few Western world countries. Cochlear Implants in Thailand are performed by some of the most experienced and skilled surgeons. These hospitals have ground-breaking technology like robotic surgery, top-class medical amenities, and high-end infrastructure. All these facilities are accessible at affordable prices, making Thailand a preferred destination for cochlear surgery. The cost of surgery, after-care, and sightseeing are available at almost half the price when compared with the cost offered in the US or UK. Thus the low cost of surgeries, advanced technologies with less waiting time for procedures in the region is likely to boost the cochlear surgery and ultimately spur the demand for cochlear implants. Thus, the factors are likely to create growth opportunities for the growth of the market in the coming years.
The report segments the global cochlear implants Market as follows:
Global Cochlear implants Market – By Type of Fitting
Unilateral Cochlear Implantation
Bilateral Cochlear Implantation
Global Cochlear implants Market – By End User
Global Cochlear implants Market – By Geography
Asia Pacific (APAC)
Middle East & Africa (MEA)
South & Central America (SCAM)
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