A cochlear implant (CI) is an electronic device that aids in hearing to a person who is severely hard of hearing in both the ears. The device is implanted surgically and works by transmitting sound signals to brain. Unlike hearing aids that amplifies the sound at the outer ear, the cochlear implant system bypasses the non-functioning parts of ear and delivers sound in the form of electrical signals through hearing nerve. 3M became pioneer in the cochlear implants market with the approval of first cochlear implant in 1984.
Technological encroachments in the field of cochlear implants, growing number of cases of infants born with the hearing disorders, favorable government initiatives and strategic initiatives by market players are projected to catalyze the global cochlear implants market. For instance, a novel rechargeable battery was launched by MED-EL in May 2016 for SONNET Audio. The battery has very low charging time and can provide ten hours of life. Furthermore, in September 2016, Cochlear Ltd. launched the slimmest full-length perimodiolar electrode for their cochlear implant that aids to protect the gentle parts of the inner ear. Hence, advancement of such devices and rising awareness amongst the patients and physicians are likely to surge the cochlear devices market. According to the World Health Organization (WHO), there is a high demand of hearing loss aids as the current production of the devices can only meet upto 10% of the actual demand. Hence, there is enormous opportunities for key players to expand their market share.
The global cochlear implants market is segmented based on fitting type, end-user, and geography. Based on fitting type, the global cochlear implants market is categorized into bilateral implantation and unilateral implantation. In 2017, the unilateral implantation is expected to be the prominent segment contributing more than 50% of market share due to growing demand and cost-effectiveness. However, bilateral implantation devices is projected to be the fastest growing segment due to the increasing demand for cochlear implants by pediatrics. Furthermore, majority of the countries are providing reimbursement for the bilateral implantation devices only. Based on end-user, the global market is segmented into adults and pediatrics. In 2017, adults segment dominated the global market due to the availability of vast patient base and fewer surgical complications compared to pediatrics.
Asia Pacific is projected to be the fastest growing segment due to the high prevalence of hearing defects in the region, increasing awareness in the region, favorable government initiatives and presence of key players. Key markets in the region include Japan, China, Australia, and New Zealand.
The Global Cochlear Implants Market is segmented on the following bases:
- Global Cochlear Implants Market, by Fitting Type, 2016-2026 (US$ Mn)
- Unilateral Implantation
- Bilateral Implantation
- Global Cochlear Implants Market, by End-users, 2016-2026 (US$ Mn)
- Global Cochlear Implants Market, by Geography, 2016-2026 (US$ Mn)
- North America
- Rest of Europe
- Asia Pacific
- Latin America (LATAM)
- Rest of LATAM
- Middle East and Africa (MEA)
Key Players Identified in Cochlear Implants Market include:
Cochlear Limited, Oticon Medical, William Demant Holding A/S, MED-EL, PENTAX Medical, LSVT Global, Inc., Gaes Medica, Sonova, EBS Healthcare, and Nurotron Biotechnology Co., Ltd.
This report offers:
- Market estimations of the global cochlear implants for the span of 10 years from 2016 to 2026 and quantifies the growth of the market during the forecast period.
- A comprehensive market outlook of the global cochlear implants market along with future trends.
- Global cochlear implants market elucidation at granular level by segmentation of market based on various parameters.
- Challenges to be faced by the market during the forecast period.
- What are the key sustainability strategies adopted by market players?
- Profiling of the key players operating in the cochlear implants market along with graphical positioning of the major players