Cochlear Implant Market

The global cochelar implant system market is majorly driven by increiasng increase in number of patients suffering from hearing loss, rising geriatric population, acceptance of hearing implants by the patients with hearing disorders, favourable reimbursement policies. Additionally, increiasng healthcare expenditure and government support have fuelled the market growth. However, high cost of the implants may slow the growth of the market.

FACTS & INFORMATIONAccording to the research carried out by Deaf and HoH.com, LLC., in 2014, 360 million people worldwide were suffering from moderate to profound hearing lossAccording to the Centers for Disease Control and Prevention, by 2025, it is estimated that 900 million people across the globe will suffer from hearing impairment of which around 90 million of these people will be from EuropeAccording to the Centers for Disease Control and Prevention, (2015), about 2 to 3 out of every 1,000 children in the United States were born with a detectable level of hearing loss in one or both earsAccording to the Hearing Loss Association of America (2015), 20% of Americans i.e. 48 million people suffered from some degree of hearing lossINTERPRETATION AND IMPACT

Due to changing lifestyle, the number of people suffering from hearing loss has increased during last few yearsThe number of patient has also increased due to the increasing prevalence of various diseases such as meningitis, measles, chronic ear infections, and other which may cause the hearing loss in the patientsThe demand for the cochlear implants has increased due to continuously increasing demand

GROWTH ENHANCEMENT FACTOR

Increase in number of patients suffering from hearing loss has pushed the major manufacturers to develop effective and better devices. This will upsurge the market growth at a CAGR of 2.33% during 2017-2023.

CONCLUSION

During last few years there is a significant increase in the number of patients suffering from hearing loss. A number of factors are responsible for hearing loss which includes diseases, environmental condition, and genetic factors. Increase in the number of patients suffering from hearing loss will boost the demand for the cochlear implants in the market and drives the growth of the market.

Cochlear implants are expecting a healthy growth in developing countries. An emerging market is offering a lucrative growth opportunities in the market owing to increasing demand for the products. In the developing regions like Asia Pacific there is a significant increase in the number of patients suffering from hearing loss. Being expensive, the sale of these devices in developing region is not up to the market, however, increasing per capita income and healthcare expenditure the demand for the devices has driven the market growth. The manufacturers are focusing on the quality, design and cost-minimization to expand the market.

FACTS & INFORMATION

Cochlear implants are more costly than regular hearing aidThe cost of impacts can be more than USD 100,000 which are not affordable to the middle class populationIncorporation of the advanced technology into the implants has increase the cost of these implantsAccording to the report published by Bennett, Coleman & Co. Ltd, in India the price of a cochlear implant is INR 11 lakh per unit

INTERPRETATION AND IMPACT

High cost of these implants are not affordable to the patients living in developing countriesMany manufacturers are forcing on the development of new and advanced implants which will be cost effective to the peopleThe cost of the devices are not affordable to the patients in developing regions

GROWTH ENHANCEMENT FACTOR

High cost of the devices will slow the market growth at a CAGR of -0.44% during the forecast period 2017-2023.

CONCLUSION

Majority of the demand for the cochlear implant are in developing region. However, high cost of these devices are not affordable to the people which may slow down the growth of the market.