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(Hosting-NewsWire.com, January 24, 2018 ) A cochlear implant is a surgically implanted electronic device, which provides a sense of sound to a patient who is profoundly deaf or has a difficulty in hearing. A number of different types of products are available in the market. Recently, wireless and Bluetooth enabled implants have been introduced in the market, which has acquired a notable attention of the users. The global cochlear implant market is majorly driven by increasing prevalence of ear infection, rising geriatric population and rising demand for the cochlear implants. Moreover, increasing government support and favorable reimbursement policies have fuelled the market growth.
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The Americas are one of the major regions in the global market owing to a huge patient population suffering from diseases like deafness and ear infection, increasing demand for the advanced devices, and strong government support. According to the Population Reference Bureau, the number of Americans aging 65 and older is projected to be more than double from 46 million in 2015 to over 98 million by 2060. According to the American Hospital Association, (2015) Medicare reimbursed 88% and Medicaid reimbursed 90% for every dollar hospitals spent caring for these patients. Thus, availability of funds and rising geriatric population are likely to fuel the growth of the market.
Europe accounts for the second largest market across the globe, which is followed by the Asia Pacific. Strong government support, availability of funds for research, and high healthcare expenditure drives the growth of the market.
The Asia Pacific is the fastest growing market owing to increasing need for better devices, rapidly improving technology, and the presence of huge patient pool. China and India are the key contributors to the market. The government of India provides reimbursement for cochlear implant procedures for prelingually deaf children from age group between 1 and 16 years. Additionally, increasing government support, and the presence of huge opportunity have fuelled the growth of the Asia Pacific market.
The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities and poor economic condition in the African region. The Middle East holds the major share of the market owing to a well-developed economy, whereas, African region is expecting a healthy growth due to the presence of huge opportunity in the market growth.
Key Players
Some of the major players in this market are Advanced Bionics AG (Switzerland), MED-El (Austria), Cochlear Ltd (Australia), GAES MÉDICA (Spain), William Demant Holding Group (Denmark), Widex (Denmark), and Microson S.A. (Spain).
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The global cochlear implants market has been segmented on the basis of products, types, and end users.
On the basis of the products, the global cochlear implants market is segmented into the cochlear implant system and accessories & upgrades.
On the basis of the types, the market is segmented into the unilateral implant and bilateral implant.
On the basis of the end users, the market is segmented into hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
The global cochlear implants system market is majorly driven by increasing number of patients having hearing loss, rising geriatric population, acceptance of hearing implants by the patients with hearing disorders, and favorable reimbursement policies. According to the U.S. Census Bureau (2015), 8.5% of people across the globe i.e. 617 million were over age 65. During the last few years, people across the globe have adopted these devices, which have helped the growth of the market. According to the National Institute on Deafness and Other Communication Disorders, in 2013, approximately 324,200 registered devices have been implanted worldwide. Additionally, increasing healthcare expenditure and government support have fuelled the market growth. However, the cost of impacts can be more than USD 100,000 which are not affordable to the middle-class population, thus, the high cost of the implants may slow the growth of the market.
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Key Findings:
The global cochlear implants market is expected to grow at a CAGR of 9.86% during the period 2017-2023. Increasing prevalence of the ear infection, increasing geriatric population, and technological advances are some of the major factors responsible for market growth
The cochlear implant system type of the products holds the major share of the market
MED-El, Cochlear Ltd, Advanced Bionics AG, GAES MÉDICA, and William Demant Holding Group are some of the prominent market players in the global cochlear implants market
The Americas accounted for the major share of the market owing to the presence of huge patients suffering from hearing loss, well-developed technology, high healthcare expenditure, and government support for the research & development. According to the National Institute on Deafness and Other Communication Disorders, in 2015, over 15% of American adults i.e. 37.5 million aged 18 and over were suffering from hearing problems. Additionally, the presence of a number of leading players and favorable reimbursement policies have fuelled the growth of the market.
Europe accounted for the second largest cochlear implants market, which is followed by the Asia Pacific. Increasing number of patients suffering from hearing problems, ear infection and other diseases have boosted the growth of the market. The high healthcare expenditure in this region is likely to provide a push to the growth of the market. Furthermore, increasing government support and funding for the development and treatment improvement have fuelled the growth of the market.
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