Cochlear Implants Market Size & Growth Analysis to 2030

The global cochlear implant market size is expected to expand at a prominent CAGR of around 10% during the forecast period 2021 to 2027 and was valued at around USD 2 billion in 2020. The increasing prevalence of hearing loss around the world and the rising adoption of advanced technologies is a major factor to drive the market growth. According to the World Health Organization (WHO), it is estimated that approximately 466 million people are suffering from hearing loss globally. And 2.5 billion people are projected to suffer from hearing loss around the world by 2050.

Furthermore, the rapid growth in the geriatric population is expected to uplift the market in the next upcoming years. As per information shared by World Health Organization (WHO), the prevalence of hearing loss increases with age; in people over the age of 60, more than 25% are affected by disabling hearing loss. Moreover, the increased spending on healthcare infrastructure, government initiatives, and the increasing disposable income per capita is anticipated to bolster the market.

Market Drivers:

Increasing prevalence of hearing loss: The prevalence of hearing loss is rising globally, primarily due to factors such as aging populations, noise-induced hearing loss from occupational and recreational activities, and congenital hearing impairments. Cochlear implants are an effective solution for individuals with severe to profound hearing loss who do not benefit from conventional hearing aids. The increasing prevalence of hearing loss drives the demand for cochlear implants.

Technological advancements in cochlear implant devices: There have been significant advancements in cochlear implant technology, including improved speech processing algorithms, miniaturized implant components, wireless connectivity, and better electrode designs. These advancements have led to enhanced sound quality, improved speech understanding, and greater comfort for cochlear implant users. Technological innovations drive the adoption of cochlear implants.

Growing awareness and acceptance of cochlear implants: Awareness and acceptance of cochlear implants have increased among healthcare professionals, individuals with hearing loss, and their families. Greater understanding of the benefits of cochlear implants, including improved communication abilities, enhanced quality of life, and educational opportunities, has contributed to increased acceptance and demand for these devices.

Government initiatives and support: Governments in various countries have implemented programs and initiatives to improve access to cochlear implants. These initiatives may include funding support, insurance coverage, and reimbursement policies that make cochlear implants more affordable and accessible to individuals with hearing loss. Government support plays a significant role in driving the adoption of cochlear implants.

Growing preference for early intervention: Early intervention for hearing loss is widely recognized as crucial for optimal language and speech development in children. Cochlear implants offer a viable solution for infants and young children with profound hearing loss, allowing them to acquire spoken language skills at an early age. The growing preference for early intervention drives the demand for cochlear implants in the pediatric population.

Improving reimbursement policies: Reimbursement policies and insurance coverage for cochlear implants have improved in many countries. Increased reimbursement rates and expanded coverage for cochlear implant surgeries and related services have made these devices more accessible to a larger population. Favorable reimbursement policies encourage healthcare providers and individuals to opt for cochlear implants.

Advancements in surgical techniques and outcomes: Surgical techniques for cochlear implantation have evolved, leading to improved outcomes and reduced surgical risks. Minimally invasive approaches, robotic-assisted surgeries, and better electrode insertion techniques have contributed to faster recovery times and better patient experiences. Advancements in surgical techniques have increased the acceptance and adoption of cochlear implants.

Growing demand for personalized healthcare: There is a growing demand for personalized healthcare solutions tailored to individual patient needs. Cochlear implants offer customization options in terms of electrode arrays, speech processing strategies, and device programming, allowing healthcare professionals to optimize outcomes for each patient. The focus on personalized healthcare drives the demand for cochlear implants.

Market Outlook:

Market Insights:

The global cochlear implant market is bifurcated into type, end-user, and geography. On the basis of type, the market is further segmented into unilateral and bilateral implantation. The unilateral implantation segment held the largest market share of around 90% of the market and is expected to maintain its dominance over the forecast period. The increasing demand for unilateral implantation due to its easy reimbursement, low cost, and less surgery time are some major factors that are driving the segment growth.

Based on the end-user, the market is segmented into adults and pediatrics. The adult segment dominated the global cochlear implant market in 2020 and accounted to hold the largest market share of around 60% of the market in terms of revenue. The increasing prevalence of hearing loss in adults is a key factor to drive the segment growth. As per the information shared by National Institute on Deafness and Communication Disorders (NIDCD), in 2016, over 37.5 million adults were reported having difficulty in hearing in the United States.

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The cochlear implant comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The cochlear implant market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Type:

• Unilateral Implantation
• Bilateral Implantation

By End-User:

• Pediatrics
• Adults

By Region:

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

Geographic Coverage:

Geographically, North America dominated the global cochlear implant market in 2020 and accounted to hold a major market share of over one-third percent of the market. The rising awareness regarding hearing aids and the availability to diagnosis hearing loss are some major factors to drive the market growth in the region. Furthermore, the growing geriatric population, technological advancement, and the presence of some major players are expected to propel the market growth over the forecast period in North America. As per information provided by the Centers for Disease Control and Prevention, in 2019, around 16% of adults are reported to have hearing disabilities in the United States.

Market Competition Assessment:

Some of the major players operating in the global cochlear implant market are Cochlear Ltd., MED-EL Medical Electronics, Demant A/S, and Sonova (Advanced Bionics Corp). Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Cochlear Ltd.
• MED-EL Medical Electronics
• Demant A/S
• Nurotron Biotechnology Co Ltd
• Sonova (Advanced Bionics Corp)
• Widex A/S
• Medtronic
• Oticon A/S

Key Questions Answered by Cochlear Implant Market Report

• Global cochlear implant market forecasts from 2021-2027
• Regional cochlear implant market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Cochlear implant submarket forecasts from 2021-2027 covering the market by type, by end-user, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to the cochlear implant market
• Analysis of the key factors driving and restraining the growth of the global, regional and country-level cochlear implant markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the cochlear implant market