North America Cochlear Implants Market – Industry Trends and Forecast to 2030

 North America Cochlear Implants Market Analysis and Size

According to a study published in JAMA Network in June 2021 titled "Association of Age-Related Hearing Impairment with Physical Functioning Among Community-Dwelling Older Adults in the US," 973 (33%) of the 2,956 older people in the United States who participated in the population-based cohort study had normal hearing, 1,170 (40%) had mild hearing impairment, 692 (23%) had moderate hearing impairment, and 121 (4%) had severe hearing impairment. As a result, the demand for cochlear implants is expected to rise in tandem with the ageing population. Furthermore, hearing loss or difficulty hearing is a common issue among the elderly.

Data Bridge Market Research analyses that the cochlear implants market which is USD 812.57 million in 2022, is expected to reach USD 2139.91 million by 2030, at a CAGR of 11.4% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

North America Cochlear Implants Market Scope and Segmentation  

Market Definition

A cochlear implant (CI) is a medical device that uses electricity to stimulate the auditory nerve's spiral ganglion cells, restoring sensorineural hearing loss. This device's purpose is to convert sound into an electrical signal and deliver it to the hearing nerve, bypassing the damaged hearing apparatus.

North America Cochlear Implants Market Dynamics

Drivers

• Increase in Elderly Population

The growing elderly population is expected to drive the cochlear implant market forward. According to the WHO, the population aged 60 and up accounted for more than 1.0 billion in 2020 and is expected to reach 1.4 billion by 2050. As hearing ability declines with age, an increase in the age population is expected to drive market growth.

• Technical advancements

According to the National Institute of Deafness and Other Communication Disorders, approximately 2 to 3 out of 1000 children in the United States have detectable hearing loss. Sensorineural unilateral hearing loss affects approximately 1 in 1000 live births in the United States (UHL). To assist these patients, the US Food and Drug Administration approved cochlear implantation in children aged 5 years and older with single-sided deafness (SSD) in 2019.

Opportunities

• Rising Government Initiatives

Several initiatives have been launched by the government and other organizations to support research into cochlear implants. For instance, at the 2022 American Academy of Audiology (AAA) Conference in March 2022, members of the American Cochlear Implant (ACI) Alliance shared research and clinical practise with other community members. The conference was held to connect with like-minded community members, stay current, and learn about the latest developments in the hearing industry. This should help the cochlear implant market grow.

Restraints/Challenges

• Lack of skilled professionals

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

• High Cost

The massive investment required to set up or develop the implants will stifle market growth. Several market players make large investments in installing new and advanced machines to speed up the process, which raises the cost.

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 the Cochlear Implants Market

Given the current situation, COVID-19 has caused an unprecedented global public health crisis that has affected virtually every business. Its long-term effects are expected to have an impact on industry growth during the forecast period.

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

Recent Developments

• In 2019, Cochlear Ltd. debuted its product at the Consumer Electronics Show (CES) in Las Vegas for the first time to raise consumer awareness of the company's entire product portfolio. This product advertisement will assist Cochlear Ltd. in increasing its sales and revenue in the future.
• In 2022, So nova Holding AG acquired Sennheiser electronic GmbH & Co. KG's consumer division, forming So nova's fourth business unit. This new consumer hearing division is expected to benefit from the fast-growing market for audiophile headphones.

North America 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 analyzed and market size insights and trends are provided by country, type, technology, age, end user and distribution channel as referenced above.

The countries covered in the cochlear implants market report are U.S., Canada and Mexico in North America.

North America region is growing because of the large population, the cochlear implants market dominates in the United States, and the equal right to medical care has resulted in a significantly developed healthcare infrastructure with modern facilities.

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. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. 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.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The cochlear implants market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for cochlear implants market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the cochlear implants market. The data is available for historic period 2011-2021.

Competitive Landscape and 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.

Some of the major players operating in the cochlear implants market are:

• 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)

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