Market Challenges And Opportunities

Artificial Cochlea Market – Restraints

Lack of proper reimbursement policies to cover cochlea implantation surgery procedures is expected to restrain growth of artificial cochlea market over the forecast period. The current Medicare coverage policy does not clearly indicate whether the bilateral cochlear implantation is covered for either simultaneous or sequential cochlea implantation surgeries. Moreover, coverage for bilateral cochlear implantation is very inconsistent. Recent data published in Otology and Neurology Journal, in August 2017, stated that, there is marked differences in Medicare and Medicaid reimbursement for all cochlea implant related services. Furthermore, Medicaid reimbursement varied in amount between U.S. states and shows great variability in reimbursement within audiology, surgery, and speech services.

Artificial Cochlea Market – Drivers

Increasing technological advancement in the cochlear implant is offering wide variety of solutions to meet the need of patients with hearing aids or cochlear implant processors. Various cochlear implant technology and services evolved and improved during the inception of cochlear impact includes dual microphone directional technology, improved signal processing to improve speech understanding, integration of wireless hearing assistance technology, electroacoustic stimulation, bilateral cochlear implantation, and automatic acoustic scene classification. Furthermore, key players in these market are engaged in gaining more regulatory approvals in the next few years and launching various innovative technology development in artificial cochlear device. For instance, in November 2017, Cochlear Limited; received the U.S.FDA approval for first remote feature to their Nucleus cochlear implant system thorough a telemedicine platform, which allow follow-up programming sessions. This approval is first in the artificial cochlear implant industry, benefiting various cochlear implant patients who are unable to access consistent follow-ups. .

Furthermore, increasing incidence and prevalence of hearing loss and nerve deafness, worldwide combined with growing adaptation of artificial cochlea is expected to drive growth of artificial cochlea market in near future. For instance, according to the JAMA Journal: January 2016; more than 500 million people worldwide have hearing loss. Moreover, more than 60 million have severe hearing loss. According to National Institutes of Health (NIH), October 2010 data sheet, nearly 188,000 individuals, worldwide are fitted with cochlear implant and more than 41,000 adults and nearly 26,000 children in U.S. have one cochlear impact. Moreover, according to National Institute of Deafness and Other Communication Disorders (NIDCD) data findings, March 2017, around 15% of American adults (37.5 million) aged 18 and over report some trouble in hearing.