The global cochlear implant market size is expected to reach USD 3.4 billion by 2026, based on a new report by Grand View Research, Inc. is estimated to grow at a CAGR of around 10.5% over the forecast period. The cochlear implants market is anticipated to witness significant growth during the forecast period, which can be attributed to a favorable reimbursement scenario, rising awareness about hearing aids, and increasing adoption of implants.
Furthermore, technological advancements in cochlear implants to make the device more efficient and user-friendly can boost the demand, which is expected to propel the industry during the forecast period. For instance, in September 2016, Cochlear Ltd. launched the world’s thinnest full-length perimodiolar electrode for their cochlear implant. The thin structure of the implant electrode helps to protect the delicate structures of the inner ear.
By type of fitting, the market is segmented into unilateral and bilateral implantation. In 2018, unilateral implantation segment dominated the industry due to its availability at a low cost as compared to bilateral implantation and significant ability to localize the sound. However, bilateral implantation is anticipated to witness fastest growth during the forecast period. This can be attributed to its cost-efficiency when implanted in children, good reimbursement, and ability to improve the performance after implantation.
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Further Key Findings from the Study Suggest:
- Unilateral implantation dominated the industry in 2018.This can be attributed to its low cost as compared to bilateral implantation and high demand from adults due to its cost-effectiveness.
- Bilateral implantation is the most lucrative segment of the industry. Increasing demand, ability to recognize the speech in noise, and good reimbursement are the key factors expected to drive the market during the forecast period.
- By end use, the adults segment dominated the market in 2018 and is expected to maintain its dominance during the forecast period, due to the presence of a large patient base and growing geriatric population.
- Pediatrics segment is expected to grow at the fastest rate during the forecast period. Increasing implantation at an early age, implementation of several programs & government support to provide cochlear implant to children as early as possible, and good reimbursement are the key factors expected to propel the cochlear implants market.
- Geographically, Europe dominated the industry in 2018 and is expected to maintain its position during the forecast period. This is primarily due to the conducive health infrastructure of the European Union, which allows implantation at an early age.
- Asia Pacific is anticipated to observe the fastest growth over the coming years. This can be attributed to growing awareness in the region and local presence of market players.
- Increasing awareness and growing disposable income in the Middle East region is also expected to boost the market in the region. For instance, in December 2016, Dubai based Prime hospital launched new facility to perform cochlear implant surgery.
- Several players operate in the industry. However, majority of the share belonged to the top two to three players who dominated in the industry in 2018.
- Some of the key players are Cochlear Ltd., MED-EL, Sonova, Gaes Group, William Demant Holding A/S, and Nurotron Biotechnology Co. Ltd. Development of innovative products by focusing on R&D is a key strategy has been adopted by dominant players in the market. In June 2019, Cochlear Limited received the approval from the U.S. FDA for its Cochlear Nucleus Profile Plus Series Cochlear Implant. The implant is designed for safe access to MRI scans.
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Grand View Research has segmented the cochlear implants market by type of fitting, by end use, and region:
Cochlear Implants Type of Fitting Outlook (Market Revenue in USD Million, 2015 – 2026)
- Unilateral Implantation
- Bilateral Implantation
Cochlear Implants End Use Outlook (Market Revenue in USD Million, 2015 – 2026)
Cochlear Implants Regional Outlook (Market Revenue in USD Million, 2015 – 2026)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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