Cochlear Implants Market Continues to Grow with Cochlear Ltd. receiving the U.S. FDA approval for three new hearing devices

 

Cochlear Implants Market

A cochlear implant is a surgically implanted device to give an individual with mild to severe sensorineural deafness a modified sensory perception of sound. CI deafness bypasses the natural audible sound process to replace it by sending electric signals that directly reach the sensory nerve. The electrical signal is processed by the cochlea in the inner ear and then sent to the brain where it decodes and sends the desired sound or tone. In many cases, this device is used as a hearing aid with the purpose of improving a person's hearing. The demand for cochlear implants has increased steeply in the recent past. This is typically due to hearing impairment are rising geriatric population. As per the World Health Organization (WHO), by 2050, the global population aged 65 years and above is expected to reach around 2 billion increasing from 900 million in 2015. According to the Administration Community Living (ACL), the population aged 65 years and above increased from 37.2 million in 2006 to 49.2 million in 2016 in the U.S. Such a high population of geriatric population is increasing the demand for cochlear implants. Thus, these factors can augment growth of the cochlear implants market.

The basic theory of how cochlear implants work is actually quite simple. The cochlea is made up of several tiny hair-like branches. Each of these branches receives electrical signals from the audiologist, which are then transmitted to the brain. The brain then translates the signal and translates it into a pitch and tone that can be understood by the individual suffering hearing impairment. The demand for cochlear implants is also driven by technological advancements and increased battery life of cochlear implants. These implants have improved significantly over the years with long-lasting battery life and better audibility. Such factors can stimulate growth of the cochlear implants market in the near future.

Recently, in July 2020, Cochlear Ltd received the U.S. Food and Drug Administration (FDA) approval for three new hearing devices namely Kanso 2 Sound Processor, Nucleus Sound Processor, and Nucleus 22. 

That being said, these implants are expensive and require frequent maintenance, which incurs additional costs. Furthermore, there is a risk of potential injuries in surgery, which could impede growth of the cochlear implants market

In terms of regions, developed regions such as Europe are gaining rapid traction in the cochlear implants market. This is due to the fact that there is a high awareness regarding hearing aids as well as the availability of advanced centers for rehabilitation after surgery. Similarly, Asia Pacific has also shown promising signs related to the demand for cochlear implants since urbanization is rampant in emerging economies such as India and China.


Location: India

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