Cochlear implant is an auditory prosthesis that is surgically implanted directly into the cochlea (inner ear). In the deaf children, it enables the process of oral speech and language recognition. The implant is not capable of restoring normal hearing. It only offers a base or represents acoustic sounds, escalates cochlear processing, and may not completely reverse the effects of deafness. Cochlear implants traditionally provide unilateral surgery.
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One of the well-known industry players, named Cochlear Ltd., is completely committed to maintaining a leading position in technology on the global market with significant investments in R&D to boost hearing outcomes. For this reason, the company has developed three core strategies: to maintain a strong position of leadership on the global market, to produce a steady sales and earnings growth, and to extend the scope for hearing implants to the maximum potential. The global market players are continuously working to develop innovative products to retain the topmost leadership position in the cut-throat competition. The market is majorly driven by rising awareness, new product development, emerging new players, increasing R&D activities, and continuous investments in sales and marketing by the market players.
Strong commitment towards technology leadership helps to introduce a wide range of products that delivers a lifetime of hearing outcomes, which is why the key players in the cochlear implants market are shifting their focus towards R&D activities to gain a strong leadership in the market through consistent developments and market-driven technology. For instance, on 11th July 2019, Advanced Bionics introduced Naída CI Q90, a new wireless connectivity accessory to the global market. The product is an elegant, design-integrated solution, which has a sound processor in the wireless Bluetooth headset. Additionally, it allows the cochlear implant wearers to take hands-free phone calls and stream audio directly with strong support of virtual on any device.
Globally, around 134 million children are born every year, out of which, about 1 to 3 newborns per 1,000 are detected with hearing loss. Currently, around 134,000 cochlear implants are required, and the number is expected to increase to 160,000 in the years to come, which is further grabbing the attention of leading players that are arduously working to develop innovative devices that encompass low noise, quick charging, long durability, long battery life, and waterproof capabilities. As per the WHO, the production of the hearing aid is only 10% as compared to the actual need, which is further portraying lucrative opportunities for the market growth in the years to come.
Post-surgery, there are a number of risks that can be associated with implants, including vibrations caused due to drilling, vertigo, injury to the facial nerve, attacks of dizziness, and meningitis, among others, which is further impeding the market growth to some extent.
Globally, the presence of substitutes, such as drugs, mouth guard, and others are likely to hamper the cochlear implants' market growth.
Surgery of the cochlear implants is a risky procedure with expensive treatment costs. The high cost can be attributed to the electronic device allied with its treatment. On average, the cochlear implants surgery cost ranges between USD 30,000—USD 50,000 . Therefore, it is majorly adopted by the patients having higher income and high-value insurance plans.
Unilateral cochlear implantation promotes the development of normal lifestyle activity in the auditory pathways for longer-term, but the functional abnormalities persist. Several findings suggest that unilateral implantation should be kept limited to promote optimal binaural hearing in children utilizing cochlear implants that possess the potential to perform better naturally.
To prevent auditory deprivation and to offer binaural hearing aid, a second cochlear implant has to be fitted to the ear. The unilateral cochlear implants are witnessing huge demand from the patients with a bilateral hearing impairment that cannot use a bilateral cochlear implant, which is further fueling the segment growth. The unilateral implant segment is dominating the cochlear implants market and is likely to continue the same during the forecast period as it is available at lower prices.
Bilateral implantation is cochlear implantation for both the ears. MED-EL, a pioneer in cochlear bilateral implantation, encompasses a leading experience in the bilateral implantation market across the globe. The bilateral implantation is bifurcated into bilateral implantation in children and bilateral implantation in adults.
Bilateral implants in children segment is specifically targeting smaller age groups. The children with bilateral implantation were founded to respond much faster in group situations, with fast, impulsive actions on a daily basis, and fast grasping of language with full spontaneity. The bilateral implants in adults have demonstrated positive effects and have no roadblock on the performance, which is further increasing the popularity of bilateral implants across the healthcare sector. The use of two implants is a relatively new practice. However, the additional cost of the second implant is impeding the market growth to some extent.
Cochlear implants are approved for adults with profound deafness. Recently, the U.S.FDA revealed several stats and figures allied with cochlear implant manufacturers, which states that around 0.32 million people are using cochlear devices across the globe. In the U.S. alone, over 58,000 devices were implanted in adults and the number is predicted to increase significantly in the years to come. Moreover, the adults segment is dominating the overall cochlear implants market and will continue the same during the forecast period on account of the rising patient pool and lower chances of the diseases in smaller age groups.
Profound deafness in a smaller age group affects the development of auditory speech perception and speech production. The American Academy of Audiology identified multichannel cochlear implants as a sensory aid option for children suffering from a profound hearing impairment that demonstrate limited or no functional benefit from conventional hearing aid amplification. The research in the smaller age group has shown some greater benefits with multi-channels as compared to a single-channel cochlear implant.
Also, rising incidences of profound deafness in neonates are driving the market growth. As per the WHO, around 134 million children are born every year, out of which, 1 to 3 newborns per 1000 are suffering from profound deafness or hearing loss. Therefore, there is a requirement of 1,34,000 cochlear implants annually. Currently, around 9% of the pediatrics population is suffering from hearing impairment. Besides, the smaller age group children receiving a cochlear implant have to undergo ongoing audio-logical management and otolaryngologic follow-up and require special training that maximizes the benefits received from the devices.
In the last few years, a number of developing countries are successfully becoming a preferred destination for medical tourism. As per the Malaysia Healthcare Travel Council, over 1,050,000 travelers visited Malaysia for healthcare purposes. Similarly, India is also witnessing a significant surge in the patients traveling for cochlear implant surgery due to well-equipped infrastructure, ground-breaking technology, and top-class medical amenities at relatively lower prices. The overall cost of the surgery, after-care, and sightseeing are available at almost half of the price when compared with the cost offered in the U.K and U.S. Most of the patients visiting India are from the Middle East and a few from the Western countries, which is further adding fuel to the market growth. Finally, the hospital segment is immensely contributing to creating growth opportunities for the cochlear implants market in the years to come.
ENT clinics segment is dominating the global cochlear implant market and will continue the same during the forecast period on account of rising patient pool suffering from hearing loss, rapid shift in consumer preference towards technologically advanced treatments in ENT clinics, volatility in the spending capacity of the consumer, and sudden change in lifestyle. Additionally, the less waiting time required in ENT clinics is boosting segment growth.
Other segment involves cochlear implants service providers and cochlear implant organization. The cochlear provider network (CPN) is a pioneer in the independent dispensing of audiology/audiology/ENT practices. It is actively working on expanding the services that encompass cochlear implants and become a critical network to enhance people with hearing loss to achieve optimal outcomes, which is further adding fuel to the market growth.
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North America's cochlear implants market is expected to reach USD 1,527 million by 2029 at a CAGR of 10% during the forecast period. Canada is holding a significant share in the cochlear implants market. It valued at USD 187.1 million and is expected to grow at a CAGR of 10.8%. This can be attributed to the rising awareness regarding cochlear implants among the population. Recently, the Canadian Association of the Deaf-Association ‘des Sourds du Canada’ undertook an initiative to avoid misconceptions regarding the cochlear implants surgery and spread awareness regarding the surgery.
Mexico's cochlear implant market is expected to witness an all-time high. It valued at USD 15.9 million and is expected to grow at a CAGR of 8% on account of the increasing presence of key players and rising prevalence of hearing impairment, which accounts for around 0.62% of the overall population. Similarly, around 2,400 to 4,000 neonates are born with congenital deafness.
Cochlear Ltd. is a pioneer and a global leader in implantable hearing solutions. The company possesses regional offices in APAC, Europe, and the Americas and has geographical reach in over 100 across the globe. As per the data revealed by the Americas, the region sales revenue increased by 6% from FY 2018 to 2019. The overall revenue registered by the Americas region is around 48% (down by 1%). The change in percentage resulted due to competitor’s product launching. Other factors driving the market growth include the rise in awareness triggering indications and benefits of cochlear implants to hearing aid audiologists by providing a strong referral pathway to implant surgeons.
Europe holds one of the largest shares in the cochlear implants market on account of the increasing popularity of implants, conducive healthcare infrastructure of the European Union, and large patient pool. Europe's market is growing at a CAGR of 8.9%. Germany is the highest revenue earner for the region. It is expected to mark significant revenue of over USD 203 million by 2029, with a CAGR of 8.7%.
Asia Pacific is the fastest growing cochlear implants market and is expected to grow at a CAGR of 10.8%. In the region, Japan and Australia are accounting for a significant share in the market due to technological advancements and upgrades. The market is majorly driven by the increasing prevalence of hearing malfunctions and expanded indications, increasing awareness, the presence of market leaders, and emerging government reforms. The key market players in the APAC include New Zealand, Australia, China, Japan, and Singapore.
The LAMEA cochlear implant market is expected to reach USD 94.1 million by 2029 and is estimated to grow at a CAGR of 6.6% on account of raising awareness regarding hearing aid solutions, technological advances in cochlear implants, and favorable reimbursement policies.
The global cochlear implants market is fragmented in nature. Several large and small-scale players are focusing on price, brand, and new product development to expand their consumer base. Some of the key players are engaging in acquisitions, collaborations, and partnerships to gain a competitive edge. For instance, on 18th December 2017, Sensorion announced a strategic collaboration with Cochlear Ltd. to focus on improving hearing outcomes in patients with cochlear implants. Similarly, on 10th April 2019, Demant officially announced the introduction of the Philips branded hearing aids to the global hearing aid market. Besides, the market is consolidated with the presence of Cochlear Ltd., MED-EL, Sonova, Games Group, William Demant Holding A/S, and Nurotron Biotechnology Company Ltd.
|Market Size||USD in Billion By 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Type of Fittings (Unilateral Implantation, and Bilateral Implantation) End-Users (Hospitals, ENT Clinics)|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||Cochlear Ltd., MED-EL, Sonova, Games Group, William Demant Holding A/S, and Nurotron Biotechnology Company Ltd.|
|Key Market Opportunities||Increasing Prevalence Of The Healthcare It Industry Enhances The Expansion Of The Cochlear Implants Market Share|