Cochlear Implants Market Growth, Analysis, Trends, Report and Forecast to 2024
According to the latest report by IMARC Group, titled “Cochlear Implants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global cochlear implants market size reached US$ 2.5 Billion in 2018. A cochlear implant is a small, complex electronic device that provides a sense of sound to a person who has average or profound hearing loss. It is surgically implanted and works by electrically stimulating the cochlear nerve and transforming sound vibrations into signals. These signals are further sent to the brain as recognizable sounds for understanding speech. A cochlear implant comprises a microphone, transmitter, speech processor and an electrode array. It does not rectify or treat the cause of hearing impotency but works as a prosthetic substitute to provide a representation of environmental sounds.
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Global Cochlear Implants Market Trends:
The growing geriatric population, in confluence with the increasing number of children who are born with hearing defects, represents one of the significant factors impelling the market growth. Besides this, the rising awareness about the benefits of hearing aids is also boosting the overall sales of these implants. Furthermore, leading manufacturers are introducing user-friendly and efficient product variants in the market. For instance, they are launching rechargeable cochlear implants that are integrated with next-generation sound processors. In addition to this, government and non-governmental organizations (NGOs) are focusing on improving access to quality healthcare facilities to all. On account of these factors, the market value is projected to reach US$ 4.4 Billion by 2024, expanding at a CAGR of around 10% during the forecast period (2019-2024).
- Based on the type, the market has been bifurcated into unilateral and bilateral cochlear implants. At present, unilateral cochlear implants represent the most popular product type that exhibits a clear dominance in the market. These implants are mainly used by individuals who suffer from unilateral hearing disorder, which reduces their ability to localize sounds.
- On the basis of the end user, the market has been divided into adults and children. Adults currently account for the majority of the total market share, owing to the significant increase in aging population.
- Region-wise, North America represents the largest market. Other major markets include Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined with some of the key players being Cochlear Ltd., MED-EL GmbH, Advanced Bionics AG, Demant A/S, Nurotron Biotechnology Co. Ltd., Oticon Medical (Neurelec SAS) and Sonova AG.
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