COCHLEAR IMPLANTS MARKET ANALYSIS

Cochlear Implants MarketSize and Trends

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.

Market- Trends

North America is expected to hold a dominant position in the global cochlear implants market over the forecast period as manufacturers across North America are engaged in product development and product launches through collaborations with other manufacturers. For instance, Advanced Bionics collaborated with Phonak (A Sonova Brand), to develop Naída CI Connect in March 2019. It consists of Naída CI Q90 sound processor which is incorporated into a wireless Bluetooth headset. The device is accompanied with microphones for hands-free calling, and is compatible with all Bluetooth enabled devices such as tablets, laptops, and MP3 players.

Moreover, Cochlear Limited has launched a device, Nucleus 7 Sound Processor, that syncs with various Apple products. The Nucleus 7 Sound Processor was approved by the U.S. FDA in June 2017. In addition to this, Nurotron Biotechnology Co. Ltd launched Nurotron’s Venus Cochlear Implant System in January 2017 which is an effective solution for both children and adults who suffer from severe and profound hearing loss.

Increasing prevalence of hearing loss in all age groups is expected to support the growth of the North America cochlear implants market. For instance, according to statistics recorded by Center for Disease Control and Prevention (CDC) in 2016, in the U.S, 14.9% children (6-9 years) reported low/high frequency hearing loss on a 16-decibel hearing level in one or both the ears. 5 out of 1000 children (3-17 years) are facing some amount of trouble in hearing. 1.4 per 1000 children suffered a bilateral hearing loss over 40 decibels. According to the same source, around one third of the total population over 65 years of age are affected by disabling hearing loss and the prevalence in this age group was found to be highest in Asia Pacific and sub-Saharan Africa.