Global Cochlear Implants Market - 2022-2029

Global Cochlear Implants Market - 2022-2029

Market Overview

Cochlear Implants Market size was valued US$ 1.4 billion in 2021 and is estimated to reach US$ 2.5 billion by 2029, growing at a CAGR of 7.4% during the forecast period (2022-2029).

A cochlear implant is an electronic device that is surgically implanted that stimulates the cochlear nerve and restores the sense of hearing through transmitting the electrical signals to the brain. People mostly use these implants as a hearing aid with low to high hearing loss.

These cochlear implants consist of two parts, the inside component is embedded across the skin, and the external component is worn at the back of the ear. These implants bypass the non-functioning part of the inner ear and provide electrical stimulation to the nerve fibres present in the cochlea.

Market Dynamics

The global cochlear implant market is growing owing to several factors such as the rising geriatric population, technological advancements in devices to make them convenient for use.

Rising technological advancements and increased battery life of cochlear is expected to drive market growth.

The growing geriatric population, of which approximately one-third of people are affected by disabling hearing loss, is one of the major factors boosting the growth of the cochlear implants market globally. For instance, according to the U.S. Census Bureau, about 8.5% of people worldwide, i.e., 617 million were over age 65 were suffering from hearing loss. Also, according to the World Health Organization (WHO) report 2019, about 466 million people are having disabling hearing loss globally. It is estimated that over 900 million people will have disabling hearing loss by 2050. About 1.1 billion young people (age between 12–35 years) are at risk of hearing loss, owing to exposure to noise in recreational settings.

According to the Centres for Disease Control and Prevention (CDC), an estimated 900 million patients are likely to suffer from severe hearing impairment by 2025. There are approximately 72 million people who could potentially benefit from the use of a hearing device, including a cochlear implant or hearing aid. Hence, rising hearing disorders have increased the demand for hearing aid devices.

Also, the increasing technological advancements in cochlear implants are enhancing the devices to transfer signals more accurately and increase their battery life. Several manufacturers are involved in improving the quality and design of cochlear implants. The FDA-approved Nucleus 7 Sound Processor is the first cochlear implant sound solution made specifically for use with iPhones, iPods, and iPads. It also has the distinction of being the smallest and lightest behind-the-ear cochlear implant currently on the market.

High cost of the device and maintenance is expected to hamper the market growth.

Factors such the risk related to surgery, long awaiting approvals for cochlear implants, the high cost of cochlear implants and difficulty in maintenance are some of the factors hampering the growth of the market.

Industry Analysis

The global cochlear implants market provides in-depth analysis of the market based on various industry factors such as Porter’s Five Forces, Regulatory Analysis, Supply Chain Analysis, Pricing Analysis, Product Innovation, Unmet Needs.

Segment Analysis/B>

Bilateral implants segment is expected to hold the largest market share in global cochlear implants market

By type, the cochlear implants market is segmented into unilateral implants and bilateral implants. Among these, unilateral implants accounted for the largest market share, owing to their high demand globally. Unilateral implants are of lower cost compared to bilateral implants. According to some studies, the unilateral cochlear implant is more cost-effective for adults and has several health benefits.

On the other hand, the bilateral implants segment is estimated to grow at the fastest CAGR over the forecast period, owing to its ability to recognize the speech in noise, cost-effectiveness when implanted in children, and rising meningitis cases. Also, some countries offer reimbursement only after bilateral implantation, thus, increases the demand for these devices.

Geographical Analysis

North America region holds the largest market share in the global cochlear implants market

North America is dominating the global cochlear implant market accounted for the largest market share, owing to the developed healthcare system, better awareness among the people, and the presence of major market players in this region. The prevalence of hearing loss in the U.S. affects around 10.6 percent of the population, compared to 12.1 percent of the population in Germany and eight percent of those in Switzerland. According to Johns Hopkins Cochlear Center for Hearing and Public Health, approximately 38.2 million Americans (14.3%) report some degree of hearing loss.

According to the National Institute on Deafness and Other Communication Disorders, approximately one in three people in the United States between the ages of 65 and 74 have hearing loss, and nearly half of those older than 75 have difficulty hearing. The number of adults in the United States above 20 years of age with hearing loss is expected to increase from the expected 44.11 million in 2020 to 73.50 million in 2060. The increase is greater in older adults with an expected 55.4% of the US population above 70 years to suffer from hearing loss to 67.4% in 2060. The development of technologically advanced implants is boosting the growth of the market in this region. For instance, in April 2019, Advanced Bionics received approval from Health Canada for its HiRes Ultra 3D Cochlear Implant. The implant is a pain-free and hassle-free choice for patients undergoing MRI examinations.

Competitive Landscape

The global cochlear implants market is consolidated comprises only a few major players. Most of the major players are based in the US and Europe, as these regions are more developed and better funded for healthcare. Some of the major players in the market include Cochlear Ltd, MED-EL Medical Electronics, Oticon Medical, Advanced Bionics AG, Demant A/S, Sonova, Nurotron Biotechnology Co Ltd, among others.

The key players are adopting various growth strategies such as expansion, mergers & acquisitions, partnerships, product launches, and collaborations which are contributing to the growth of the Cochlear Implant market globally. For instance,

On July 22nd, 2019, MED-EL USA received the U.S. Food and Drug Administration (FDA) approval for its cochlear implant system for single-sided deafness (SSD) and asymmetric hearing loss (AHL). This is the first and only time that cochlear implants have been approved for these indications in the United States.

Key Companies to Watch

Cochlear Ltd.:

Overview: Cochlear is an Australia based medical device company which develops and markets variety of implants such as Nucleus cochlear implant, Baha bona conduction implants and hybrid electro-acoustic implants. It was founded in 1981, headquartered in Sydney, Australia.

Product Portfolio:

Nucleus 24 Cochlear Implant System: This is an implant that impart some hearing sensation to the user via electrical stimulation of auditory nerve. It contains 2 components, internal and external.

Key Developments: In 2019, Cochlear announced world’s 1st active osseo-integrated steady state implant, Osia. It utilizes digital piezoelectric stimulation that bypass the damaged areas of hearing system by which sound vibrations directly reaches to cochlea.

The global cochlear implants market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.

The companies such as Cochlear and Sensorion evaluates SENS-401 with a cochlear’s implant. Cochlear invested about USD 1.8 million (€1.6 million) in shares of Sensorion as a part of this collaboration. In exchange, Cochlear would receive a right of first negotiation for a global license of SENS-401 in patients along with specific cochlear devices.