Cochlear Implants Market Analysis (2019-2027)

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2. COCHLEAR IMPLANTS MARKET ANALYSIS(2019-2027) • Cochlear Implants Market, By Type (Unilateral Cochlear Implant and Bilateral Cochlear Implant), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

3. A cochlear implant is a small and complex electronic device which helps patients who are deaf or hard-of-hearing get a sense of sound. Causes of hearing loss are genetic defects, infections during pregnancy in the mother, congenital cytomegalovirus (CMV) infection during pregnancy etc. The implant consists of two portions, an external portion (placed behind the ear) and a second portion (surgically placed under the skin). Cochlear implants bypass the damaged portions of the ear and directly stimulate the auditory nerve which sends the signals to the brain. Growth of the cochlear implant market is being driven by increasing availability of such products. For instance, MED-EL offers, Synchrony 2 cochlear implant which is designed for optimal sound quality, and has a wide range of electrodes to fit one’s cochlea. Some of the other manufacturers are Nurotron Biotechnology Co. Ltd., Cochlear Ltd., and others.

4. 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.

5. 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.

6. 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.

7. Global Cochlear Implants Market Regional Analysis • 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.

8. 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.

9. Global Cochlear Implants Market Key Players • Some of the key players operating in the global cochlear implants market are Valtronic,  Nurotron Biotechnology Co. Ltd., Cochlear Ltd. , MED-EL Medical Electronics., Oticon Medical,  Demant A/S, The Cochlear Implant Group, Sonova and Ear Technology Corporation

10. Market Taxonomy • On the basis of Type, the global cochlear implants market is segmented into: • Unilateral Cochlear Implant • Bilateral Cochlear Implant • On the basis of distribution channel, the global cochlear implants market is segmented into: • Hospital Pharmacies • Retail Pharmacies • Online Pharmacies

11. On the basis of region, the global cochlear implants market is segmented into: • North America • Latin America • Europe • Asia-Pacific • Middle East • Africa

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