Cochlear Implants Market

Global Cochlear Implants Market Size (2023 to 2028)

As per our report, the worth of the global cochlear implants market is estimated to be growing at a CAGR of 11.4% from 2023 to 2028. The market is estimated to be worth USD 4.09 billion by 2028 and USD 2.38 billion in 2023. 

Cochlear implants are small neuroprosthetic medical devices that deliver sound sense to people struggling with hearing problems. These devices are entirely different from hearing aids and can even work when hearing aids fail to solve the hearing ability.

MARKET DRIVERS:

The growing incidence of hearing impairments, the increasing aging population worldwide, and technological developments in this field majorly boost the cochlear implants market growth.

As per the statistics published by the World Health Organization (WHO), an estimated 466 million population worldwide are struggling with hearing problems, of which 34 million are kids. This number is further estimated to increase by 900 million by the end of 2050. Thus, an estimated 30% of the aged world’s population is facing hearing problems. Furthermore, recent technological advancements have increased these devices' accuracy and battery life, which is now turned into a favorable sign of the market's growth rate.

The growing adoption of cochlear implants and the rising incidence of hearing inabilities are further estimated to drive market growth across all geographies. Product innovations and customizations are additionally expected to add support to the growth rate of the market. Key market players are focussing on manufacturing easy-to-use and more efficient cochlear implants. Waterproof and rechargeable cochlear implants integrated with next-level technologies brought significant changes to the market recently. Various governments have taken multiple initiatives for R&D, and usage and cochlear implants have helped the market grow. This influence is expected to continue on the market in the coming days. Furthermore, increased disposable income and increasing healthcare expenditure further support the global cochlear implants market to achieve new growth during the forecast period.

MARKET RESTRAINTS:

High costs associated with these devices and low awareness of the cochlear implants market among patients and populations significantly hamper the growth of the global cochlear implants market.

Impact of COVID-19 on the global cochlear implants market:

COVID-19 established limitations on audiology surgery and therapy services when it first appeared. For example, the possibility of aerosolizing the virus while drilling in the mastoid cavity increased the danger of infection during neurotological (a subset of ENT) procedures. As a result, individuals were screened for COVID-19 before surgery, which caused procedures to be postponed. In addition, appointments for the rehabilitation phase following a cochlear implant operation were canceled or postponed. On the other hand, surgical procedures gradually restarted at a varying rate in different countries as COVID-19 restrictions were eased. Along with users, the epidemic has impacted cochlear implant makers. The epidemic wreaked havoc on worldwide logistics and supply chains, causing delays in firm activities, including raw material procurement, manufacturing, distribution, and sales. Despite the pandemic impacting cochlear implant surgery and related services, it also spurred new research projects. For example, ENT doctors and researchers at Nottingham University Hospitals devised a personal protective equipment solution for cochlear implantation surgeries in July 2020, which helped shorten the surgery's delay.

Countries including China, the United Kingdom, Spain, Germany, and the United States have seen a slow increase in surgery numbers since the COVID-19 limits were relaxed. As a result, in the second half of 2021, demand for cochlear implants is expected to return to normal. During the forecast period, key players' technological advancements, increased investment in R&D, and telehealth audiology care are expected to boost market expansion.

REPORT COVERAGE:

This research report on the global cochlear implants market has been segmented and sub-segmented based on the fitting type, end-user, and region.

Cochlear Implants Market – By Fitting Type:

• Unilateral Implant
• Bilateral Implant

Based on the type fitting, the Unilateral Implant segment accounts for the value of 88.1% in share due to advantageous factors such as low cost with a comparison to bilateral implants, reimbursement in easy way, less anesthesia requirement, and short duration of surgery. Furthermore, the bilateral segment contributes to the high compound annual growth rate over the forecast period due to many advantageous factors such as the growth in demand of children by cost-effectiveness and best speech recognition in noise. Additionally, this segment is a better option for better hearing in adults with disorders and disabilities.

Cochlear Implants Market – By End-User:

• Adult
• Pediatric

By the End-Users segment, the adult segment contributes a share of 60.6% in 2022 due to advantageous factors such as the effect of a large population, advancements of adult cochlear implants, and the increment of numerous speeches by therapies, severe profounds of hearing loss. These are boosters of the adult segment. On the other hand, during the forecast period, the pediatric segment is recording a high compound annual growth rate due to advantageous factors such as numerous adults with severe hearing compared to children.

Cochlear Implants Market – By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Rest of EU
• Asia-Pacific
  • India
  • China
  • Japan
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Rest of Latin America
• The Middle East and Africa

Geographically, the North American cochlear implants market is currently leading the global market by accounting for the largest share due to significant market key players and the high adoption rate of modern technologies in healthcare industries. Moreover, the elevation of spending in healthcare with strong supportiveness by government research activities and developments. Furthermore, the North American region has a massive availability of skilled professionals and knowledgeable audiologists, which is a big plus for the market to grow further during the forecast period. Additionally, there are favorable reimbursement schemes in the North American region to fuel market growth revenue share.

In 2019, the European cochlear implants market was the second-largest revenue-generating region in the global market. Factors such as providing lucrative opportunities for the healthcare industry, increasing support from the European governments in the treatment options, and the growing demand for cochlear implants are majorly supporting the European market.

Over the forecast period, the Asia-Pacific region is registering the fastest growth rate among all the regions. The surge in urbanization in emerging countries of Asia-pacific and the high presence of noise pollution due to automobiles and factories are majorly creating demand for cochlear implants in this region. As a result, the Asia-Pacific region has rapidly increased hearing loss incidence. Moreover, the growing hearing impairment burden and rise in purchasing power in countries such as China, Singapore, and India favor the market.

The Middle East and African market contributed less share to the global cochlear implants market and is expected to grow steadily during the forecast period. Factors such as developing economic countries, especially in the African region, growth in the aging population, and undeveloped market of medical devices are primarily helping the market in this region.

KEY MARKET PLAYERS:

The key market leaders in the global cochlear implants market analyzed in this report are Cochlear Ltd., MED-EL Medical Electronics, Demant A/S, Oticon Medical, Nurotron Biotechnology Co Ltd, and Sonova.

RECENT MARKET HAPPENINGS:

• In August 2019, Oticon Xceed was launched by Oticon A/S as powerful hearing aid of the product portfolio. This product is specially designed for children and adults to prevent severe minimal hearing loss.
• In July 2019, two new products were launched by MED-EL Medical Electronics. SONNET 2 and MAESTRO 8 are product portfolios of cochlear implant products. It helps transform the user's lives and brings more sales to have a large revenue share, and helps in the expansion of favor of MED-EL Medical Electronics.
• In September 2016, World's thinnest full-length peri modiolar electrode was launched by Cochlear Ltd. It helps in the implantation of the cochlear and the protection of delicate structures in the inner ear.