According to a new market research study titled ‘Cochlear Implants Market - Global Analysis and Forecasts by Type of Fitting, and End User. The global cochlear implants market is expected to reach US$ 4,124.1 Mn in 2027 from US$ 1,510.9 Mn in 2018. The market is estimated to grow with a CAGR of 11.9% from 2019-2027. The report highlights the trends prevalent in the global cochlear implants market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to growing geriatric population increase in number of patients suffering from hearing loss, and increasing R&D expenditures in medical device companies.
Hearing loss among geriatric population is a growing public health burden worldwide. As per the national institute on aging, around one in three people between the ages of 65 and 74 has hearing loss, and nearly half of those older than 75 has difficulty hearing. Ageing population is poised to become one of the most significant transformation with a heavy impact on the social and economic level across the globe. These population is growing exponentially worldwide. According to a report of United Nation (2017), there were approximately 962 million people aged 60 or over across the globe in 2017 and was projected to reach to 425 million by 2050. The number of geriatric populations is expected to grow significantly in Africa followed by North America, Latin America & the Caribbean, and Asia Pacific region.
Global cochlear implants market, based on the type of fitting was segmented into unilateral Implantation, Bilateral Implantation. Unilateral implantation segment led the market for cochlear implants in 2018, contributing a market share of 55.7% and is expected to retain its dominance during the forecast period from 2019 to 2027. A cochlear implant is an auditory prosthesis which is surgically implanted into the cochlea (inner ear), and allows children who are deaf to develop oral speech and language. Because the brain is most susceptible to changes in early life, providing access to sound at a young age is essential to promote auditory development. The implant contains an array of electrodes which is surgically placed in the scala tympani of the cochlea. The use of cochlear implants in general is widespread in developed countries, but the use of two implants is a, relatively new practice. Unilateral cochlear implantation promotes the development of normal-like activity in the auditory pathways over the long-term.
Some of the prominent players operating in cochlear implants market are, Cochlear Ltd., MED-EL, Sonova, Nurotron Biotechnology Co. Ltd., Medtronic, Demant A/S, Starkey, WIDEX A/S, Amplifon, and GN Hearing A/S. The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, in August 2018, Starkey Hearing Technologies has reinvented both the hearing experience and the hearing aid with Livio AI. Livio AI is the world’s first Healthable hearing aid to utilize integrated sensors and artificial intelligence and the first device to track physical activity and cognitive health as measured by hearing aid use in social situations.