Binaural Cochlear Implant Market – Regional Analysis
On the basis of region, the global Binaural Cochlear Implant Market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Binaural hearing helps in locating the sound source and in speech recognition in patients with impaired hearing. Cochlear implants are used in children and adults with sensorineural hearing loss, a condition that involves damage to tiny hair cells present in the cochlea region of ear. A cochlear implant helps the signal to skip damaged tiny hair cells and directly reach the auditory nerves.
Binaural Cochlear Implant Market – Drivers
Recent technological advancement in binaural cochlear implant surgeries such as 3D printed implants is expected to boost growth of the market. For instance, according to an article published in BioMed Research International 2018, are focusing on using 3D printing technology in developing patient specific implants of biocompatible materials to treat anatomical defects with use of stem cells. Stems cells are allowed to grow on the biocompatible materials to develop into ear bones, which can be used further as implants to replace damaged ones.
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Furthermore, various organization initiatives in spreading awareness of deafness and hearing loss is expected to boost growth of the binaural cochlear implant market. For instance, in July 2017, World Health Organization (WHO) organized meeting for its program — Prevention of Deafness and Hearing Loss. The meet concluded with the importance of global alliance and world report for action on hearing loss. ‘Education for All’, ‘Data for Hearing Loss’, the ‘World Health Assembly Resolution’ and the proposed ‘World Report on Hearing’ were the agendas for the meeting.
Binaural Cochlear Implant Market – Restraint
Adverse effects associated with binaural cochlear implants such as vertigo, loss of postural balance, meningitis, and nerve damage have reduced patient compliance. This in turn is expected to hamper growth of the binaural cochlear implant market. For instance, according to an article published in The Scientific Electronic Library Online (SciELO), February 2018, vertigo or imbalance of body posture occurs in around 75% patients with cochlear implant surgery.
North America is expected to hold dominant position in the global binaural cochlear implant market over the forecast period, owing to increasing prevalence of hearing loss in the populace. For instance, according to a report published by the Hearing Loss Association of America, 2017, around 48 million people reported some degree of hearing loss in U.S. in 2017. Furthermore, according to The Hearing Review, in January 2018, 3.65 million hearing aid units were dispensed in the U.S. in 2017.
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Additionally, Asia Pacific is expected to witness significant growth in the market, owing to expansion strategies of key players and increasing prevalence of hearing loss in the region. For instance, in May 2018, Cochlear ltd., Australia based cochlear implant manufacturer has expanded its first manufacturing facility in China through collaboration with Apple Inc., for creating technology that streams sound direct from iPhones to enhance users’ hearing capabilities
Key players operating in the binaural cochlear implant market include, Advanced Bionics AG and affiliates, Cochlear Ltd., MED-EL, William Demant Holding A/S, Oticon, Hangzhou Nurotron Biotechnology Co Ltd., and Shanghai Medical Technology Co., Ltd.
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