Cochlear Implant Market Is Expected To Expand Due To Growing Prevalence Of Hearing Loss Till 2030

 Cochlear Implant Industry Overview

 

The global cochlear implant market size was valued at USD 1.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.71% from 2022 to 2030.

 

The growing prevalence of hearing loss and increase in adoption due to technological advancements are the factors expected to drive the growth of the market. According to World Health Organization (WHO) statistics 2021, approximately 5.0% of the global population (430 million people) undergoes rehabilitation to aid their loss of hearing. Over 2.5 billion individuals are estimated to suffer from some degree of hearing loss by 2050.

 

Hearing loss has become a major concern in the past few years and can be attributed to various factors including genetic factors, intrauterine infections, birth asphyxia, cerumen impaction, ototoxic medications, and others. These people can benefit from assistive devices including cochlear implants, hearing aids, and others. Favorable reimbursement, the introduction of minimally invasive procedures, and technological advancements are boosting the adoption of cochlear implants.

 

Gather more insights about the market drivers, restrains and growth of the Global Cochlear Implant Market

 

Several initiatives are being undertaken by the government and various organizations to support research in the field of cochlear implantation. For instance, in March 2022 members of the American Cochlear Implant (ACI) Alliance shared research and clinical practice with the other community members at the 2022 American Academy of Audiology (AAA) conference. The conference was organized to connect with peers in the community, stay updated with upcoming information, and know about recent developments in the audiological industry. This is likely to favor the cochlear implant market growth.

 

Moreover, the rising geriatric population is expected to propel the growth of the cochlear implants market. According to World Health Organization (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. As hearing ability decreases with the age, an increase in the age population is expected to bode well with the market.

 

The onset of COVID-19 imposed restrictions on audiology surgery and treatment services. While drilling in the mastoid cavity, the probability of aerosolizing the virus posed a greater risk of contamination during neurotological (subcategory of ENT) surgeries. This led to the screening of patients for COVID-19 prior to surgery, which delayed the surgical treatments.

 

Additionally, the children with cochlear implants require Auditory-Verbal Therapy (AVT) at least during the initial 2 years of the implantation, to better understand the auditory information and to learn speech-language skills. Moreover, appointments for the rehabilitation process after surgery were also postponed or delayed. However, surgeries resumed gradually at a different pace in accordance with the relaxations on COVID-19 restrictions in different countries. With the help of telemedicine, audiology surgeries and treatment methods are recovering gradually from the adverse impact of COVID-19.

 

Browse through Grand View Research's Medical Devices Industry Research Reports.

• Hearing Aids Market - The global hearing aids market size was valued at USD 10.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. The market growth can be attributed to key factors such as the increasing adoption of hearing aids devices, growing awareness regarding technologically advanced devices for the treatment of deafness and hearing impairment, and the increasing prevalence of hearing loss due to the growing geriatric population. 
• Audiology Devices Market - The global audiology devices market size was valued at USD 9.84 billion in 2018 and is projected to expand at a CAGR of 5.8% over the forecast period. The market growth can be attributed to factors, such as the growing geriatric population and cases of hearing disorders along with supportive government initiatives for easy access to hearing aid. The total number of geriatric population in the world is estimated to be 1.4 billion by 2030.

 

Cochlear Implant Market Segmentation

Grand View Research has segmented the global Cochlear Implant Market Report based on the type of fittings, end-use, and region:

 

• Cochlear Implant Type of Fitting Outlook (Revenue, USD Million, 2016 - 2030)
  • Unilateral Implants
  • Bilateral Implants
• Cochlear Implant End-use Outlook (Revenue, USD Million, 2016 - 2028)
  • Adult
  • Pediatric
• Cochlear Implant Regional Outlook (Revenue, USD Million, 2016 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Market Share Insights

• March 2022: So nova Holding AG acquired the consumer division of Sennheiser electronic GmbH & Co. KG which forms the 4^thbusiness unit of So nova. This new consumer hearing division is expected to attract growth opportunities from a fast-growing market of audiophile headphones.
• January 2022: US FDA approved Cochlear Nucleus Implants by Cochlear limited to treat unilateral hearing loss (single-sided deafness).
• April 2020: Cochlear Ltd. received FDA approval for Remote Check Solution in the U.S. It is a telehealth patient assessment tool for patients with cochlear implants having Nucleus 7 Sound Processor.

 

Key Companies profiled:

Some of the prominent players in the global cochlear implant market include:

• Cochlear Ltd.
• So nova
• MED-EL Medical Electronics
• Demant A/S
• Zhejiang Nurotron Biotechnology Co., Ltd.

 

Order a free sample PDF of the Cochlear Implant Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.