Industry Trend Analysis
The global cochlear implants market is expected to be around $3 billion in 2025. Innovations in customization of cochlear implant devices along with reimbursement policies in developing countries will drive the growth of this market. Technological advancements especially in sound chips are fuelling the demand for these products. Rise in geriatric population along with increased incidence of acquired hearing loss are also contributing to the market growth substantially. In 2014, the total American geriatric population was 46.2 million which represented 14.5% of the total population. By 2040, this will grow up to 21.7% of the total American population.
Fitting Type Outlook and Trend Analysis
Unilateral implantations are witnessing high demand in the market owing to the low cost of surgery as compared to bilateral implantations. Bilateral implantation will witness fastest growth over the forecast period as they have exceptional results when implanted in children at an early age. Children using bilateral cochlear implants exhibit better vocabulary outcomes as compared to children of the same age using unilateral cochlear implants.
End User Outlook and Trend Analysis
Adults segment accounted for the highest share in the global market in 2016. This is due to fewer chances of complications for implantation in adults as compared to those in children and presence of large adult patient base. Pediatrics segment is estimated to witness fastest growth over the forecast period, owing to rise in awareness about the benefits of early implantations in children. After FDA’s approval for implantation in children as young as 12 months in age, awareness of benefits of cochlear implants in children to succeed in mainstream classrooms has increased.
Regional Outlook and Trend Analysis
Europe constituted the major market share of the overall market in 2016, owing to the advanced health infrastructure in the European Union. Presence of huge patient base along with increased adoption of implants is the key factor for the market growth. North America is the second largest market for implants because of the presence of favorable reimbursement policies along with the high purchasing power of people in this region.
Asia-Pacific market is expected to record fastest growth over the forecast period, due to increased awareness and favorable government initiatives in developing countries to increased awareness about the benefits of early implantation in children. For instance, Medtronic launched the Shruti Program in India which aims to increase awareness about diagnosis and treatment of underserved patients, especially children affected by ear disorders.
The market is heavily dominated by few large companies such as Cochlear Ltd. and MED-EL, who have a global presence and a diverse product portfolio. These players are highly focused on developing innovative products to sustain the market competition. For instance, in 2015, MED-EL received FDA approval for its SYNCHRONY cochlear implant, the first and only cochlear implant approved for 3.0T MRI without magnet removal. Some of the other key players in this market are William Demant Holding A/S, Sonova, Gaes Group, and Nurotron Biotechnology Co. Ltd.
Increase in geriatric population worldwide will boost the demand for implants significantly. According to a World Health Organization (WHO), the geriatric population (senior citizens at least 65 years in age) will increase by 88% in coming years. Also, proven results of effectiveness of implantations in children at a young age propose significant prospects in the pediatric market worldwide. Developing countries exhibit a lucrative market due to growing awareness and easily available reimbursement policies.
Cochlear Implants Market Segmentation:
By Fitting Type:
By End User:
Rest of Europe
Rest of Asia-Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2016 and forecast from 2017 to 2025?
What will be the industry market growth from 2017 to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?