Pune, India, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Cochlear Implants Market Overview
Cochlear Implants (CI) are devices used to assist persons with mild to severe hearing loss. The implants have been instrumental in providing relief to the hearing impaired globally. The miniaturization of these devices and its compact size has prevented such individuals from being social outcasts. According to the Centers for Disease Control and Prevention (CDC), nearly 900 million can suffer from hearing disorders by 2025. The integration of the latest technologies such as Wi-Fi and Bluetooth have made it possible for these individuals to enjoy a normal life.
Market Outlook
The Global Cochlear Implants Industry Size can touch USD 3203.8 Million by 2023, as per a new report by Market Research Future (MRFR). Increasing prevalence of ear infections and prelingual hearing disorders is expected to drive market demand. Rise in launch of various products and approvals by regulatory agencies are likely to propel the market to expand at a 9.86% CAGR from 2017 to 2023 (forecast period).
The efforts by manufacturers to make these products as aesthetically appealing as possible to prevent discouragement among patients can fuel the market growth. Technological advances in Cis and the sharp rise noticed in the numbers of the geriatric populace is predicted to bolster the market demand over the forecast period.
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Competition
Prominent players in the cochlear implants market include Advanced Bionics AG, GAES MÉDICA, William Demant Holding Group, Microson S.A., MED-El, Cochlear Ltd., and Widex. Players are increasing their product offerings by investing in research and developments. For instance, Cochlear can register high revenues by 2019 owing to catering to more than 550,000 patients. Investments in connected health platforms and additional facilities to serve patients can bode well for the company.
Segmentation Analysis
Different products in the global market are segmented into cochlear implant system and accessories & upgrades. The cochlear implant system segment had accounted for a major share of the market in 2016 owing to the popularity of CIs.
Types of Cochlear Implants include unilateral and bilateral. The unilateral segment had accounted for the lion’s share of the market owing to the low cost of surgery as compared to its counterpart. The bilateral segment can witness robust demand owing to the device able to recognize speech in noise.
Major end-users include research & academic institutes, hospitals & clinics, ambulatory surgical centers, and others. The hospitals & clinics segment is likely to experience robust growth during the forecast period owing to hospitals being a common hub for implantation procedures. The research & academic institutes segment is likely to contribute to market growth owing to various research studies dedicated to improve hearing levels of individuals. For instance, binaural beats therapy was touted to relieve stress in individuals as well as to measure loudness and other factors in bilateral cochlear implants.
Regional Analysis
Geographically, The Cochlear Implants Market covers the latest trends in the Americas, the Middle East & Africa, Europe, and Asia Pacific.
The Americas is one of the best performing regions of the cochlear implants market. This can be credited to a large share of the population afflicted with hearing disorders. The demand for technologically improved devices coupled with governmental encouragement for the adoption of these has played a major role in the region. Attractive medical reimbursement schemes by Medicare and Medicaid are ensured to entice more people to ditch legacy products and adapt Cis. According to the American Hospital Association, Medicare reimbursed nearly 88% of the hospital bills of patients in 2015.
The Europe market assumed the second position, which was followed by Asia Pacific. Availability of funds for research, high healthcare budget, and strong government support are factors like to drive the regional demand over the forecast period.
The Asia Pacific market is touted to grow at a rapid clip owing to the large patient pool in China and India. For instance, the government of India provides reimbursement for implantation procedures to children in the age group of 1-16. This can create growth opportunities for companies looking to expand their customer base.
Industry News
Cochlear implants have undergone various developments to suit the needs of current patients. The CI (“SYNCHRONY”) by MED-EL is designed to be MRI-safe for patients coupled with its ability to handle lower sound frequencies. Studies conducted by the Department of Otorhinolaryngology, Austria have proven the efficacy of these devices which allows scanning without causing any irritation to implant users.
New sound processors developed by Cochlear Limited can revolutionize the global landscape. The sound processor, Nucleus, is compatible with behind-the-ear, off-the-ear, and hybrid implants. Furthermore, this processor is compatible with iPhones and lets the hearing-impaired to stream music and enjoy videos. The application, Nucleus Smart App, allows individuals to manage sound levels and personalize it accordingly.
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