The global cochlear implant market size is expected to reach USD 3.3 billion by 2027, expanding at a CAGR of 10.6% from 2020 to 2027, based on a new report by Grand View Research, Inc. Increase in awareness regarding hearing impairment, growth in diagnosis rate, rise in bilateral fittings, and increase in government initiatives are likely to drive the market during the forecast period. Competition from technologically advanced, lightweight, and other effective hearing aids, bionic ear, and middle ear implants may pose a threat to cochlear implants.
The
Center of Devices and Radiological Health (CDRH) is responsible for the
regulation of cochlear implant devices. In January, 2020, The Society for
Biomedical Technology (SBMT), Defence Research and Development Organization
(DRDO), India is undertaking human trials for cochlear implant, which is
expected to drive the market for cochlear implants in the country.
In
developing countries, governments are undertaking initiatives to improve
awareness and increase penetration of cochlear implants through various
activities, such as providing reimbursement and coverage for cochlear implants.
For instance, after the implementation of Tamil Nadu’s Chief Minister's
comprehensive health insurance scheme in India, it was observed that more than
2,000 children received cochlear implants between 2012 and 2015.
In
December 2015, China Disabled Persons’ Federation ordered 2,000 cochlear
implants from Neutron Biotechnology. This initiative was aimed at improving the
lives of individuals with disability. Hence, such initiatives in developing and
developed countries are likely to boost market growth during the forecast
period. Increasing affordability and supportive reimbursement scenario create
growth opportunities for market players to develop various innovative and effective
products.
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Cochlear Implant
Market Report Highlights
- By type of fitting,
unilateral implants accounted for the largest market share in 2019.
Bilateral implants are expected to exhibit the fastest CAGR over the
forecast period as they are preferred for pediatric patients when
unilateral implants are ineffective and/or when meningitis is the cause of
deafness
- Based on end use, the adult
segment accounted for the largest market share in 2019. The pediatric
segment is expected to exhibit the fastest CAGR over the forecast period
owing to relaxations in the use of cochlear implants among children
- In 2019, Europe dominated
the global market due to the presence of an advanced healthcare system in
the European Union. The system allows children to receive cochlear
implants before their first birthday. Moreover, people suffering from
hearing loss have a greater tendency to develop mental health and social
isolation issues
- Asia Pacific is expected to
witness the fastest growth over the forecast period owing to growing usage
of ototoxic drugs, increasing age-related hearing loss, and rising noise
pollution
- Key players are entering
into collaborations to enhance their market presence. For instance, in
November 2018, Cochlear Ltd. entered into a collaboration with GN Hearing
to enhance the research on fast-moving connectivity and wireless
technology.
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Cochlear Implant
Market Segmentation
Grand View Research has segmented
the global cochlear implant market based on type of fitting, end use, and
region:
Cochlear Implant
Type of Fitting Outlook (Revenue, USD Million, 2016 - 2027)
- Unilateral Implant
- Bilateral Implant
Cochlear Implant
End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Adult
- Pediatric
Cochlear Implant
Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- Japan
- China
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
List of Key Players
of Cochlear Implant Market
- Cochlear Ltd
- Demant A/S (Demant)
- Sonova
- MED-EL Medical Electronics
(MED-EL)
- Nurotron Biotechnology Co.
Ltd.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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