Pre Feasibility Report for Cochlear Implant
Cochlear Implant is an implanted electronic device that improves hearing for people with severe hearing loss and is also needed for people with difficulty in hearing with a hearing aid.
An implant does not restore normal hearing but it gives a representation of sounds in the environment and helps him or her to understand speech. Cochlear implants are different from hearing aids. Hearing aids amplify sounds so they are detected by damaged ears. The implant generates the signal and sends it to the auditory nerve of the brain, which recognizes the signals as sound. Hearing via a cochlear implant is different from normal hearing and takes time. However, it allows people to recognize warning signals and sounds and understand speech.
Market Analysis
The global cochlear implant market is expected to grow significantly in the coming years. According to a report by Grand View Research, the global cochlear implant market size was valued at USD 2.0 billion in 2019 and is expected to grow at a CAGR of 9.5% from 2020 to 2027. According to a report by ResearchAndMarkets.com, the Indian cochlear implant market was valued at USD 15.5 million in 2020 and is expected to reach USD 46.6 million by 2025, growing at a compound annual growth rate (CAGR) of 24.6% during the forecast period. This growth is attributed to the rising prevalence of hearing loss, and the increasing adoption of cochlear implants. The increasing prevalence of hearing loss and the growing elderly population are some of the key factors driving the growth of this market.
Technical Feasibility
Cochlear implant technology is technically feasible and has been widely used for several decades. The technology involves the use of a surgically implanted electronic device that stimulates the auditory nerve, providing hearing to people with severe or profound hearing loss. The implant is connected to an external processor that converts sound into electrical signals that are transmitted to the implant.
Regulatory Feasibility
The regulatory landscape for cochlear implants is well-established, with the technology being classified as a medical device. Cochlear implant manufacturers must comply with regulatory requirements, such as those set by the US FDA, and CDSCO to ensure patient safety and efficacy.
Conclusion
Based on the market analysis and technical feasibility, cochlear implants are a viable business opportunity. While the initial cost is high, the long-term cost savings associated with cochlear implants make it a cost-effective solution for people with severe or profound hearing loss. The regulatory landscape is well-established, which assures compliance with regulatory requirements.