Cochlear Implant Market Demand is Fuelled by Increase in Adoption Due to Technological Advancements

Cochlear Implant Industry Overview

The global cochlear implant market size was valued at USD 1.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.71% from 2022 to 2030. The growing prevalence of hearing loss and increase in adoption due to technological advancements are the factors expected to drive the growth of the market. According to World Health Organization (WHO) statistics 2021, approximately 5.0% of the global population (430 million people) undergoes rehabilitation to aid their loss of hearing. Over 2.5 billion individuals are estimated to suffer from some degree of hearing loss by 2050.

Hearing loss has become a major concern in the past few years and can be attributed to various factors including genetic factors, intrauterine infections, birth asphyxia, cerumen impaction, ototoxic medications, and others. These people can benefit from assistive devices including cochlear implants, hearing aids, and others. Favorable reimbursement, the introduction of minimally invasive procedures, and technological advancements are boosting the adoption of cochlear implants. 

Gather more insights about the market drivers, restraints, and growth of the Global Cochlear Implant market

Moreover, the rising geriatric population is expected to propel the growth of the cochlear implants market. According to World Health Organization (WHO), the population aged 60 years and above is accounted for above  1.0 billion in 2020 and is estimated to reach 1.4 billion by 2050. As hearing ability decreases with the age, an increase in the age population is expected to bode well with the market.

The onset of COVID-19 imposed restrictions on audiology surgery and treatment services. While drilling in the mastoid cavity, the probability of aerosolizing the virus posed a greater risk of contamination during neurotological (subcategory of ENT) surgeries. This led to the screening of patients for COVID-19 prior to surgery, which delayed the surgical treatments.

Additionally, the children with cochlear implants require Auditory-Verbal Therapy (AVT) at least during the initial 2 years of the implantation, to better understand the auditory information and to learn speech-language skills. Moreover, appointments for the rehabilitation process after surgery were also postponed or delayed. However, surgeries resumed gradually at a different pace in accordance with the relaxations on COVID-19 restrictions in different countries. With the help of telemedicine, audiology surgeries and treatment methods are recovering gradually from the adverse impact of COVID-19.

In the current scenario, the market is slowly recovering with the rise in investment and with the help of telemedicine. For instance, in April 2020, Cochlear Ltd. received FDA approval for Remote Check Solution in the U.S. It is a telehealth patient assessment tool for patients with cochlear implants having Nucleus 7 Sound Processor. They can conduct a series of hearing assessments with the aid of the Nucleus Smart App.

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Over-The-Counter Hearing Aids Market - The global over-the-counter hearing aids market size was valued at USD 1.05 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2023 to 2030.

Hearing Aids Market - The global hearing aids market size was valued at USD 10.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030.

Cochlear Implant Market Segmentation

Grand View Research has segmented the global cochlear implant market based on the type of fitting, age group, end use and region:

Cochlear Implant Type of Fitting Outlook (Revenue, USD Million, 2016 - 2030)

• Unilateral
• Bilateral

Cochlear Implant Age Group Outlook (Revenue, USD Million, 2016 - 2028)

• Adult
• Pediatric

Cochlear Implant End-use Outlook (Revenue, USD Million, 2016 - 2028)

• Hospitals
• Clinics
• Others

Cochlear Implant Regional Outlook (Revenue, USD Million, 2016 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Market Share Insights

March 2022: So nova Holding AG acquired the consumer division of Sennheiser electronic GmbH & Co. KG which forms the 4^th business unit of So nova. This new consumer hearing division is expected to attract growth opportunities from a fast-growing market of audiophile headphones.

Key Companies profiled:

Some of the prominent players in the global cochlear implant market include:

• Cochlear Ltd.
• So nova
• MED-EL Medical Electronics
• Demant A/S
• Zhejiang Nurotron Biotechnology Co., Ltd.
• Oticon Medical
• GAES

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Cochlear Implant Market Business Opportunities and Comprehensive Research Report, 2022

The Global Cochlear Implant Market is estimated to develop at a CAGR of 10.6% for the duration of the prediction. This extraordinary progress could be credited to the progressions in cochlear implants, increasing infiltration of implants owing to the backing of the government, and the prolonged geographic touch of companies operating in the market. Technical progressions, tactical inventiveness by the manufacturing companies, and promising repayments for the surgery of cochlear implantation are the additional important motivators of the market.

The Cochlear Implant market on the source of Type of End Users could span Pediatrics, Adults. The subdivision of Adults ruled the general market during the year 2015. This could be majorly credited to the existence of a huge base of the patients and slighter technical hitches involved as equated to teen-agers.

The subdivision of Pediatrics is projected to observe speedy progress for the duration of the prediction. Increasing acceptance owing to growing alertness, obtainability of repayment, and smaller time required for the waiting, as equated to grown-ups are the causes that motivate the market all through the prediction period.

The market on the source of Type of Fittings could span Bilateral Implantation, Unilateral Implantation. The subdivision of Unilateral Implantation ruled the general market for cochlear implant market during the year 2015. The supremacy of unilateral implantation is mainly owing to a greater demand for the product.

The surgical procedure carried out for the unilateral implantation is managed by a lesser price as related to bilateral implant. Additionally, numerous revisions have detected that unilateral cochlear implant is additional price operative for grown person. Therefore, greater demand from the populace of the adult patient expected to be accountable for the supremacy in the business.

The subdivision of Bilateral Implantation is projected to observe speedy growth for the duration of the prediction. This could be credited to its price efficiency when implanted in the young person, capacity to identify the speech in sound, and growing occurrences of meningitis. Additionally, numerous nations propose repayment merely after the implantation of bilateral.

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The Cochlear Implant market on the source of Area with respect to Trades in terms of intake, Profits, Market stake and Development percentage in these areas, for the duration of the prediction could span North America [U.S.A, Canada], Europe [Germany, U.K.], Asia Pacific [Japan, China], Latin America [Mexico, Brazil], Middle East & Africa [South Africa].

By the source of geography, the Americas are responsible for the most important stake of the market due to the existence of enormous patients suffering from loss of hearing, finely honed expertise, greater spending on healthcare, and backing of the government for the research & development. Furthermore, the existence of a sum of foremost companies and advantageous repayment strategies have powered the progress of the market.

Europe is responsible for the subsequent biggest market for the cochlear implants. It is tracked by the Asia Pacific. Growing number of patients suffering from hearing difficulties, contamination of the ear and additional sicknesses have driven the progress of the market. The greater spending on healthcare in this area is expected to deliver a momentum to the development of the market.

Additionally, growing backing of the government and finance for the progress and upgradation of the treatment have powered the progress of the market. The Asia Pacific is the speedily developing market for cochlear implants throughout the world. Growing necessity for the enhanced instruments, speedily refining expertise and the existence of gigantic group of patient, motivates the progress of the market in the area of Asia Pacific.

The Middle East & Africa grasp the smallest stake of the market due to the existence of poor and the sluggishly developing nations; particularly, in Africa. Additionally, growing elderly people and not fully formed market for therapeutic instruments are the most important motivators in this area.

The statement revises Trades in terms of intake of Cochlear Implant in the market; particularly in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. It concentrates on the topmost companies operating in these regions. Some of the important companies operating in the field are Nurotron Biotechnology Company Ltd, Gaes Group, Advanced Bionics AG, Micro son S.A., MED-EL GmbH, William Demant Holding A/S, So nova Holdings AG, Widex USA, Inc., Oticon Medical, GAES MÉDICA, Starkey, and Cochlear Ltd.

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