Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Cochlear Implant market.
Trusted Business Insights presents an updated and Latest Study on Cochlear Implant Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Cochlear Implant market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Cochlear Implant Market
The global cochlear implant market size was valued at USD 1.56 billion in 2020 and is likely to grow at a compound annual growth rate (CAGR) of 09.5% from 2021 to 2027. Government support, 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 increase 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.
Usually, a small percentage of people with hearing loss opt for cochlear implants. However, there is a noticeable increase in the adoption of these implants in recent years due to technological advancements and introduction of insurance and funding schemes to cover these devices. Furthermore, cochlear implantation surgery is now performed using a minimally invasive surgical technique with next-generation implants and speech processors. In September 2016, Cochlear Ltd. launched perimodiolar electrode. The thin structure of the electrode helps protect the delicate structures of the inner ear.
Over 150,000 people in the U.S. are potential users of cochlear implants. According to the National Institute on Deafness and Other Communication Disorders (NIDCD), in 2016, more than 37.5 million or 15% of the adults in the U.S. reported having difficulty with their hearing. In addition, age is a significant factor contributing to hearing loss with the greatest amount of hearing loss observed in people aged 60 to 69, as per NIDCD.
Cochlear implants are regulated by the FDA under the Food, Drug, and Cosmetic Act. Cochlear implant devices have several risk factors and are categorized under Class III medical devices. Premarket approvals for cochlear implants involve stringent regulations. Increasing investments in R&D are resulting in a rise in the number of clinical trials. The high cost of surgery and postoperative follow-up increases the dropout rate of patients seeking hearing implants.
End-use Insights: Cochlear Implant Market
Based on end use, the market for cochlear implants has been segmented into adult and pediatric. The adult segment lead the market in 2019 with a share of 60.6% due to a larger affected population. Large patient pool with severe-to-profound hearing loss, advancements in adult cochlear implants, and increase in the number of speech therapy centers are the factors likely to boost segment growth during the forecast period.
The pediatric segment is expected to expand at the fastest CAGR during the forecast period. In most areas of the world, cochlear implantation is higher in children than adults. However, the number of adults with severe hearing loss is higher as compared to children and they are more suited for cochlear implants. Average age of a cochlear user is 22 years, ranging from 6 months to 84 years.
Type of Fitting Insights: Cochlear Implant Market
Based on the type of fitting, the market for cochlear implant has been segmented into unilateral and bilateral implant. The unilateral implant segment lead the market in 2019 with a revenue share of 88.1% due to their lower cost when compared to bilateral implants, easier reimbursement, shorter surgery duration, and low anesthesia requirement.
The bilateral segment is expected to expand at the fastest CAGR during the forecast period. Demand for bilateral implantation in children is growing due to their cost-effectiveness and better speech recognition in noise. In addition, bilateral implants serve as the only choice for better binaural and spatial hearing in adults with other disabilities.
Regional Insights: Cochlear Implant Market
Europe lead the market with a revenue share of 39.8% in 2019. Higher awareness about hearing aids, their availability, and access to advanced centers for rehabilitation after surgery, government support, and high healthcare spending are some of the key factors responsible for the market growth in Europe. The U.K. holds a significant share and is a key contributor to the regional market growth.
According to The Ear Foundation Limited, 52 million European adults suffer from hearing loss, which is one of the primary causes for years lost to disability for people aged over 70 in the region. Moreover, people suffering from hearing loss have a greater tendency to develop mental health and social isolation issues. Presence of well-developed supply infrastructure, easy availability of skilled audiologists, rapid technological innovations, and collaborations between market players to achieve greater market share are some of the factors likely to boost the regional market growth during the forecast period.
Asia Pacific is expected to witness the fastest growth over the forecast period 2021-2027. Increasing urbanization in developing countries, which leads to loud noise from automobiles and factories, and lack of proper legislation to prevent noise pollution are anticipated to result in the increased incidence of hearing loss. Some of the factors contributing to the market growth are increasing burden of hearing impairment, the higher average income in developing countries, such as India, China, and Singapore, rising noise pollution, growing usage of ototoxic drugs, increasing age-related hearing loss, and rapid technological advancements.
Key Companies & Market Share Insights: Cochlear Implant Market
In August 2018, FDA approval was granted to the HiRes Ultra 3D cochlear implant developed by Advanced Bionics and was declared safe for use in MRI examination due to its advanced magnet design. In September 2017, RONDO 2 cochlear implant audio processor was launched by MED-EL Medical Electronics, which could be charged using wireless technology, thus saving the cost of batteries. In July 2017, Cochlear Ltd. introduced the worlds first cochlear implant compatible with the iPhoneNucleus 7 Sound Processor (the integration of a hearing aid in one ear and a cochlear implant in the other). This processor allows users to stream sound from the iPad, iPhone, and iPod, offering greater connectivity, accessibility, and wireless solution. The upgraded version of this implant yields cleaner and smoother sound with better-than-normal hearing. Some of the prominent players in the cochlear implant market include:
Key companies Profiled: Cochlear Implant Market Report
- Cochlear Ltd.
- Demant A/S (Demant)
- MED-EL Medical Electronics (MED-EL)
- Nurotron Biotechnology Co. Ltd.
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global cochlear implant market report based on the type of fitting, end use, and region:
Type of Fitting Outlook (Revenue, USD Million, 2016 – 2027)
- Unilateral Implant
- Bilateral Implant
End-use Outlook (Revenue, USD Million, 2016 – 2027)
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