A cochlear implant is a surgically implanted electronic device, which provides a sense of sound to a patient who is profoundly deaf or has a difficulty in hearing. A number of different types of products are available in the market. Recently, wireless and Bluetooth enabled implants have been introduced in the market, which has acquired a notable attention of the users. The global cochlear implant market is majorly driven by increasing prevalence of ear infection, rising geriatric population and rising demand for the cochlear implants. Moreover, increasing government support and favorable reimbursement policies have fuelled the market growth.
The global cochlear implants market is expected to grow at a CAGR of 9.86% during the forecast period 2017-2023.
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Regional Analysis
The Americas are one of the major regions in the global market owing to a huge patient population suffering from diseases like deafness and ear infection, increasing demand for the advanced devices, and strong government support. According to the Population Reference Bureau, the number of Americans aging 65 and older is projected to be more than double from 46 million in 2015 to over 98 million by 2060. According to the American Hospital Association, (2015) Medicare reimbursed 88% and Medicaid reimbursed 90% for every dollar hospitals spent caring for these patients. Thus, availability of funds and rising geriatric population are likely to fuel the growth of the market.
Europe accounts for the second largest market across the globe, which is followed by the Asia Pacific. Strong government support, availability of funds for research, and high healthcare expenditure drives the growth of the market.
The Asia Pacific is the fastest growing market owing to increasing need for better devices, rapidly improving technology, and the presence of huge patient pool. China and India are the key contributors to the market. The government of India provides reimbursement for cochlear implant procedures for prelingually deaf children from age group between 1 and 16 years. Additionally, increasing government support, and the presence of huge opportunity have fuelled the growth of the Asia Pacific market.
The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities and poor economic condition in the African region. The Middle East holds the major share of the market owing to a well-developed economy, whereas, African region is expecting a healthy growth due to the presence of huge opportunity in the market growth.
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Segmentation
The global cochlear implants market has been segmented on the basis of products, types, and end users.
On the basis of the products, the global cochlear implants market is segmented into the cochlear implant system and accessories & upgrades.
On the basis of the types, the market is segmented into the unilateral implant and bilateral implant.
On the basis of the end users, the market is segmented into hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
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