According to Vision Research Reports, the cochlear implant market size is projected to hit around US$ 13.4 billion by 2030 from valued at US$ 8.70 billion in 2020, growing at a CAGR of 15.8% during the forecast period 2021 to 2030.
According to Vision Research Reports, the cochlear implant market size is projected to hit around US$ 13.4 billion by 2030 from valued at US$ 8.70 billion in 2020, growing at a CAGR of 15.8% during the forecast period 2021 to 2030.
increasing geriatric population, and technological advancements in the cochlear implant are some of the key factors fueling the market growth. Several initiatives being undertaken by the governments and various organizations to support research and increase the adoption of cochlear implants are expected to boost the market growth in the coming years. For instance, in February 2017, the American Cochlear Implant (ACI) Alliance invited investigators to submit proposals for a research grant. This project is being funded by the ACI Alliance as a collaborative venture with other supportive parties, offering funds up to USD 150,000 per year for a maximum of 3 years.
Increase in awareness regarding hearing impairment, growth in diagnosis rate, rise in bilateral fittings, and increase in government initiatives are likely to drive the market during the forecast period. Competition from technologically advanced, lightweight, and other effective hearing aids, bionic ear, and middle ear implants may pose a threat to cochlear implants.
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The Center of Devices and Radiological Health (CDRH) is responsible for the regulation of cochlear implant devices.
In developing countries, governments are undertaking initiatives to improve awareness and increase penetration of cochlear implants through various activities, such as providing reimbursement and coverage for cochlear implants.
Type Of Fitting Insights
Based on the type of fitting, the market is segmented into unilateral and bilateral implants. The unilateral implants segment dominated the market with a share of 87.9% in 2021. The growth can be attributed to the high demand for unilateral implants owing to easier reimbursement of these devices, their lower cost when compared to bilateral implants, shorter surgery duration, and low anesthesia requirement.
However, the bilateral implants segment is expected to witness lucrative growth during the forecast period. This can be attributed to its cost-effectiveness when implanted in children since these will be implanted for a longer duration as compared to the geriatric population. Additionally, the ability of these devices to recognize speech in noise is expected to drive segment growth.
Furthermore, the segment is expected to witness significant growth owing to the increased spending on research, and innovative product launches by the key companies operating in the market. For instance, in January 2022, the US FDA approved Cochlear Nucleus Implants by Cochlear limited to treat unilateral hearing loss (single-sided deafness).
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End-use Insights
Based on end-use, the cochlear implant market has been segmented into adult and pediatric. The adult segment with 60.2%, held the maximum market share in 2021 due to a larger elderly population patient pool. According to the National Institute of Deafness and other Communication Disorder, 2.0% of the population aged between 45 and 54 in the US suffers from disabling hearing loss, and around 8.5% of the population aged between 55 and 64 suffer from disabling hearing loss.
However, the pediatric segment is expected to grow at a substantial rate during the forecast period. According to the National Institute of Deafness and other Communication Disorders, approximately 2 to 3 out of 1000 children suffer from detectable loss of hearing in the US.
Around 1 in 1000 live births in the US suffer from sensorineural unilateral hearing loss (UHL). To provide aid to these patients, in 2019, US Food and Drug Administration approved the cochlear implantation in children with single-sided deafness (SSD) aged 5 years and above in the US. Such initiatives are expected to drive the growth of the pediatric segment during the forecast period.
Regional Insights
Europe accounted for the largest revenue share of 32.4% in 2021 due to growing awareness about hearing aids, availability of clinics for speech therapy, and favorable reimbursement policies. The growth of the market in the region can be attributed to the technological advancements and starting new facilities in the European Union. For instance, in March 2020, MED-EL Medical Electronics became the first cochlear implant manufacturer to receive certification from European Medical Device Regulation (MDR).
However, Asia Pacific is projected to witness remarkable growth during the forecast period. This can be attributed to the rapidly increasing geriatric population coupled with rising awareness about hearing aids. The presence of government schemes to provide free treatment to the poor is expected to fuel the market in the Asia Pacific. For instance, The Assistance to Disabled Persons for Purchase/Fitting of Aids/Appliances (ADIP) Scheme in India aims to conduct 500 cochlear implantation procedures per year for poor children.
The growth of the market can majorly be attributed to the presence of an advanced healthcare system in the European Union. The system allows children to receive cochlear implants before their first birthday. For instance, state finance to the health system allows around 95.0% of the children to benefit from a unilateral cochlear implant, whereas the comparable figure for the U.S. is merely 50.0%. Bilateral implants are the most preferred implants for pediatric patients due to their higher cost-effectiveness, whereas adults prefer unilateral implantation in most countries of the region.
Key Players
- Cochlear Ltd
- Demant A/S (Demant)
- Sonova
- MED-EL Medical Electronics (MED-EL)
- Nurotron Biotechnology Co. Ltd.
Market Segmentation
Cochlear Implant Type of Fitting Outlook
- Unilateral Implant
- Bilateral Implant
Cochlear Implant End-use Outlook
- Adult
- Pediatric
Cochlear Implant Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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