Dublin, Dec. 07, 2020 (GLOBE NEWSWIRE) -- The "Cochlear Implant Market Size, Share & Trends Analysis Report by Type Of Fitting (Unilateral Implant, Bilateral Implant), by End Use (Adult, Pediatric), by Region, and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global cochlear implant market size is expected to reach USD 3.3 billion by 2027, expanding at a CAGR of 10.6% from 2020 to 2027.
Increase in awareness regarding hearing impairment, growth in diagnosis rate, rise in bilateral fittings, and increase in government initiatives are likely to drive the market during the forecast period. Competition from technologically advanced, lightweight, and other effective hearing aids, bionic ear, and middle ear implants may pose a threat to cochlear implants.
The Center of Devices and Radiological Health (CDRH) is responsible for the regulation of cochlear implant devices. In January, 2020, The Society for Biomedical Technology (SBMT), Defence Research and Development Organization (DRDO), India is undertaking human trials for cochlear implant, which is expected to drive the market for cochlear implants in the country.
In developing countries, governments are undertaking initiatives to improve awareness and increase penetration of cochlear implants through various activities, such as providing reimbursement and coverage for cochlear implants. For instance, after the implementation of Tamil Nadu's Chief Minister's comprehensive health insurance scheme in India, it was observed that more than 2,000 children received cochlear implants between 2012 and 2015.
In December 2015, China Disabled Persons' Federation ordered 2,000 cochlear implants from Neutron Biotechnology. This initiative was aimed at improving the lives of individuals with disability. Hence, such initiatives in developing and developed countries are likely to boost market growth during the forecast period. Increasing affordability and supportive reimbursement scenario create growth opportunities for market players to develop various innovative and effective products.
Cochlear Implant Market Report Highlights
- by type of fitting, unilateral implants accounted for the largest market share in 2019. Bilateral implants are expected to exhibit the fastest CAGR over the forecast period as they are preferred for pediatric patients when unilateral implants are ineffective and/or when meningitis is the cause of deafness
- Based on end use, the adult segment accounted for the largest market share in 2019. The pediatric segment is expected to exhibit the fastest CAGR over the forecast period owing to relaxations in the use of cochlear implants among children
- In 2019, Europe dominated the global market due to the presence of an advanced healthcare system in the European Union. The system allows children to receive cochlear implants before their first birthday. Moreover, people suffering from hearing loss have a greater tendency to develop mental health and social isolation issues
- Asia Pacific is expected to witness the fastest growth over the forecast period owing to the growing usage of ototoxic drugs, increasing age-related hearing loss, and rising noise pollution
- Key players are entering into collaborations to enhance their market presence. For instance, in November 2018, Cochlear Ltd. entered into a collaboration with GN Hearing to enhance the research on fast-moving connectivity and wireless technology.
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
3.1 Market Segmentation
3.2 Penetration & Growth Prospect Mapping
3.2.1 Penetration Analysis
3.2.2 Market Driver Analysis
3.2.2.1 Growing geriatric population
3.2.2.2 Increase in adoption due to technological advancements
3.2.2.3 Supportive initiatives by governments and various organizations
3.2.3 Market Restraint Analysis
3.2.3.1 High maintenance cost
3.3 Cochlear Implant Market: Business Environment Analysis Tools
3.3.1 Porter's Five Forces Analysis
3.3.2 PESTEL Analysis
Chapter 4 Cochlear Implant Market: Type of Fitting Analysis
4.1 Cochlear Implant Type of Fitting Market Share Analysis, 2019 & 2027
4.2 Cochlear Implant Type of Fitting Market: Segment Dashboard
4.3 Market Size & Forecasts and Trend Analyses, 2016 to 2027 for the Type of Fitting Segment
4.3.1 Unilateral Implant
4.3.2 Bilateral Implant
Chapter 5 Cochlear Implant Market: End Use Analysis
5.1 Cochlear Implant End Use Market Share Analysis, 2019 & 2027
5.2 Cochlear Implant End Use Market: Segment Dashboard
5.3 Market Size & Forecasts and Trend Analyses, 2016 to 2027 for the End Use
5.3.1 Adult Cochlear Implant
5.3.2 Pediatric Cochlear Implant
Chapter 6 Cochlear Implant Market: Regional Analysis
6.1 Cochlear Implant Regional Market Share Analysis, 2019 & 2027
6.2 Cochlear Implant Regional Market: Segment Dashboard
6.3 Regional Market Snapshot (Market Size, CAGR, Top Verticals, Key Players, Top Trends)
Chapter 7 Competitive Analysis
7.1 Recent Developments & Impact Analysis, by Key Market Participants
7.2 Strategy Framework
7.3 Vendor Landscape
7.3.1 Company Market Position Analysis (Geographic Presence, Service Portfolio, Strategic Initiatives, Employee Strength)
7.4 Company Profiles
- Cochlear Ltd.
- Sonova
- MED-EL Medical Electronics
- Demant A/S
- Nurotron Biotechnology Co. Ltd
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