Cochlear Implant Systems Market Analysis with Global Forecast to 2027 Detailed Research by Types & Applications
Developments in the global cochlear implant system is expected to boost customer adoption in the coming years. Cochlear implant system companies are joining hands with other firms to develop innovative, advanced products. For example, in December 2020, Advanced Bionics that partnered with Phonak gained the U.S. FDA approval for their unique cochlear implant product.
The companies announced the introduction of Marvel hearing technology for the former’s customers. These strategies will help widen the customer base of the company, helping the patients develop innovative products. Reports estimate that the global cochlear implant system market size valued at USD 1.2 billion in the year 2020 and could witness a robust 7.3% CAGR through 2027.
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The industry comprises many leading companies that are working towards developing advanced solutions that are reliable, safe, effective, and meet the changing demands of the patients. Some of the prominent market players include Sonova, Cochlear Limited, Nurotron, William Demant Holdings, and Med-El Corporation, to name a few.
Growing cases of hearing loss and impairment will support developments in the market share. Hearing loss is linked to many factors such as accident, age, trauma, underlying health complications, ototoxic medication, and various others. According to the World Health Organization, nearly 466 million people suffer from hearing disabilities. The growing patient pool and awareness regarding hearing implants and untapped market potential will positively influence the market growth.
In the year 2020, the cochlear implant system market share from pediatric segment accounted for more than USD 580 million. There is a surging prevalence of hearing impairment among children. As per WHO, over 58% of the population suffering from hearing disability are pediatric. Moreover, with rising awareness, rehabilitation, and diagnosis along with cochlear implant programs for children, this segment will witness rapid adoption.
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Bilateral cochlear implants have gained widespread demand. They provide benefits such as improved hearing with both the ears, enhanced sound quality and localization, and superior comprehension of speech in noise. These implant systems help pediatric patients with severe-to-profound deafness with hearing, despite the surrounding sound.
Regionally speaking, Asia Pacific cochlear implant system market has showcased tremendous developments due to the presence of a large patient pool with unmet medical demand. This will create significant opportunities for healthcare players.
Additionally, the region has a large geriatric population that is highly vulnerable to hearing impairments. The escalating presence of industry players along with the awareness regarding cochlear implants in Asia Pacific will complement the regional product demand.
Partial Chapter of the Table of Content:
Chapter 2 Executive Summary
2.1 Cochlear implant systems market industry 3600 synopsis, 2016-2027
2.1.1 Business trends
2.1.2 Product trends
2.1.3 End-user trends
2.1.4 Regional trends
Chapter 3 Cochlear Implant Systems Market Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Increasing government support and initiative
3.3.1.2 Increasing incidence of hearing loss
3.3.1.3 Rapid technological advancement
3.3.1.4 Increasing geriatric population
3.3.2 Industry pitfalls & challenges
3.3.2.1 Lack of awareness
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By end-user
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.6.1 U.S.
3.7 Reimbursement landscape
3.7.1 U.S.
3.8 Technology landscape
3.9 Pricing analysis
3.10 Porter's analysis
3.11 Competitive landscape, 2020
3.12 PESTEL analysis
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