Global Cochlear Implants Market – Industry Trends and Forecast to 2029

Global Cochlear Implants Market, By Type  (Products, Accessories and Software),Technology (Electro-Acoustic Stimulation (EAS), Acoustic Amplification Technology and Electro-Stimulation Technology), Age (Adults and Paediatrics), End User (Hospitals, ENT Clinics and Ambulatory Surgery Center), Distribution Channel (Direct and Retail) – Industry Trends and Forecast to 2029.

Global Cochlear Implants Market Analysis and Size

The cochlear implants market is expected to witness significant growth during the forecast period. Hearing loss has become a major concern in recent years and can be due to a variety of factors, including genetic factors, intrauterine infections, birth choking, earwax clashes, and ototoxic drugs. These people can benefit from cochlear implants, hearing aids and other assistive devices. Cochlear implants are being accepted increasingly due to cheap reimbursement, the introduction of minimally invasive surgery, and technological advances.

Data Bridge Market Research analyses a growth rate in the cochlear implants market in the forecast period 2022-2029. The expected CAGR of global cochlear implants market is tend to be around 10.08 % in the mentioned forecast period. The market was valued at USD 1.50 million in 2021, and it would grow upto USD 3.23 million by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Market Definition

The cochlear implant assist in converting sound into electrical signals and restore the sense of hearing by performing the work of damaged parts of the cochlea through transmitting the electrical signals to the brain. People utilize these as a hearing aid with low to high hearing loss. These are devices that are generally surgically implanted consisting of two parts, where inside component is implanted across the skin and external component is worn at the back of the ear.

Global Cochlear Implants Market Scope and Segmentation

Global Cochlear Implants Market Dynamics

Drivers

• Rising Government Initiatives

The government and various organizations have taken several initiatives to support research in the field of cochlear implants. For instance, in March 2022, American Cochlear Implant (ACI) Alliance members shared research and clinical practice with other community members at the 2022 American Academy of Audiology (AAA) Conference. The conference was held to connect with like-minded people in the community, stay up to date and learn about the latest developments in the hearing industry. This should favor the growth of the cochlear implant market.

• Increase in Elderly Population

The rising elderly population is expected to boost the growth of the cochlear implants market. According to WHO, the population aged 60 years and above is accounted for above  1.0 billion in 2020 and is estimated to reach 1.4 billion by 2050. An increase in the age population is expected to drive the market growth as hearing ability decreases with the age.  

Opportunities

• Increase in Appointments

Cochlear implant users often need to make regular appointments with hearing clinics to improve the benefits of cochlear implants, such as performance monitoring with voice perception tests, programming adjustments, expectations counseling, and communication strategies. Hence, this creates more opportunity for the market growth.

• Advanced Clinical Research and Technological Advancement

Advances in cochlear implants provide a wide range of hearing solutions that enable lifelong hearing. These innovative devices connect the sound processor to smart apps, allowing users to control the volume from their smartphones. Technology advances in cochlear implants have improved sound quality and the ability to hear voice. In addition, these modern devices work well in noisy environments.

Restraints/Challenges

• Lack of skilled professionals

The lack of qualified personnel who are unable to use these implants could curb the growth of the global cochlear implants market over a forecast period.

• High Cost

The huge expenditure required to set up or develop the implants will hamper market growth. Several market players make huge investment in installing new and advanced machines to faster the process and in return the cost is increased.

This cochlear implants market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cochlear implants market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Global Cochlear Implants Market

Considering the present scenario, COVID-19 has left an unprecedented global public health crisis that has impacted practically every business. Its long-term repercussions are expected to influence industry growth during the forecast period.

With the relaxation of COVID-19 restrictions, operations are slowly increasing in countries such as China, the United Kingdom, Spain, Germany and the United States. Therefore, demand for cochlear implants is expected to normalize in the second half of 2022. In the post-pandemic era, technological advances, increased investment in R & D by  key players, and telemedicine hearing supply are  factors that are expected to support market growth during the forecast period.

Global Cochlear Implants Market Scope

The cochlear implants market is segmented on the basis of type, technology, age, end-user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Products
• Accessories
• Software

Technology

• Electro-Acoustic Stimulation (EAS)
• Acoustic Amplification Technology
• Electro-Stimulation Technology

Age

• Adults
• Paediatrics

End-User

• Hospitals
• ENT Clinics
• Ambulatory Surgery Center

Distribution Channel

• Direct
• Retail

Cochlear Implants Market Regional Analysis/Insights

The cochlear implants market is analysed and market size insights and trends are provided by type, technology, age, end-user and distribution channel as referenced above.

The major countries covered in the cochlear implants market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates cochlear implants market due to the higher awareness about hearing aids, their availability, and access to advanced centers for rehabilitation after surgery within the region.

Asia-Pacific is expected to witness high growth during the forecast period of 2021-2028 due to the urbanization in developing countries.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Cochlear Implants Market Share Analysis

The cochlear implants market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cochlear implants market

Key players operating in the cochlear implants market include:

• Cochlear Ltd (Australia)
• MED-EL Medical Electronics (India)
• Advanced Bionics AG (Switzerland)
• Medtronic (U.S.)
• Oticon (Denmark)
• Zhejiang Nurotron Biotechnology Co., Ltd (China)
• Widex A/S (Denmark)