GlobalData, a data and analytics company said on Wednesday that the recent Australian-India Economic Cooperation and Trade Agreement (AIECTA) is expected to increase the accessibility and affordability of Cochlear Ltd’s cochlear implants in India owing to gradual removal of tariffs on its hearing implants and accessories.
GlobalData’s latest report, ‘Hearing Implants Market Size (Value, Volume, ASP) by Segments, Share, Trend and SWOT Analysis, Regulatory and Reimbursement Landscape, Procedures, and Forecast, 2015-2030’, reveals that Cochlear Ltd accounted for approximately 50% of India’s cochlear implant market in 2021.
“Despite increasing health spending, the high cost and limited awareness of cochlear implants always acted as restraints to their usage in India. The new trade deal is set to offer a solution to these limitations by reducing import tariffs on Cochlear Ltd’s implants by 7.5% to 15% followed by a gradual complete elimination of tariffs, improving skill set of medical staff and by increasing awareness amongst people,” Chetna Kaushik, Medical Devices Analyst at GlobalData, said in a statement.
With about 63 million people suffering from hearing impairment in India, the government aims to increase awareness, ensure timely diagnosis and treatment of hearing loss, and provide reimbursement for hearing implants by initiating programs such as National Programme for the Prevention and Control of Deafness.
“The Austrade deal combined with the government efforts to improve patient outcomes will further help India in achieving its goal. On the other hand, with India already being one of the largest importers of Cochlear Ltd’s implants, the new trade deal is expected to further boost the sales of the company,” Kaushik added.