Market Scenario:
Cochlear Implants are devices intended to be used to aid the hearing in deaf or hearing compromised patients and are equipped with an external sound processor containing microphones, and electronics assembly powered by battery. The device act by stimulating the cochlear nerve through the use of a coil. The cochlear implants market is projected to expand at a CAGR of 9.86 % by the end of forecast period ending 2023.
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The large unmet need of hearing impaired patients aided by the risk in risk factors such as rising geriatric population is the demographic driver of the market, with estimates that almost 360 million patients worldwide are suffering from serious hearing loss in 2015. 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. According to the Centers for Disease Control and Prevention, estimates an estimated 900 million patients are likely to suffer from severe hearing impairment by 2025.
Favorable reimbursement policies, increasing healthcare expenditure have fed a large demand for cochlear implants as can be seen from the estimates of the National Institute on Deafness and Other Communication Disorders, which states that, 324,200 registered devices were implanted in 2015 alone.
Restraints
The high cost of impacts which can exceed USD 100,000 is the economic restraint on the market. The discomfort associated with the devices, especially the sense of unnatural sound, lack of clarity, echo and headache associated with the use of the devices has resulted in self-rejection by the patients.
Top Players:
Some of the prominent players in this market are William Demant Holding Group (Denmark), Microson S.A. (Spain) Cochlear Ltd (Australia), GAES MÉDICA (Spain), Advanced Bionics AG (Switzerland), MED-El (Austria), Widex (Denmark), and others.
Advanced Bionics AG, GAES MÉDICA, MED-El, Cochlear Ltd, and William Demant Holding Group are the prominent market players with dominant market share.
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Segments:
The have a bird’s eye view of the market, the report has been segmented by products, types, end users and regions.
Products – cochlear implant system, and accessories & upgrades. The products segment is dominated by the cochlear implant system.
Types – unilateral implant and bilateral implant.
End users – hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
Regional – North America, Europe, Asia Pacific, Middle East and Africa.
Regional analysis:
North America led by the U.S. accounts for the largest market share owing to large demand, faster uptake of new technology, well-developed technology, presence of leading players, high healthcare expenditure, and excellent reimbursements. The large unmet need is translated in 37.5 million patients ageing 18 and over representing over 15 % of American adults.
Europe holds the second largest market led by Germany, France and the U.K. Germany on account of its large medical device industry dominates the market. The market is expected to shift towards the Asia Pacific region led by Japan, South Korea, China and India owing to their growing economies and large unmet needs.
The Middle East & Africa is expected to generate moderate growth skewed in favor of the Gulf economies of Saudi Arabia, UAE and Kuwait.
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