A research study titled, “Cochlear Implants Market by Type and End User – Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the Cochlear Implants Market is projected to be around $3 billion by 2025.
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A Cochlear Implant is a device which delivers electrical stimulation to the auditory nerve present in the inner ear. Children and adults affected by profound hearing loss who cannot use hearing $@!#% can be helped with cochlear implants. Hearing loss can arise from hereditary as well as non-hereditary factors or due to certain complications during childbirth or pregnancy. Acquired causes of hearing loss may include infectious diseases such as meningitis, measles or other chronic ear infections. The major impact of hearing loss is on an individual’s ability to communicate with others which in turn, may have social and emotional impact such as feeling of isolation, frustration and loneliness. As per the data revealed by WHO, in February 2017, around 360 million people worldwide are suffering from hearing loss, of which 32 million are children. Nearly one third of people over 65 years of age are suffering from disabling hearing loss.
In 2016, unilateral implants segment held a major share of the overall cochlear implants market, as the surgery for unilateral implants in done at a lower cost as opposed to bilateral implants. Bilateral implants market will exhibit fastest growth rate over the forecast period, due to the exceptional results of these implants for children. Children who have undergone bilateral implantation benefit from the implants to localize sources of sound and recognize speech in noisy environment at home or school. On an average, children with bilateral implants perform better than unilateral implants on tests of movement tracking and localization.
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In 2016, Europe accounted for the major share of the global cochlear implants market, owing to the presence of large patient base, rapidly growing elderly population, and increased adoption of implants due to improved healthcare infrastructure in the region. North America held the second largest share of the overall market and is expected to witness an impressive growth over the forecast period, due to rising prevalence of hearing loss, high adoption of advanced products, and well-established healthcare infrastructure. According to the National Institute of Deafness and Other communication Disorders, out of every 1,000 children in U.S., around 2 to 3 children are born with a detectable hearing loss in either one or both ears.
Top Major Market Players:
Some of the key players operating in this market are William Demant Holding A/S, Cochlear Ltd., MED-EL, Gaes Group, Sonova Holding AG, SeboTek Hearing Systems, LLC, Nurotron Biotechnology Co. Ltd, Audina Hearing Instruments, Inc. and GN Store Nord A/S.
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About Crystal Market Research:
Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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