Publication Month: May 2019 | Report Code: TIPHE100001260 | No. of Pages: 150 | Category: Medical Device | Status: Published
A cochlear implants are electronic devices that help in restoring hearing. These devices are used by people having severe hearing loss from inner-ear damage and who receive limited benefit from hearing aids. A cochlear implant bypasses damaged areas of the ear thereby delivering sound signals to the auditory nerve. A sound processor, fitting behind the ear, captures sound signals and transmits them to a receiver implanted under the skin behind the ear. Thereafter, the receiver sends the signals to electrodes implanted in the cochlea. The growth of the global cochlear implants market is attributed to the growing geriatric population, increase in the number of patients suffering from hearing loss, and increasing R&D expenditure in medical device companies. However, high cost of cochlear implants and side effects associated with the cochlear surgery are the major factor hindering the market growth.
The global cochlear implants market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
Hearing loss is on the rise. Unless this trend is reversed, it will mean higher direct costs for health systems. The need will grow for ear and hearing care services and related technologies, such as hearing devices, cochlear implants and others. If these needs are not met, this would be detrimental not only for individuals in terms of social isolation and increased poverty, but also for societies as a whole, due to lower productivity. A number of governments around the world have recognized the importance of mitigating current trends by preventing hearing loss in the first instance. Several factors like growing global population, rising genetic diseases and infections leading to hearing loss, increasing geriatric population and others are altogether driving the increase in hearing loss worldwide.
According to the report published by World Health Organization (WHO) in 2018, 466 million people across the globe suffered from hearing loss and the number is expected to rise to 630 million by 2030 and 900 million by 2050. Also, according to the Hearing Loss Association of America (HLAA) report, Hearing Loss Facts and Statistics 2018, approximately 48 million Americans have some degree of hearing loss. It also mentioned that 2 to 3 out of every 1,000 children in the United States are born with a detectable level of hearing loss in one or both ears.
Thus, the growing prevalence of hearing loss across the globe have fuelled the growth of cochlear implants market.
In terms of type of fitting, the global cochlear implants market is segmented into unilateral implantation and bilateral implantation. In 2018, the unilateral implantation segment held largest share of the market. However, the bilateral implantation segment is estimated to register the highest CAGR during the forecast period.
In terms of end user, the global cochlear implants market is segmented into adults and pediatrics. The adults segment held the largest share of the market in 2018. In contrast, the pediatrics segment is estimated to grow at the fastest rate during the forecast period.
|Market Size Value in||US$ 1,510.9 Million in 2018|
|Market Size Value by||US$ 4,124.1 Million by 2027|
|Growth rate||CAGR of 11.9% from 2019-2027|
|No. of Pages||150|
|No. of Tables||52|
|No. of Charts & Figures||53|
|Historical data available||Yes|
|Segments covered||Type of Fitting and By End User and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The global cochlear implants market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.
The List of Companies