The global cochlear implants market is expected to reach a value of USD 3.1 billion by 2025, based on a new report by Grand View Research, Inc. The cochlear implants market is anticipated to witness significant growth during the forecast period, which can be attributed to a favorable reimbursement scenario, rising awareness about hearing aids, and increasing adoption of implants.
Furthermore, technological advancements in cochlear implants to make the device more efficient and user-friendly can boost the demand, which is expected to propel the industry during the forecast period. For instance, in September 2016, Cochlear Ltd. launched the world's thinnest full-length perimodiolar electrode for their cochlear implant. The thin structure of the implant electrode helps to protect the delicate structures of the inner ear.
Further Key Findings From the Study Suggest:
Unilateral implantation dominated the industry in 2015.This can be attributed to its low cost as compared to bilateral implantation and high demand from adults due to its cost-effectiveness.
Bilateral implantation is the most lucrative segment of the industry. Increasing demand, ability to recognize the speech in noise, and good reimbursement are the key factors expected to drive the market during the forecast period.
By end-users, the adults segment dominated the market in 2015 and is expected to maintain its dominance during the forecast period, due to the presence of a large patient base and growing geriatric population.
Pediatrics segment is expected to grow at the fastest rate during the forecast period. Increasing implantation at an early age, implementation of several programs & government support to provide cochlear implant to children as early as possible, and good reimbursement are the key factors expected to propel the market.
Geographically, Europe dominated the industry in 2015 and is expected to maintain its position during the forecast period. This is primarily due to the conducive health infrastructure of the European Union, which allows implantation at an early age.
Asia Pacific is anticipated to observe the fastest growth over the coming years. This can be attributed to growing awareness in the region and local presence of market players.
Several players operate in the industry. However, majority of the share belonged to the top two to three players who dominated in the industry in 2015.
Some of the key players are Cochlear Ltd., MED-EL, Sonova, Gaes Group, William Demant Holding A/S, and Nurotron Biotechnology Co. Ltd.