|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Cochlear Implants Market is projected to register a CAGR of 8.57% during the forecast period
The COVID-19 pandemic has been continuing to transform the growth of various markets, the immediate impact of the outbreak is varied. While a few industries registered a drop in demand, numerous other markets may continue to remain unscathed and show promising growth opportunities. Initially, the outbreak of COVID-19 worldwide and the lockdown situation across some countries have shown some challenges on the market studied, due to hold on services by the hospitals and clinics, in order to prevent the spread of the COVID-19 virus. The study titled “Impact of COVID-19 on the access to hearing health care services for children with cochlear implants: a survey of parents”, in July 2020, evaluated the hurdles faced by cochlear implantee children during the pandemic. The study found that the health services and training for auditory sensation development were delayed.
Furthermore, as per the statistic provided by the World Health Organization (WHO), as of March 2020, there are around 466 million (432 million adults and 34 million children) reported disabling hearing loss globally. It is estimated that by 2050, over 900 million people will have disabling hearing loss. 1.1 billion young people (aged between 12-35 years) are at risk of hearing loss due to exposure to noise in recreational settings. This has created the demand for cochlear implants, which have been the main driving factor for this market.
Further, the burden of hearing impairment in the geriatric population is relatively high, and it is expected to add to the growing burden of hearing impairment. For instance, according to the World Ageing Population report, in 2019, around 703 million people aged 65 years and above were living worldwide. Over the next three decades, this number of older populations is expected to increase more than double, over 1.5 billion by 2050. Age-related hearing impairment, called Presbycusis, is caused due to certain changes in the inner ear and auditory nerve. As per the data from the National Institute of Ageing, in July 2018, about one out of three people between 65 and 74 years has difficulty in hearing.
Moreover, technological advancements are also helping these devices to transfer signals more accurately and increase its battery life. However, the high cost of these implants and difficulty in maintenance has been restraining the market growth.
Scope of the Report
As per the scope of this report, cochlear implant converts sound into electrical signals and restore the sense of hearing by performing the work of damaged parts of the cochlea by transmitting the electrical signals to the brain. It is used by people as a hearing aid with low to high hearing loss. These cochlear implants are surgically implanted and consist of two parts. The inside component is implanted across the skin while the other external component is worn at the back of the ear. The cochlear implants bypass the non-functioning part of the inner ear and provide electrical stimulation to the nerve fibers present in the cochlea. The surgical procedure for implantation is performed under general anesthesia with minimal risk. The cochlear implants market is segmented by Type (Unilateral Implantation, Bilateral Implantation), End User (Pediatrics, Adults) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments.
|By End User|
Key Market Trends
Unilateral Implantation dominates the Cochlear Implants Market
Unilateral implantations are highly preferred compared to bilateral implantation. The high demand is mainly due to their cost-effectiveness. The use of cochlear implants, in general, is widespread in developed countries.
When health-related quality-of-life was evaluated with generic measures, unilateral cochlear implantation showed significant benefit on the overall health-related quality-of-life and social domains compared to preimplantation measures. Unilateral cochlear implantation restores hearing and promotes auditory development. The growth of the segment is mainly driven by the growing prevalence of hearing loss and the researchers' constant efforts to enhance the hearing outcomes for the patients. According to the study titled “The Outcome of Unilateral Cochlear Implantation in Adults: Speech Recognition, Health-Related Quality of Life and Level of Anxiety and Depression: a One- and Three-Year Follow-Up Study,” in August 2020, a study was conducted for the analysis of unilateral implantation and the results observed that the unilateral implantation helped in improving speech recognition.
Moreover, Technological advancements, along with innovative product launch, are likely to drive the market in coming years. For example FDA approved MED-EL Cochlear Implant for unilateral hearing loss in July 2019.
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North America dominates in Cochlear Implants Market
The United States is the most COVID-affected country across the world. The supply chain of products was highly impacted in this country. Initially, there is a decline in demand for cochlear implants which has negatively impacted the overall market growth.
North America expected to hold a major market share in the global cochlear implants market due to the hearing impairment in the growing geriatric population, technological advancements and increased battery life of cochlear implants, and the presence of major market players. According to the United Nations Department of Economic and Social Affairs report 2019 there is around 53,340 thousand population above 65 years old in the United States. The number is estimated to reach 70,842 by 2030.
Moreover, according to the data provided by the Centers for Disease Control and Prevention 2019, an estimate of around 16% of adults in the United States are reporting hearing trouble in the United States. In addition to the same source, the prevalence of hearing loss is twice as common as diabetes or cancer. The rising prevalence of hearing loss will boost the overall market growth.
Furthermore, companies are taking initiatives to develop the products to grow their presence in the market studied. For instance, in March 2020, US FDA (Food & Drug Administration) approved Nucleus 24 Cochlear Implant System developed by Cochlear Americas that provides patients with hearing sensation through electrical stimulation.
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The Cochlear Implants market is consolidated and consists of a few market players. Some of the key players in the market studied are MED-EL Medical Electronics, Demant A/S, Nurotron Biotechnology Co Ltd, and Sonova (Advanced Bionics Corp) among others. Majority of these companies are based in the United States and Europe as these regions are more developed and hence better funded for healthcare.
In February 2021 Auditory Verbal UK launched Cochlear Implant International Community of Action.
In December 2020 the company Sonova Holding AG had announced that its subsidiary Advanced Bionics LLC received Food and Drug Administration approval in the United States for its new Naída CI Marvel and Sky CI Marvel sound processors.
In November 2020 the MGM Healthcare Hospital had launched Cochlear Implant Programme after the completion of a successful bilateral cochlear implantation surgery performed on a child.
Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Hearing Impairment in the Growing Geriatric Population
4.2.2 Risk of Hearing Loss Due to Exposure to Noise in Recreational Settings in Younger Population
4.2.3 Technological Advancements and Increased Battery Life of Cochlear Implants
4.3 Market Restraints
4.3.1 High Cost of the Device and Maintenance
4.3.2 Risk of Injuries in Surgery
4.4 Porters Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Unilateral Implantation
5.1.2 Bilateral Implantation
5.2 By End User
5.3.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
5.3.5 South America
184.108.40.206 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Cochlear Ltd
6.1.2 MED-EL Medical Electronics
6.1.3 Demant A/S
6.1.4 Widex A/S
6.1.5 Nurotron Biotechnology Co Ltd
6.1.6 Sonova (Advanced Bionics Corp)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Cochlear Implants Market market is studied from 2018 - 2026.
What is the growth rate of Global Cochlear Implants Market?
The Global Cochlear Implants Market is growing at a CAGR of 8.57% over the next 5 years.
Which region has highest growth rate in Global Cochlear Implants Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Cochlear Implants Market?
North America holds highest share in 2020.
Who are the key players in Global Cochlear Implants Market?
Demant A/S, Widex A/S, Cochlear Ltd, MED-EL Medical Electronics, Sonova (Advanced Bionics Corp) are the major companies operating in Global Cochlear Implants Market.