According to the report, the Cochlear Implants market is expected to grow from USD 3,398 million in 2019 to USD 6,405 million by 2026, growing at a CAGR of 9.6% from 2019 to 2026.
Market Overview
Global Cochlear Implants market is estimated to be USD 3,398million in 2019 and is expected to reach USD 6,405 million by 2026, with a CAGR of 9.6% during the forecast period.
Technological advancements, strategic initiatives by the industry players, and favorable reimbursements for cochlear implantation surgery are the key drivers of the market.
A cochlear implant is an electronic device that partially restores hearing. It can be an option for people who have severe hearing loss from inner-ear damage and who receive limited benefit from hearing aids. Unlike hearing aids — which amplify sound — a cochlear implant bypasses damaged portions of the ear to deliver sound signals to the auditory (hearing) nerve. Cochlear implants use a sound processor that fits behind the ear. The processor captures sound signals and transmits them to a receiver implanted under the skin behind the ear. The receiver sends the signals to electrodes implanted in the snail-shaped inner ear (cochlea). The signals stimulate the auditory nerve, which then directs them to the brain. The brain interprets those signals as sounds, though these sounds won't be just like normal hearing.
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Competitive Insights
Key players operating in this market include Cochlear, MED-EL, Oticon (William Demant), Nurotron, Listent, Sonova, and Gaes Group.
Regional Insights
The Asia Pacific is the leading market at a share of 43.45% and is anticipated to grow at the fastest rate in the future due to increasing awareness in the region, the presence of major players, and government support. North America is currently leading Europe with a share of 22.65% and 23.96%.
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Based on the type, the Cochlear Implants market can be segmented into Unilateral and Binaural.
The Binaural segment is expected to witness the fastest growth during the forecast period. This is attributed to its cost-effectiveness when implanted in children, the ability to recognize the speech in noise, and increasing meningitis cases. Furthermore, several countries offer reimbursement only after Binaural implantation. Hence, all these factors may help to enhance the demand of devices and thereby boost the growth of the industry.
Application Insights
Based on application, the Cochlear Implants market is divided into Adult and children.
Children segment is expected to witness the fastest growth during the forecast period. Growing adoption due to increasing awareness, availability of reimbursement, and lesser wait time as compared to adults are the factors that drive the market during the forecast period.
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Audience
l Cochlear Implants manufacturers
l Distributors and resellers of Cochlear Implants
l Cochlear Implants industry associations
l Product managers, Cochlear Implants industry administrator, C-level executives of the industries
l Market Research and consulting firms
l Small and Medium-sized Enterprises (SMEs)
l Raw material suppliers of Cochlear Implants
l Research & Clinical Laboratories
l Healthcare organizations
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