The findings of a research report available on Radiant Insights, Inc. Suggest that the global Cochlear Implant (CI) market would expand at a significant growth rate over the forecast period (from 2018 to 2025).Factors such as technical advancements, supportive government initiatives along with the availability of easy reimbursement policies are the prominent drivers for the global market. Increasing awareness regarding hearing aids and growing demand for implants would also have a positive impact on the CI market demand during the forecast period. In addition, rising cases of hearing loss in infants and adults can further drive the market demand.
The development of highly advanced CI devices with improved aesthetics and conceal ability is also anticipated to help boost the product demand, thereby augmenting the market expansion. On the other hand, high costs associated with these devices and issues related to cochlear batteries may restrict the market growth to an extent. However, technological advancements such as the advent of next-generation sound processors and rechargeable cochlear implants are estimated to contribute toward the market development over the next few years.
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The global cochlear implant (CI) market is segmented on the basis of type, application, and region. Based on type, the market is further categorized into children and adults. Based on application, the market is segregated into hospital, medical center, and others. On the basis of geographies, the Cochlear Implant (CI) market is divided into Europe, United States, Japan, China, India, and Southeast Asia.
Europe is considered as one of the largest regional markets for cochlear implants and is likely to have a considerable development over the next few years. This growth is credited to the presence of a large patient base in the region and conductive healthcare infrastructure of the European Union (EU) that permits implantation at an early age. The Southeast Asia region is also projected to witness a rapid growth over the forecast period.
China and Japan, in particular, are anticipated to be the major revenue generators for the region. The region’s growth is attributed to the factors such as increasing geriatric population, rising cases ear infections, growing awareness among people, and the presence of key companies in these economies. In addition, strong government support and the availability of reimbursement facilities would also contribute toward the region’s development over the coming years.
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Prominent companies operating in the Cochlear Implant (CI) market include Cochlear Ltd.; Advanced Bionics AG; Zhejiang Nurotron Biotechnology Co., Ltd.; Izito; and Medicalexpo. According to the World Health Organization (WHO), the current hearing loss aids production is only 10% of the actual requirement. Thus, most of these manufacturers focus on the development of advanced devices with better water-resistance and quickly chargeable battery with longer lifespan.
For instance, Phonak and Advanced Bionics recently declared their innovation, called MultiBeam Technology, in new microphone technology. The new MultiBeam Technology will offer an improved speech recognition and hearing experience for people with cochlear implants and hearing aids. The new invention will also be implemented innew advanced wireless microphones, says the company.
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In 204, Cochlear Limited launched a new product, CochlearTM Nucleus 7 Sound Processor. The new FDA-approved product is compatible with iPhone, iPod, and iPad; thus, the individuals with Cochlear Nucleus Implant can stream sound directly from these devices to their sound processor. It also allows monitoring, controlling, and customization of hearing via Nucleus Smart App.
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