A comprehensive understanding of past and potential market performance is essential before developing, investing in, or managing any medtech product at market. Informed decisions will make sure your product has a place in the market and will lead to more seamless integration with existing medical technologies.
This series will take a look at some of the healthiest growing medtech sectors, highlighting areas that are ripe for disruption, starting with cochlear implants. Implants help “translate” sounds into electric signals that the brain can read, and are implanted surgically under general anesthesia.
High-growth sectors will typically include those that will impact the most significant number of people. When it comes to hearing impairments and loss, the National Institute of Health (NIH) estimates that almost 200,000 people around the world are fitted with implants, yet the World Health Organization (WHO) reports that nearly 450 million people have hearing loss or impairment. Even more astounding, this number is expected to reach over 900 million people by 2050.
Global Market Size
Given the prevalence of hearing impairments around the world, cochlear implants are poised to be a consistently growing industry, with the market nearing $1.2 billion in 2018.
Given the expected rise in hearing impairments around the world, the cochlear implants market is anticipated to grow steadily at 8-10% each year.
The main focus of the cochlear implants industry historically has been the United States and Western Europe. However, as markets in Asia and Latin America expand, there are greater opportunities for further growth. And because hearing loss knows no borders, developing countries are in particular need of technologies appropriate for their populations.
Top Market Players
Cochlear, Ltd. Is the dominant player in the cochlear implants market, but smaller startup companies are finding success in niche areas.