Market Outlook of Cochlear Implant Market
The global sales of Cochlear Implant Market in 2021 was held at US$ 2.2Bn. With 14.1%, the projected market growth during 2022 - 2032 is expected to be significantly higher than the historical growth. Unilateral Implants are expected to be the highest revenue generating segment, projected to grow at a CAGR of over 14.3% during 2022 – 2032.
Key Points Covered in Cochlear Implant Market Survey:
- Market Estimates and Forecasts (2017-2032)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- COVID-19 Impact on Cochlear Implant Market and How to Navigate
- Recommendation on Key Winning Strategies
Revenue of Cochlear Implant Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032
As per the Cochlear Implant Market research by Fact.MR - a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the Cochlear Implant Market increased at around 11.1% CAGR.
The growing prevalence of hearing loss in children and older adults, along with the availability of more affordable cochlear implants and technological advances in cochlear implants such as increased signal transfer and battery life, will drive market growth over the forecast period.
The FDA has approved cochlear implants for usage of children and adults with deafness or severe hearing loss. One of the primary factors that is forecasted to fuel market expansion is favourable reimbursement circumstances for cochlear implant surgeries and treatments.
Faster treatment, lower costs, and more advantageous reimbursement policies will all contribute to a significant revenue share for the unilateral arthroplasty segment over the next few years.
- Cochlear Implant Market was valued at US$ 2.2 Bn in 2021. According to Fact.MR, Cochlear Implant Market revenue would increase 3.7X between 2022 and 2032, reaching roughly US$ 9 Bn in 2032.
- In terms of Fitting Type, Unilateral Implants accounts for the highest projected CAGR of over 14.3%.
- In terms of End Use of Cochlear Implant, Adult segment accounts for the highest CAGR of 14.4 % during the historic period (2017-21).
- US is the dominant region in Cochlear Implant Market with an absolute dollar growth opportunity of over US$ 2.2 Bn.
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What Factors are Propelling Cochlear Implant Demand?
Growing public awareness, breakthroughs in cochlear implants, increasing implant penetration due to market participants extended geographical reach, and favourable government efforts are expected to propel the worldwide cochlear implant market forward. Several government and non-governmental initiatives to fund research and improve cochlear implant usage are projected to boost market growth in the future years. Also, hearing loss affects a large percentage of the elderly population, which is likely to boost market growth in the coming years.
Over the projection period, a shortage of qualified specialists, high costs of cochlear implants and treatments, and the availability of alternative treatment options are projected to stifle market expansion to some extent. Also, over the projection period, shortages of qualified experts, high costs of cochlear implants and treatments, and the availability of alternative treatment alternatives are projected to limit market growth.
Which Region is projected to Offer the Largest Opportunity for Cochlear Implant Market?
In 2021, North America held the largest share in global Cochlear Implant market. Government support for the cochlear implants' development, presence of technologically advanced healthcare system, easy access to high-quality medical facilities, and rising awareness of cochlear implants and hearing difficulties are some of the important drivers for regional market growth.
Due to the increasing government funding and investment in healthcare sector and development of advanced healthcare facilities, Asia Pacific is projected to grow at the fastest rate throughout the projection period.
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Which Country Lies at the CenterStage for Cochlear Implant Market Revenue?
The United States is expected to have the highest market share of US$ 2.9 Bn by the end of 2032 due to factors such as an increase in hearing impairment among Americans, technological breakthroughs in implant technology, extended battery life of cochlear implants, and the existence of key market participants in the business, the industry is expected to develop.
The UK Cochlear Implant market is behind USA with a projected valuation of US$ 699.5 Mn by 2032 growing at a CAGR of 16.1% through the forecast period of 2022-2032.
Why is Unilateral Implants projected to Witness Fastest Growth among Cochlear Implant Fitting Type?
Unilateral Implants segment is forecasted to grow at the highest CAGR of over 14.3% during 2022-2032. This growth is due to easier reimbursement of these type of devices, comparatively cheaper than bilateral implants, shorter duration of surgery, and low requirement of anaesthesia.
Adults and seniors who have had progressive severe hearing loss or have unilateral cochlear implantation (CI) found the test results to be beneficial, achieving a total economic benefit of US$ 275,000 and US$ 76,000, respectively. Health benefits were not included, but the effect on society was very positive for children and workers.
Similarly, despite the changes to practice patterns and growing healthcare unit costs, unilateral cochlear implants (UCIs) continue to be cost-effective, according to a study. UCIs are expected to increase annual implants in adults and children by 70% and spending by 28.6 Mn pounds over three years. Such research, as well as the cost-effectiveness of unilateral implantations, are expected to drive segment expansion during the forecast period.
Which segment of Cochlear Implant by End-Use is expected to Score Highest Growth in the Coming Years?
Adult segment commanded the largest revenue growing at a CAGR of 14.4% through the forecast period of 2022-2032. This is due to the fact that elderly is the largest affected part of the population.
What is the impact of Covid-19 on Cochlear Implant Market?
COVID-19 established limitations on audiology surgery and therapy services when it first appeared. 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 prior to surgery, which caused procedures to be postponed. In addition, appointments for the rehabilitation phase following a cochlear implant operation were cancelled or postponed.
Surgical procedures are fewer today than in the early months of the conflict as a result of eased restrictions against coronaviruses in several countries. Although this contributed to the emergent risk of cochlear implant surgery and other procedures, it also led to thrive in brand-new study. At Nottingham University Hospitals in July 2020, ENT doctors and researchers created a new personal protective equipment solution for cochlear implantation surgeries, which enabled the procedure to be completed more quickly.
Players in the market are constantly developing innovative solutions as well as extending their product offerings. To help healthcare organisations combat the Covid-19 pandemic, and preserve competitive advantage in the market, the companies are focused on their alliances, technology collaborations, and product launch strategies.
Some of the recent developments of key Cochlear Implant providers are as follows:
- In April 2022, Cochlear Ltd.'s Cochlear Nucleus Implants were approved by the FDA for the treatment of unilateral hearing loss (ULH) or single-sided deafness (SDD).
- In January 2022, TODOC, a South Korean company that specializes in neural prosthetic devices and neuromodulation systems, has announced that its artificial cochlear device 'SULLIVAN' will be unveiled at the "CES 2022" in Las Vegas.
- In June 2021, Oticon Medical received premarket approval (PMA) from the United States Food and Drug Administration (U.S. FDA) for its Neuro System (cochlear implant system) to treat patients aged 18 years or more with bilateral severe-to-profound sensorineural hearing loss who receive limited benefit from appropriately fitted hearing aids.
- In December 2020, after receiving FDA approval to expand its product offerings, Sonova launched two new sound processors, Sky CI Marvel and Nada CI Marvel.
Similarly, recent developments related to companies Cochlear Implant services have been tracked by the team at Fact.MR, which are available in the full report.
Cochlear Implant Market Report Scope
Historical Data Available for
US$ Bn for Value
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Market Segments Covered in Cochlear Implant Market Analysis
By Fitting Type
- Unilateral Implants
- Bilateral Implants
- North America
- Latin America
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