Additional InformationGlobalData’s new report, “Hearing Implants - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017” provides key data, information and analysis on the global hearing implants market. The report provides market landscape, competitive landscape and market trends information on the hearing implants market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market’s dynamics. The report also reviews the competitive landscape and technology offerings of the market.
The Global Hearing Implants Market is Forecast to Exceed $2 Billion in 2017
The global market for hearing implants was valued at $960.8m in 2010, and is forecast to grow at a Compound Annual Growth Rate (CAGR) of 14% to reach $2.3 billion in 2017. The market is expected to be driven by an increasing population of patients suffering from hearing loss.
Hearing loss is one of the six leading contributors to the global disease burden, according to the World Health Organization (WHO). According to the Royal National Institute for Deaf People, the prevalence of hearing loss increases with age, affecting 42% of people over 50 and more than 70% of people over 70. Rising life expectancy is therefore likely to result in an increasing numbers of people living with hearing loss. Hearing loss is not only prevalent in elderly people, but is also increasing in adults and children.
Cochlear Limited is the Dominant Player in the Global Hearing Implants Market
In 2010, Cochlear Limited was the dominant player in the global hearing implants market with 63% share. Cochlear Limited’s dominance can be attributed to their significant presence in the cochlear and Bone Anchored Hearing Implant (BAHA) implants.
Sonova Holding AG, Med-EL and William Demant Holding also have significant presence in the global hearing implants market.
Growing Prevalence of Hearing Loss to Drive the Hearing Implants Market Growth
The increasing population of people aged 65 and older is expected to be a key driver for the hearing implants market. According to the WHO’s estimates, there will be approximately 1.2 billion people in the world over the age of 60 by 2025. This marks a shift in population demographics, from a demographic majority of young people globally to a more balanced proportion of young and old. According to a study titled Current Trends in Treating Hearing Loss in Elderly People, published in Journal of Gerontology in 2010, an estimated 25% of people aged 65-75 and 70-80% of people over the age of 75 suffer from sensorineural hearing impairment associated with aging, also known as presbycusis, in the UK. The Royal National Institute for Deaf People estimates that there were already 300 million people in the world with presbycusis in 2010, and by 2050 this is projected to reach 900 million.
Cochlear Implants is the Biggest Segment in the Global Hearing Implants Market
Cochlear implants (CIs) are the biggest segment in the overall hearing implants market, generating more than 80% of the market’s global revenue in 2010. The global cochlear implants market was valued at $783.6m in 2010 and is forecast to reach $1.9 billion by 2017, with a CAGR of 14%. The market is expected to be driven by the growing incidence of hearing loss, the rapidly growing potential patient base in emerging markets such as China and India, and technological advancements in cochlear implants.
US is the Biggest Market for Hearing Implants
The US is the biggest market for hearing implants, contributing 40% towards the global revenue in 2010. The hearing implant market in the US was valued at $389.1m in 2010, out of the total global revenue of $960.8m.
Hearing loss is one of the most common sensory impairments and affects 28 million Americans. Approximately 1-3 out of every 1,000 newborns has some form of hearing impairment. The elderly population is the most commonly affected, with 40-50% of people over the age of 75 suffering hearing loss. Depending on the degree of hearing loss, affected individuals can be successfully fitted with hearing aids or hearing implants.
According to US Food and Drug Administration (FDA) data reported in December 2010, 219,000 people worldwide have received cochlear implants, of which 42,600 adults and 28,400 children are from the US.
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