Cochlear Implants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The Cochlear Implants Market is projected to register a CAGR of 8.57% during the forecast period
The COVID-19 pandemic has been continuing to transform the growth of various markets, the immediate impact of the outbreak is varied. While a few industries registered a drop in demand, numerous other markets may continue to remain unscathed and show promising growth opportunities. Initially, the outbreak of COVID-19 worldwide and the lockdown situation across some countries have shown some challenges on the market studied, due to hold on services by the hospitals and clinics, in order to prevent the spread of the COVID-19 virus. The study titled "Impact of COVID-19 on the access to hearing health care services for children with cochlear implants: a survey of parents", in July 2020, evaluated the hurdles faced by cochlear implantee children during the pandemic. The study found that the health services and training for auditory sensation development were delayed.
Furthermore, as per the statistic provided by the World Health Organization (WHO), as of March 2020, there are around 466 million (432 million adults and 34 million children) reported disabling hearing loss globally. It is estimated that by 2050, over 900 million people will have disabling hearing loss. 1.1 billion young people (aged between 12-35 years) are at risk of hearing loss due to exposure to noise in recreational settings. This has created the demand for cochlear implants, which have been the main driving factor for this market.
Further, the burden of hearing impairment in the geriatric population is relatively high, and it is expected to add to the growing burden of hearing impairment. For instance, according to the World Ageing Population report, in 2019, around 703 million people aged 65 years and above were living worldwide. Over the next three decades, this number of older populations is expected to increase more than double, over 1.5 billion by 2050. Age-related hearing impairment, called Presbycusis, is caused due to certain changes in the inner ear and auditory nerve. As per the data from the National Institute of Ageing, in July 2018, about one out of three people between 65 and 74 years has difficulty in hearing.
Moreover, technological advancements are also helping these devices to transfer signals more accurately and increase its battery life. However, the high cost of these implants and difficulty in maintenance has been restraining the market growth.
Unilateral Implantation dominates the Cochlear Implants Market
Unilateral implantations are highly preferred compared to bilateral implantation. The high demand is mainly due to their cost-effectiveness. The use of cochlear implants, in general, is widespread in developed countries.
When health-related quality-of-life was evaluated with generic measures, unilateral cochlear implantation showed significant benefit on the overall health-related quality-of-life and social domains compared to preimplantation measures. Unilateral cochlear implantation restores hearing and promotes auditory development. The growth of the segment is mainly driven by the growing prevalence of hearing loss and the researchers' constant efforts to enhance the hearing outcomes for the patients. According to the study titled "The Outcome of Unilateral Cochlear Implantation in Adults: Speech Recognition, Health-Related Quality of Life and Level of Anxiety and Depression: a One- and Three-Year Follow-Up Study," in August 2020, a study was conducted for the analysis of unilateral implantation and the results observed that the unilateral implantation helped in improving speech recognition.
Moreover, Technological advancements, along with innovative product launch, are likely to drive the market in coming years. For example FDA approved MED-EL Cochlear Implant for unilateral hearing loss in July 2019.
North America dominates in Cochlear Implants Market
The United States is the most COVID-affected country across the world. The supply chain of products was highly impacted in this country. Initially, there is a decline in demand for cochlear implants which has negatively impacted the overall market growth.
North America expected to hold a major market share in the global cochlear implants market due to the hearing impairment in the growing geriatric population, technological advancements and increased battery life of cochlear implants, and the presence of major market players. According to the United Nations Department of Economic and Social Affairs report 2019 there is around 53,340 thousand population above 65 years old in the United States. The number is estimated to reach 70,842 by 2030.
Moreover, according to the data provided by the Centers for Disease Control and Prevention 2019, an estimate of around 16% of adults in the United States are reporting hearing trouble in the United States. In addition to the same source, the prevalence of hearing loss is twice as common as diabetes or cancer. The rising prevalence of hearing loss will boost the overall market growth.
Furthermore, companies are taking initiatives to develop the products to grow their presence in the market studied. For instance, in March 2020, US FDA (Food & Drug Administration) approved Nucleus 24 Cochlear Implant System developed by Cochlear Americas that provides patients with hearing sensation through electrical stimulation.
The Cochlear Implants market is consolidated and consists of a few market players. Some of the key players in the market studied are MED-EL Medical Electronics, Demant A/S, Nurotron Biotechnology Co Ltd, and Sonova (Advanced Bionics Corp) among others. Majority of these companies are based in the United States and Europe as these regions are more developed and hence better funded for healthcare.