Cochlear Implants: A Transformative Technology

A cochlear implant is a small, complex electronic device that can help to provide a sense of sound to a person who is profoundly deaf or severely hard-of-hearing. The implant consists of an external portion that sits behind the ear and a second portion that is surgically placed under the skin

The global cochlear implants market accounted to US$ 1,510.9 Mn in 2018 and is expected to grow at a CAGR of 11.9% during the forecast period 2019 – 2027, to account to US$ 4,124.1 Mn by 2027.

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Key Manufacturers

Cochlear Ltd., MED-EL, Sonova, Nurotron Biotechnology Co. Ltd., Medtronic, Demant A/S, Starkey, WIDEX A/S, Amplifon, GN Hearing A/S

Key Insights

Increase In Number Of Patients Suffering From Hearing Loss

Hearing loss is on the rise. Unless this trend is reversed, it will mean higher direct costs for health systems. The need will grow for ear and hearing care services and related technologies, such as hearing devices, cochlear implants, and others. If these needs are not met, this would be detrimental not only for individuals in terms of social isolation and increased poverty but also for societies as a whole, due to lower productivity. A number of governments around the world have recognized the importance of mitigating current trends by preventing hearing loss in the first instance. Several factors like growing global population, rising genetic diseases, and infections leading to hearing loss, increasing geriatric population and others are all together driving the increase in hearing loss worldwide. According to the report published by World Health Organization (WHO) in 2018, 466 million people across the globe suffered from hearing loss and the number is expected to rise to 630 million by 2030 and 900 million by 2050. Therefore, owing to the above-mentioned factors, the market is likely to fuel its growth during the forecast period.

Increasing Medical Tourism in Emerging Nations

Many of the emerging countries are preferred location for medical tourism. Asia is one of the most preferred medical tourism destinations drawing increasing numbers of patients for treatment. Medical tourist visits Asia for plastic surgeries, weight loss surgeries, cochlear surgery, cardiovascular surgery, and orthopedic treatment. The cost of these surgical procedures is comparatively less than in emerging nations as compared to developed countries. According to the Malaysia Healthcare Travel Council, in 2017, Over 1,050,000+ healthcare travelers visited Malaysia for healthcare purposes. Also, India has witnessed a sudden increase in the number of patients coming to India for Cochlear implant surgery. Patients with hearing defects come to India mainly from the Middle East countries like Oman and Iran and from a few Western world countries. Cochlear Implants in Thailand are performed by some of the most experienced and skilled surgeons. These hospitals have ground-breaking technology like robotic surgery, top-class medical amenities, and high-end infrastructure. All these facilities are accessible at affordable prices, making Thailand a preferred destination for cochlear surgery. The cost of surgery, after-care, and sightseeing are available at almost half the price when compared with the cost offered in the US or UK. Thus the low cost of surgeries, advanced technologies with less waiting time for procedures in the region is likely to boost the cochlear surgery and ultimately spur the demand for cochlear implants. Thus, the factors are likely to create growth opportunities for the growth of the market in the coming years.

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