iCrowdNewswire Dec 30, 2020 5:00 AM ET
The cochlear implants market 2020 can anticipate growth at a moderate rate of 9.86% over the forecast period (2017 to 2023), claims MRFR (Market Research Future). Moreover, MRFR expects the market size to touch USD 3,203.8 million by 2023. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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Key Impacting Factors and Challenges
The 2019 WHO report stated that close to 466 million people across the globe are suffering from hearing loss. It is projected that by the year 2050, more than 900 million individuals are going to be affected by hearing loss. Projections also indicate that roughly 1.1 billion people that are aged between 12 and 35 years have a high chance of acquiring hearing infection or loss owing to rising exposure to loud noises. These numbers are indicative of the mounting need for advanced hearing aid devices, which ultimately translates to substantial market growth.
Government initiatives to spread awareness and the burgeoning elderly populace also add to the market value. Although, a lower number of hearing loss-affected people go for implants, instead opting for a cochlear implant surgery, the surge in technical innovations and launch of new advanced devices by reputed vendors are helping draw in a higher number of patients.
Cochlear implants Market come under the Food, Drug, and Cosmetic Act, and with the surge in FDA approvals, firms are encouraged to increasingly develop advanced cochlear implants to introduce them into the global market. Increasing spending on R&D is fostering the number of clinical trials, and by extension, benefits the cochlear implants industry. Furthermore, the soaring preference for minimally invasive surgeries among patients prompts the use of next-generation devices, speech processors and implants. Escalating adoption of next-generation polymers, metals, biomaterials and ceramics in cochlear implants has added significantly to the surgery’s value, enhancing the overall outcome. This factor is deemed to accelerate the market growth in the ensuing years.
A few other growth rendering factors can be the improvement in the reimbursement scenario across developing nations along with the rise in FDA approvals. Product innovation and new launches are some of the top marketing hacks adopted by the leading firms to bolster their customer base. A case in point, in November 2020, Advanced Bionics (AB), a renowned vendor of the cochlear implant technology, launched its latest Marvel hearing technology that caters to its cochlear implant wearers. Some of the key products in the range include New Naída CI Marvel sound processors for adults and Sky CI Marvel, which is the first sound processor ever created for children.
The cochlear implants industry has been categorized into products, types and end users.
A few key products studied in the report are accessories & upgrades and cochlear implant system. Cochlear implant system is currently dominating the global market, in view of the expanding population affected by hearing loss and patients’ increasing purchasing power.
The various types of cochlear implants include unilateral implant as well as bilateral implant. Bilateral cochlear implantation has become common in children, owing to their lower prices and higher speech recognition of noise. However, favorable reimbursement, lower requirement of anesthesia and short surgery duration are a few characteristics that make unilateral cochlear implantation the leading segment in the global market.
Research & academic institutes along with hospitals & clinics, ambulatory surgical centers, and more are the top market end-users.
Cochlear implants market has been regionally considered for Middle East and Africa/MEA, the Americas, APAC/Asia Pacific and Europe.
America will prevail as the market leader throughout the assessment period, on account of the mushrooming patient pool with hearing loss along with the rising use of the latest technologies by the healthcare sector. Sizeable spending on healthcare coupled with the strong government support in favor of research & development activities also benefit the American market for cochlear implants. The region accommodates a massive pool of highly reputed vendors, a fact that adds immensely to the market strength.
Europe is in the second place in the global market for cochlear implants, as a result of the soaring number of patients afflicted by hearing problems, ear infection, and more. The extensive healthcare sector along with surge in government initiatives and funds for treatment as well as development of advanced cochlear implants also induce market expansion in the region.
APAC should make the fastest progress in the next several years, considering the rapid urbanization rate across most of the developing countries, and the increasing levels of noise pollution in view of the rising industrialization. Despite the initiatives to control noise pollution, the results have been dismal, giving rise to hearing loss cases among the mass. In view of this rising burden of hearing impairment issues and the increasing purchasing capacity of people in Singapore, China and India, the APAC market is now on a fast-track development trajectory. Besides, the elevated consumption of ototoxic drugs, growth in geriatric pool with hearing loss, and the regular technological advances in the region also induce favorable results.
Eminent Market Firms
Eminent market firms profiled in the report are Cochlear Ltd (Australia), MED-El (Austria), Microson S.A. (Spain), GAES MÉDICA (Spain), Widex (Denmark), William Demant Holding Group (Denmark), Advanced Bionics AG (Switzerland), and more.
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