Report Details

Global Cochlear Implants Market Size, Share, Forecast Report, 2020-2027

The global cochlear implants market is expected to grow at a CAGR of more than 8% during the forecast period. The market growth is attributed to the rising geriatric population that generates a large patient pool, increasing demand for product customization, and the advent of rechargeable cochlear implants. Further, increasing cases of hearing losses across the globe further gives a boost to the growth of the market. According to the World Health Organization (WHO) in 2019, around 466 million people across the globe have disabling hearing loss, among which 34 million are children.

Further, it has been estimated by the WHO that more than 900 million people will have disabling hearing loss by 2050. Hearing loss may result from genetic causes, complications at birth, certain infectious diseases, chronic ear infections, the use of particular drugs, exposure to excessive noise, and aging. Further, 1.1 billion young people (aged between 12-35 years) are at risk of hearing loss due to exposure to noise in recreational settings. This has created the demand for hearing aid devices, which in turn is serving as the main driving factor for the growth of the global cochlear implant market.

Segmental Outlook

The global cochlear implants market is segmented on the basis of type and end-users. Based on the type, the market is bifurcated into unilateral cochlear implants and bilateral cochlear implants. Based on the end-users, the market is divided into cochlear implants for pediatrics and cochlear implants for adults. Adults held the most significant share in the global market. This is attributed to the increasing prevalence of age-related hearing loss, which is expected to boost the demand for cochlear implants in the adult population. According to the Institute for Health Matrix and Evaluation(IHME), the global prevalence of age-related and other hearing loss in 2013 was around 1.2 million that increased to 1.3 million in 2017.

Unilateral Implants to Hold the Significant Share in the Market

Based on the type, the market is segmented into unilateral implants and bilateral implants. Unilateral implants are cost-effective as compared to Bilateral Implants, which has led to a higher demand for the product and has is one of the major factors for the segmental growth of the market. In addition, various studies have observed that a unilateral cochlear implant is more cost-effective for adults. Hence, high demand from the adult patient population tends to be the major factor for the dominance of unilateral implants in the industry.

Regional Outlook

Geographically, the global cochlear implants market is segmented into North America, Europe, Asia-Pacific and the Rest of the World. North Americais expected to hold the most significant share in the global cochlear implants market. This is attributed to the rise in the prevalence of hearing the loss in the region, especially in the US. According to IHME, the prevalence of hearing the loss in 2010 was recorded as 148 million peoples which increased to174 million peoples in 2017.The rising prevalence of hearing loss creates demand for the treatment devices, which in turn, spurs the growth of the cochlear implants in the market.

Moreover, Asia-Pacific is also projected to exhibit significant growth during the forecast period. This is attributed to the rapid R&D activities in emerging countries such as India and China. For instance, in June 2017, Karnataka, India launched the "Deafness Free Karnataka" project to provide a cochlear implant to about 2,000 children (below 6 years). In December 2018, Fortis Hospital, Mohali launched the Cochlear Implant Clinic. This initiative is expected to provide high-quality treatment at an affordable price in the region.

Market Players Outlook

Some of the major companies working in the cochlear implant market globally include Nurotron Biotechnology Co.Ltd., Demant A/S, Sonova Holding AG, Sivantos Pte Ltd., and Starkey Hearing Technologies. Demant A/S and Sonova Holding AG are the two major companies operating in the market. The cochlear implants manufacturers are adopting various strategies such as new product launches and approvals, merger and acquisition, partnerships and collaborations, and many others in order to thrive in a competitive environment.

Recent Developments

In June 2019, Cochlear Ltd. received approval of the new Cochlear Nucleus Profile Plus Series Cochlear Implant and the Nucleus 7 Sound Processors. It offers direct streaming with compatible Android smartphones. With this cochlear implant, one can access to 1.5 and 3.0 Tesla (T) MRI scans without the need to remove the internal magnet or use a head wrap. The first accessible magnet feature to cochlear implants was introduced by the company in 1997.

In June 2017, Cochlear Ltd. launched an Apple-compatible cochlear implant which is a US FDA cleared implant. The US FDA cleared Nucleus 7 Sound Processor was the first cochlear implant sound solution to be made specifically for use with iPhones, iPods, and iPads; it was the smallest and the lightest behind-the-ear cochlear implant.

In May 2016, Sonova Holding AG announced to buy Dutch-based AudioNova for $953 million, in order to expand a network of European stores. AudioNova sold more than 300,000 hearing aids in 2016 in eight European countries. The acquisition has increased the competition in the market with Demant A/S as it also acquired the retailers including Audika in 2015.