Cochlear implants are used to aid the hearing defects in patients with severe of total hearing impairment. These implant has replaced the old hearing aid devices. Cochlear implants are equipped with an external sound processor containing microphones, battery, electronics assembly and other parts. The device stimulate the cochlear nerve through the use of a coil.
The Global Cochlear Implants Market is anticipated to generate a CAGR growth of 9.86% which is expected to reach USD 3,203.8 million by the end of forecast period of 2023.
Cochlear implants are used to treat the listening to problems in deaf sufferers. Those implant has replaced the vintage listening to aid devices. Many manufacturers are concerned in enhancing the nice and design of the cochlear implants. For the duration of the previous couple of years, there was a sizable increase within the call for cochlear implants. In step with the research completed with the aid of DeafandHoH.com, LLC. In 2014, 360 million humans international were suffering from moderate to profound hearing loss. moreover, in line with the facilities for disease control and Prevention, by using 2025, it is envisioned that 900 million people throughout the globe are probable to be afflicted by hearing impairment of which around 90 million of these human beings may additionally much more likely from Europe.
Key players in the Global Cochlear Implants Market:
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).
Technological advances and product development are the two most successful strategies used by the market leaders.
The large number of patients suffering from hearing impairments is the critical driver of the market. It is estimated that in 2014, almost 360 million patients worldwide were suffering from serious hearing loss. According to the Centers for Disease Control and Prevention, by 2025, an estimated 900 million patients are likely to suffer from severe hearing impairment. Thus a large unmet need is easily comprehendible.
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Other drivers of the market are rising geriatric population, and favorable reimbursement policies. According to the U.S. Census Bureau in 2015, 8.5% of people representing 617 million over age 65 years of age are suffering from hearing loss.
The growing demand for cochlear implants is the other driver of the market. According to the National Institute on Deafness and Other Communication Disorders estimates, approximately 324,200 registered devices were implanted in 2013 alone. Increasing healthcare expenditure and government support have fuelled the market growth.
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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The Asia Pacific is the fastest growing cochlear implants market across the globe. Increasing need for better devices, rapidly improving technology, and the presence of huge patient pool drives the growth of this market in Asia Pacific region.
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