Global Cochlear Implant Market by End-use (Adult, Pediatric), by Type Of Fitting (Bilateral Implants, Unilateral Implants) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global cochlear implant market was valued at USD1.8 billion in 2020. It is expected to grow at a compound annual rate (CAGR of 10.5%) between 2021 and 2028. Market growth is expected to be driven by the growing geriatric population, and increased adoption due to technological advances. The market is expected to grow due to a variety of initiatives by governments and other organizations that support research and encourage cochlear implant adoption.

Numerous government initiatives have been taken by various governments to support research. The increasing adoption of cochlear implant technology is expected to fuel market growth over the next few years. In February 2017, the American Cochlear Implant Alliance (ACI Alliance) invited investigators to submit proposals for research grants. ACI Alliance is funding this project as a collaboration venture with other support parties. Funds up to USD 150,000 per annum are available for a maximum duration of 3 years.

COVID-19 brought restrictions to audiology surgery and other treatment services. Drilling in the mastoid cavity increased the risk of the virus being aerosolized, which made it more difficult to transmit the virus during neurotological (subcategory ENT) surgery. The screening of patients for COVID-19 was done prior to surgery. This delayed the completion of surgeries. Also, the appointments for rehabilitation following a cochlear implant procedure were delayed or postponed. Due to the different COVID-19 relaxations in different countries, surgeries were resumed slowly.

Types of Fitting Insights

Unilateral implants dominated the market, accounting for 87.0% of the total revenue in 2020. This was due to the high demand for unilateral implant, which is easier to reimburse, lower cost than bilateral implants, shorter recovery times, and low anesthesia requirements. The market can be divided into bilateral and unilateral implants based on the type of fitting.

Impact of COVID-19 cochlear implants market: 9% growth between 2019 and 2020

The segment of bilateral implants is expected to grow in the future. This can be explained by its cost-effectiveness for children, as they will be implanted for longer periods than the geriatric population. These devices are capable of recognizing speech in noise, which will increase demand for bilateral implants.

End-use Insights

Due to the larger elderly population, the adult segment was the dominant market. It accounted for 60.0% of the total revenue in 2020. The fastest growth rate is expected to be in the pediatric segment during the forecast period. The market for cochlear implants has been divided into two segments based on end-use: pediatric and adult.

National Institute on Deafness and Other Communication Disorders, (NIDCD) reported that 15% of Americans had hearing difficulties in 2016. This is a staggering number. NIDCD also states that hearing loss is strongly linked to age. The highest hearing loss was observed in those aged 60-69.

Regional Insights

Europe was the dominant market, accounting for 39.5% of the total revenue. This is due to increasing awareness about listening aids, accessibility of speech therapy clinics, and favorable coverage of unilateral and bilateral cochlear implant. Asia Pacific will grow at the fastest pace during the forecast period. This is due to the rapid increase in geriatrics and rising awareness about cochlear implant use. It also reflects the presence of key players in the market.

The European Union's advanced healthcare system is responsible for the growth of this market. Children can receive cochlear implant before they turn one. A unilateral cochlear implant is possible because of state financing, which allows 95.0% to children to receive it. The equivalent figure for the U.S. population is only 50.0%. Due to their higher cost-effectiveness and preference for pediatric patients, bilateral implants are preferred over unilateral cochlear implants. Adults prefer unilateral implantation in most of the countries of the region.

Market Share Insights & Key Companies

With the few established players, the market is well-consolidated. These companies are focusing on strategic initiatives to expand their product portfolios and product launches. After receiving approval by the U.S. FDA, Sonova launched Sky CI Marvel (and Naida CI Marvel) sound processors in December 2020. The following are some of the most prominent players in cochlear implant markets:

• Cochlear Ltd.

• Sonova

• MED-EL Medical Electronics

• Demant A/S

• Nurotron Biotechnology Co. Ltd.

Up Market Research published a new report titled “Cochlear Implant Market research report which is segmented by End-use (Adult, Pediatric), by Type Of Fitting (Bilateral Implants, Unilateral Implants), By Players/Companies Demant A/S, MED-EL Medical Electronics, Sonova, Nurotron Biotechnology Co Ltd, Cochlear Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Cochlear Implant Market Report Segments:

The market is segmented by End-use (Adult, Pediatric), by Type Of Fitting (Bilateral Implants, Unilateral Implants).

Cochlear Implant Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Cochlear Implant Market

Overview of the regional outlook of the Cochlear Implant Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Cochlear Implant Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Cochlear Implant Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Adult

                2. Pediatric

                1. Bilateral Implants

                2. Unilateral Implants

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Cochlear Implant Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Cochlear Implant Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.