Market Challenges And Opportunities

Global Cochlear Implants Market Drivers

Leading manufacturers are focused on the development of new products in the global cochlear implants market. For instance, in October 2018, Cochlear Limited announced the development of a permanently implantable cochlear implant. The company conducted a single-site study and the data was collected from 11 patients and further associated with the performance and safety of permanently implantable cochlear implant technology which can be used with an externally-worn sound processor (optional) to provide people with 24-hour hearing. In June 2019, Cochlear Limited announced the U.S. Food and Drug Administration’s (FDA) approval of the new Cochlear Implant in the Cochlear Nucleus Profile plus Series and the Nucleus 7 Sound Processors with a new built-in connectivity featuring direct streaming with the compatible Android smartphones.

In June 2019, Advanced Bionics, developed a HiRes Ultra 3D Cochlear Implant which is a hassle-free and pain-free choice for recipients who may need to undergo MRI examinations at some point during their lifetime, which means, there will be no need to surgically remove the new multi-magnet assembly and head bandaging.

Increasing incidence of hearing loss among children as well as aged population across the world is expected to facilitate demand for these products. For instance, according to World Health Organization (WHO) 2019, around 466 million people have permanent hearing loss worldwide, out of which, 34 million are children. It is estimated that by the year 2050, over 900 million people will suffer from disabling hearing loss. Moreover, according to WHO, it was estimated that, in 2019, unaddressed hearing loss led to an annual global cost of US$ 750 billion. This includes cost of health sector, educational support, and loss of productivity.

Global Cochlear Implants Market Restraints

Alternative treatment options such as hearing aids, and surgery to cochlear implants are available in the market. For instance, according to an article in National Center for Biotechnology Information (NCBI), 2019, a study was carried out to check the efficiency of Bone Anchored Hearing Aid (BAHA) (manufactured by Oticon Medical and Cochlear Americas), when implanted in patients. It was reported that the overall complication rate was low and the patient responded positively to the BAHA implantation. According to NCBI, 2017, BAHA is useful for individuals who have outer or middle ear malformations or one sided deafness. Moreover, surgical treatment for hearing loss are also available as alternative treatments to cochlear implants. Surgical procedure such as Stapedectomy (removal of stapes or bone from the middle ear) and Tympanoplasty (reconstruction of damaged eardrum) are used. The above factors are expected to restrain growth of the global cochlear implants market over the forecast period.