LONDON--(BUSINESS WIRE)--Technavio’s latest report on global cochlear implant market analyzes the key trends expected to impact the global cochlear implant market for 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global cochlear implant market is likely to exceed USD 2 billion by 2020, growing at a CAGR of over 14%. The cochlear implant market is expected to grow due to various factors such as the increase in aging population and the rise in prevalence of acquired hearing loss. Also, technological innovations in cochlear implants are expected to boost market growth during the forecast period.
According to Barath Palada, a lead analyst at Technavio for orthopedics and general medical devices, “Favorable government initiatives and reimbursement policies in emerging countries will encourage global vendors to focus on these countries. Despite the economic slowdown in the past and the limited healthcare expenditure in most countries, the global cochlear implants market has displayed good growth in the last few years.”
Every year, more than 45,000 cochlear implant devices are sold worldwide. Cochlear and MED-EL dominated the market in 2015, accounting for more than 70% share of the market.
The top three emerging trends in the global cochlear implant market according to Technavio’s healthcare and life sciences research analysts are:
Technological developments for next-generation sound processors
Manufacturers of cochlear implants are constantly innovating and providing upgrades in sound processors that increase the demand for products in the market. For instance, in September 2013, Cochlear, a leading company in the global cochlear implants market, developed the next-generation Nucleus 6 sound processor and launched it in the market. This sound processor upgrade increased sales by up to 27%.
In November 2014, Advanced Bionics, a subsidiary of Sonova, received the TUV approval, following approvals by the FDA and Health Canada, for its next-generation Naida CI Q90 sound processor. This sound processor can automatically filter out noise and help patients focus on specific sounds by way of its Ultrazoom technology and AutoSound OS. This technology enables patients to comprehend speech in a noisy setting.
High growth potential in emerging economies
Emerging markets such as China offer significant opportunities for vendors to increase their market share and gain profits. In November 2013, Sonova announced that company sales in APAC had grown by almost 30%, primarily due to the demand from China. In December 2015, Neutron Biotechnology had obtained a tender from the China Disabled Person’s Federation, a central government association for 2,000 cochlear implants. “Such tenders indicate a huge requirement for cochlear implants in the country, which can help vendors gain significant profits from this region,” says Barath.
Introduction of rechargeable cochlear implant devices
Rechargeable cochlear implant devices have been experiencing significant demand recently owing to their small size. This proves to be an advantage over conventional hearing aid devices as the smaller size enables manufacturers to build tiny instruments that have cosmetic appeal for consumers. Moreover, rechargeable cochlear implant devices are eco-friendly and easy to use. The quality and battery life of these devices is better than the ones using primary cells.
Some of the top vendors for the cochlear implant market, as researched by Technavio analysts are:
- William Demant
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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