Global Cochlear Implant Market Share Is Likely To Reach At A CAGR Value Of Around 6.8% By 2030

08-May-2023 | Facts and Factors

According to the Facts and Factors report, the global cochlear implants market size was worth around USD 1.45 billion in 2022 and is predicted to grow to around USD 2.6 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.8% between 2023 and 2030.

The industry revolves around the production and selling of implants which are nothing but electronic devices developed in the healthcare sector that when implanted in the inner ear can provide hearing assistance in people who have a certain degree or complete loss of hearing sense. Cochlear implants are made of an internal implant and an external speech processor that work together to stimulate the auditory nerves of the wearer.

The market is more than the producers of the products since the healthcare professionals who conduct related surgeries or assist patients with getting comfortable when using the device play a crucial role in the industry which is expected to register a significant CAGR during the forecast period due to several factors. Alongside this, the market players can also expect significant challenges and growth restraints while exploring new opportunities.

Browse the full “Cochlear Implant Market Size, Share, Growth Analysis Report By Age Group (Adult and Pediatric), By Type of Fitting (Bilateral Implants and Unilateral Implants), By End-Use (Sustainable, Industrial), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” report at https://www.fnfresearch.com/cochlear-implant-market

The global cochlear implant market is projected to grow due to the rising investments in technological advancements related to cochlear implant systems and technology that are currently registering significant growth in terms of performance and compactness, two of the most crucial deciding factors for any brand of hearing-aid plants. The new versions of cochlear implants boast of a design that provides speech recognition and better quality of sound making them more attractive to the consumer group.

In addition to this, the rising acceptance and awareness about the product and its benefits along with people showing a high willingness to try the devices could work in the favor of the industry. This particularly applied to guardians or parents of children with hearing disorders. Most governments globally have initiated various programs that provide financial assistance to support and promote surgeries for cochlear implants allowing more people to benefit from the technology.

However, the industry also faces certain growth restrictions especially in terms of the high price of the system, rendering it unaffordable for medium to low-income families especially in emerging or underdeveloped nations. Furthermore, cochlear implants are generally used in people who are severely disabled in terms of hearing senses that do not find the right solution with traditional hearing aid devices. It is not necessary that everybody with hearing issues will pass the criteria that qualify the person to undergo these surgeries. Moreover, the high risk associated with cochlear implant surgical processes including bleeding, infection, and chances of facial nerve damage are roadblocks that exist in the market.

The Growing investment toward technological advancements may provide excellent growth opportunities while the regulatory measures could pose a crucial challenge for the players.

Segmental Overview:

The global cochlear implant market is segmented based on end-user, type of fitting, and regions.

Based on end-user, the global market segments are adult and pediatric.

• 2022 registered the highest growth in the adult segment due to the relatively higher number of adult patients with hearing disabilities
• Hearing disabilities tend to increase along with age which is the reason why senior citizens are highly prone to hearing loss
• However, the pediatric segment is growing gradually owing to the rising number of children with genetic hearing conditions or the ones induced due to ear abnormalities
• Moreover, the industry players have started investing in developing technologies that best fit the requirement of younger patients
• As per a recent report by the National Institute on Deafness and Other Communication Disorders (NIDCD), almost 1 in every 3 American citizens between the age of 64 and 75 is affected by a hearing condition

Based on type of fitting, the global market segments are bilateral implants and unilateral implants

• The industry generates the highest revenue from the unilateral implants segment as compared to the counterpart
• This type of fitting involves the implantation of only one device in one ear whereas bilateral implants deal with implantation of one device in both the ears
• Bilateral implants offer better performance but they are also equally expensive and difficult to maintain
• In the US, the price of a single cochlear implant is between USD 20,000 to USD 40,000

Regional Overview:

The global cochlear implant market is projected to grow in North America at the highest CAGR mainly due to the existence of advanced healthcare infrastructure allowing a higher number of people access to quality medical care and associated technologies. Additionally, the growing number of government initiatives along the lines of the promotion of cochlear implant surgeries could assist in higher regional revenue.

Constant technical innovation, rising investments, a growing number of players, and a considerably high rate of awareness are other critical factors for the growth in North America. With the increasing population and growing demand for standard medical across Asia-Pacific, the demand for cochlear implants may witness a sudden rise. Countries like India and China are registering immense investments for the development of national healthcare architecture.

Report Scope

Competitive Landscape:

The global cochlear implant market is led by players like Bernafon AG, Advanced Bionics, Nurotron Biotechnology Co., Ltd., Oticon Medical, Hangzhou, Nurotron Biotechnology Co., Ltd., Zounds Hearing, Inc., Cochlear Limited, Rion Co. Ltd., Med-El, Unitron, Sonic Innovations, Inc., Sonova, SeboTek Hearing Systems, LLC, Widex A/S, Amplifon S.p.A., William Demant Holding A/S, Sivantos Pte. Ltd., Gaes Group, Starkey Hearing Technologies, and GN Hearing.

Recent Development:

• In June 2022, Envoy Medical announced that it received the necessary approval from the US Food and Drugs Administration (FDA) providing it with the green flag needed to start the trial of a cochlear implant made with the Acclaim Sensory technology
• In April 2022, the Commerce and Industry Ministry of India invited Cochlear Ltd, a leading global player in the industry, to set up its manufacturing plant in India which will help Cochlear expand its domestic sales

The global cochlear implant market is segmented as follows:

By Age Group

• Adult
• Pediatric

By Type of Fitting

• Bilateral Implants
• Unilateral Implants

By End-Use

• Sustainable
• Industrial

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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