The recent outbreak of the novel coronavirus had a negative impact on the global cochlear implant market. The pandemic shifted the major focus of the healthcare system towards COVID-19 and as part of the COVID-19 restrictions, a large number of surgeries had to be canceled in many parts of the world, which led to a decline in the global cochlear implant market in 2020. However, as the restrictions are being eased in most parts of the world, the market is anticipated to recover and continue at its normal pace from the year 2022 onwards.
Favorable government initiatives.
The governments in many countries around the world are increasingly providing assistance for cochlear implants, which is anticipated to propel the growth of the global cochlear implant market during the forecast period. Under the ADIP scheme of the Ministry of Social Justice and Empowerment, the government of India provides financial assistance for the cochlear implants of children and has recognized institutes of national stature for recommending children who are eligible for the scheme and for conducting the cochlear implants. The government bores the expense of the surgery with a ceiling limit of Rs 6 lakh per child. In April 2018, the government announced to have given implants to 1,200 children and stated its aim to increase the number of implants per year with the rising demand. The government of China has been providing subsidies for cochlear implants since 2015 for the people of Shanghai aged 18 to 60 who suffer from serious hearing loss. A subsidy with an upper limit of 60 thousand Yuan is provided at the designated hospitals to the local residents. The Ministry of Health of the government of New Zealand funds $8.7 million every year for cochlear implants in the country. The government in its manifesto has also committed to double the number of annual cochlear implants during the current parliamentary term. In February 2021, the MOH announced to invest an additional $6 million for adult cochlear implants. Many such initiatives have been taken by many other governments of various countries to make the lives of people requiring cochlear implants easy, and hence it is projected to boost the growth of the global cochlear implant market during the forecast period.
Rise in hearing loss cases.
One of the major factors anticipated to drive the growth of the global cochlear implant market is the growing number of people with hearing loss across the world. The WHO states that owing to the increasing prevalence of unsafe listening practices, more than 1 billion young adults are at risk of permanent and avoidable hearing loss as of March 2021. The WHO in its first world report on hearing stated that nearly 2.5 million people, or 25% of the population, will suffer from some sort of hearing loss by 2050. This rise in hearing loss cases is expected to increase the number of people requiring cochlear implants and hence is anticipated to boost the growth of the global cochlear implant market in the coming years. According to the World Population Ageing 2019 report by the Department of Economic & Social Affairs, UN, around 6% of the population was aged 65 or above in 1990 which increased to 9% in 2019, and it is projected to increase to 16% by 2050. The number of people aged 65 years or above is projected to increase from 703 million in 2019 to 1.5 billion by 2050. Around 1 in 11 people around the world was over the age of 65 in 2019 and it is projected to increase to 1 in 6 people by 2050, as per the report. With this rise in the geriatric population, the number of people having hearing problems is expected to increase, which is anticipated to propel the global cochlear implant market growth during the forecast period.
North America to hold a significant market share.
Geographically, the North American region is anticipated to hold a significant market share owing to the presence of a technologically advanced healthcare system and increasing awareness about cochlear implants and hearing issues. The Asia Pacific region is anticipated to witness substantial growth due to government support for cochlear implants.
Market Segmentation:
By Type
- Unilateral Implants
- Bilateral Implants
By End-User
- Adult
- Pediatric
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- UK
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
Table of Contents
Companies Mentioned
- Cochlear Ltd.
- MED-EL Medical Electronics
- Sonova Group
- Demant A/S
- Nurotron Biotechnology Co. Ltd.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 112 |
Published | July 2021 |
Forecast Period | 2019 - 2026 |
Estimated Market Value ( USD | $ 2.07 billion |
Forecasted Market Value ( USD | $ 3.99 billion |
Compound Annual Growth Rate | 9.8% |
Regions Covered | Global |
No. of Companies Mentioned | 5 |