Cochlear implant systems market is expected to witness strong growth owing to rising incidence of hearing loss and impairment. Hearing loss could be linked to numerous factors such as underlying health conditions or ototoxic medications, trauma or accident, and age among others. Increasing awareness regarding hearing implants, large patient pool, as well as unexplored market potential will significantly contribute to cochlear implants industry outlook.
Additionally, new innovations and solutions in cochlear implant system technology are also expected to foster the adoption of cochlear implants. Citing an instance, February 2021, MED-EL reportedly announced that their stress-free, safe MRI (magnetic resonance imaging) with MED-EL cochlear, bone conduction implants now comes with lifetime guarantee. The unique design of the implant magnets from MED-EL, a leading industry innovator, is completely safe during an MRI checkup.
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According to estimates by Global Market Insights, Inc., the cochlear implant systems market is anticipated to grow at a CAGR of 7.3% through 2021 - 2027.
With respect to product, the bilateral segment is expected to grow at a CAGR of 6.8% through the slated timeframe. Benefits related to bilateral implantation include superior grasp of speech in noise, enhanced sound quality & localization, and better hearing with both ears. These types of implants help pediatric patients with severe-to-profound hearing loss regardless of surrounding sound. Consequently, the demand graph for bilateral implants is witnessing a strong growth, which is expected to keep going in years to come.
In terms of end-user, in 2020, the pediatric segment held a market share of more than $580 million, with estimates expecting it to continue recording appreciative gains over the coming years. This earmarked growth is ascribed to the growing prevalence of hearing impairment in children. As per World Health Organization, around 58% of the population suffering from hearing disability falls under the pediatric category. Rising adoption of cochlear implant systems among children, various cochlear implant programs for pediatric patients, and increasing awareness, diagnosis, as well as rehabilitation will further impact segmental growth over the forthcoming time.
On the regional front, the cochlear implant systems market in Asia Pacific is slated to grow at a CAGR of more than 8.4% through the projected time period. This high growth rate is attributed to the expanding patient pool and the region’s unfulfilled demand. Besides, the region has a very large geriatric population base that is prone to hearing impairments. Increasing presence of market participants and awareness around the benefits of cochlear implants will significantly contribute towards regional market growth.
Several ongoing research and development activities are leading to the development of the next generation of cochlear implants in the market. Citing an instance, in February 2021, CBSET Inc., a biomedical research institute, in collaboration with its partner CILcare, a renowned CRO specializing in hearing disorders, presented novel data on 20-24th February 2021, at the ARO (Association for Research in Otolaryngology) 44th Annual Midwinter Meeting.
The data reported both the firm’s collaborative development of a completely new methodology for performing auditory implant studies in mainly two large species of animal namely swine and sheep coupled with the specific benefits of each model.
Nurotron, Sonova (Advanced Bionics), Cochlear Limited, Med-El Corporation, and William Demant Holdings among many others are some of the key players operating in the cochlear implant systems market.
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Partial Chapter of the Table of Content
Chapter 4 Cochlear Implant Systems Market, By Product
4.1 Key segment trends
4.2 Unilateral implant
4.2.1 Market size, by region, 2016 – 2027 (USD Million)
4.3 Bilateral implant
4.3.1 Market size, by region, 2016 – 2027 (USD Million)
Chapter 5 Cochlear Implant Systems Market, By End-use
5.1 Key segment trends
5.2.1 Market size, by region, 2016 – 2027 (USD Million)
5.3.1 Market size, by region, 2016 – 2027 (USD Million)