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Pulished Date April, 2021
ID: 10562
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Global Cochlear Implants Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report - Segmented By Fitting Type, End-User, and Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa) - Industry Forecast (2021 to 2026)

Pulished: April, 2021
ID: 10562
Pages: 180

Global Cochlear Implants Market Size (2021 to 2026)

As per our report, the worth of the global cochlear implants market is estimated to be growing at a CAGR of 11.4% from 2021 to 2026. The market is estimated to be worth USD 3.67 billion by 2026 and USD 2.14 billion in 2021. 

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

MARKET DRIVERS:

Y-O-Y growth in the incidence of hearing impairments, rising aging population across the world, and technological developments in this field are majorly accelerating the global cochlear implants market. 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. An estimated 30% of the aged world’s population are facing hearing problems. The recent technological advancements have increased the accuracy and the battery life of these devices, which is now turned as a favorable sign of the growth rate of the market.

Growing adoption of cochlear implants and rising incidence of children with hearing inabilities are further estimated to drive the 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. That waterproof and rechargeable cochlear implants integrated with the next-level technologies brought significant changes to the market in the recent past.

Various governments have taken multiple initiatives for R&D, and usage and cochlear implants have helped the market to grow, and this influence is expected to continue on the market in the coming days. Increased disposable income and increasing healthcare expenditure further support the global cochlear implants market to achieve new growth heights during the forecast period.

MARKET RESTRAINTS:

High costs associated with these devices and low awareness of the cochlear implants market among patients and population are significantly hampering the growth of the market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2020 to 2026

Base Year

2020

Forecast Period

2021 to 2026

Segments Covered

Based on the fitting type and end-user

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

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 revenue share due to advantageous factors such as low cost with a comparison of bilateral implants, reimbursement in an easy way, less anesthesia requirement, and short duration of surgery. The bilateral segment contributes to the high compound annual growth rate over the forecast period due to many advantageous factors such as 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 the 2020 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. During the forecast period, the pediatric segment is recording a high compound annual growth rate due to advantageous factors such as numerous adults with a 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 the presence of 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. 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 generated 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. Asia-Pacific region has a rapid increase in the hearing loss incidence. Moreover, the growing hearing impairment burden and rise in the purchasing power in countries such as China, Singapore, and India further favor the market.

The Middle East and African market contributed less share to the global cochlear implants market and expected to grow at a steady rate during the forecast period. Factors such as the presence of 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:

Some of 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 for powerful hearing aid of product portfolio. This product is specially designed for children and also for 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 implants product. It helps transform the lives of the user 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 perimodiolar electrode was launched by Cochlear Ltd. It helps in the implantation of the cochlear and protection of delicate structures in the inner ear.
  1. Introduction
    1. Market Definition
    2. Study Deliverables
    3. Base Currency, Base Year and Forecast Periods
    4. General Study Assumptions
  2. Research Methodology
    1. Introduction
    2. Research Phases
        1. Secondary Research
        2. Primary Research
        3. Econometric Modelling
        4. Expert Validation
    3. Analysis Design
    4. Study Timeline
  3. Overview
    1. Executive Summary
    2. Key Inferences
    3. New Developments
  4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
    1. Market Drivers
    2. Market Restraints
    3. Key Challenges
    4. Current Opportunities in the Market
  5. Market Segmentation
    1. By Fitting Type
      1. Unilateral Implant
      2. Bilateral Implant
      3. Y-o-Y Growth Analysis, By Fitting Type
      4. Market Attractiveness Analysis, By Fitting Type
      5. Market Share Analysis, By Fitting Type
    2. By End User
      1. Adult
      2. Pediatric
      3. Y-o-Y Growth Analysis, By End User
      4. Market Attractiveness Analysis, By End User
      5. Market Share Analysis, By End User
  6. Geographical Analysis
    1. Introduction    
      1. Regional Trends       
      2. Impact Analysis        
      3. Y-o-Y Growth Analysis            
        1. By Geographical Area
        2. By Type
        3. By End User
      4. Market Attractiveness Analysis          
        1. By Geographical Area
        2. By Type
        3. By End User
      5.          Market Share Analysis   
        1. By Geographical Area
        2. By Type
        3. By End User
    2. Asia-Pacific
      1. Introduction
      2. India
      3. China
      4. Japan
      5. South Korea
      6. Australia
      7. Rest of Asia-Pacific
  7. Strategic Analysis
    1. PESTLE analysis
      1. Political
      2. Economic
      3. Social
      4. Technological
      5. Legal
      6. Environmental
    2. Porter’s Five analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Consumers
      3. Threat of New Entrants
      4. Threat of Substitute Products and Services
      5. Competitive Rivalry within the Industry
  8. Market Leaders' Analysis
    1. Cochlear Ltd.
      1. Overview
      2. Product Analysis
      3. Strategic Evaluation and Operations
      4. Financial analysis
      5. Legal issues
      6. Recent Developments
      7. SWOT analysis
      8. Analyst View
    2. MED-EL Medical Electronics
    3. Demant A/S
    4. Oticon Medical
    5. Nurotron Biotechnology Co Ltd
    6. Sonova
  9. Competitive Landscape
    1. Merger and Acquisition Analysis
    2. Agreements, Collaborations and Joint Ventures
    3. New Product Launches
  10. Market Outlook and Investment Opportunities
  11. Appendix
    1. List of Tables
    2. List of Figures  
  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
  • The segment-level analysis in terms of fitting type and end-user along with market size forecasts and estimations to detect key areas of industry growth in detail.
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics.
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis.
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development.
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment.
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies.
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions.
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market.

Cochlear Implants Market

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