QYResearch: Global Cochlear Implant (CI) Market Reached $1.28 Billion in 2016

Analyst: Xiang Yongfei

Company: QYResearch

Cochlear Implant (CI) System 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 system market size was valued at USD 1.28 billion in 2016 and is projected to grow at a CAGR of 9% over the forecast period (2017-2022). This high growth can be attributed to the advancements in cochlear implants, growing penetration of implants due to expanded geographical reach of market players, and government support.

In terms of products type, the market is segmented into unilateral implantation and bilateral implantation. In 2016, unilateral implantation dominated the overall cochlear implant market, accounting for over 97% of global market. The dominance of unilateral implantation is majorly due to a higher demand for the product. Unilateral implantation surgery is conducted at a lower cost as compared to bilateral implant. Bilateral implantation is expected to witness the fastest growth during the forecast period.

Cochlear implants for adults segment dominated the overall market in 2016, accounting for over 57% of global market. This can be majorly attributed to the presence of a large patient base and lesser complications involved as compared to children. Pediatrics segment is expected to witness the fastest growth during the forecast period. Growing adoption due to increasing awareness, availability of reimbursement, and lesser wait time as compared to adults are the factors that drive the market during the forecast period.

In terms of geography, the global cochlear implants market was dominated by the Europe, which accounted for more than 36.8% of the total market share during 2016. Asia Pacific is anticipated to observe the fastest growth over the coming years due to increasing awareness in the region, presence of major players, and government support.

Due to the high technical threshold, the concentration of cochlear implants system market is very high. Cochlear from Australia is a giant player in this market, accounting for almost 60% of global market. Other leading companies are MED-EL, Advanced Bionics (Sonova), Oticon (William Demant), Hangzhou Nurotron and Listent Medical.

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