Increasing incidence of hearing loss and hearing impairment, growing global geriatric population, and technological advancements in cochlear implant are some key factors driving market growth

Market Size – USD 2.04 Billion in 2020, Market Growth – at a CAGR of 10.9%, Market Trends – Increasing incidence of hearing loss in infants  

The global cochlear implant market size is expected to reach USD 4.21 Billion by 2028 at a CAGR of 10.9%, according to the latest report by Reports and Data. Growing incidence of hearing disability in infants and geriatric population, availability of affordable cochlear implants, and technological advancements in cochlear implants such as enhanced signal transfer and improved battery life are some key factors expected to drive market revenue growth over the forecast period.

Cochlear implants are small electronic devices that can electrically stimulate the cochlear nerve to provide a sense of sound to person who is deaf or has severe hearing disability. It is the best option for people suffering from hearing loss due to inner ear damage that cannot be treated with hearing aids. Cochlear implant bypasses damaged portions of the ear to delivery sound signals to auditory nerve. It used a sound processor that fits behind the ear which captures sounds and sends them to receiver which sends signals to electrodes implanted in the cochlea. Cochlear implant has enabled people to recognize warning signals, understand sounds in environment, and understand speech in person. Cochlear implants have been FDA-approved for use in children and adults suffering from deafness or severe hearing impairment. Favorable reimbursement scenario for cochlear implant surgical process and therapy is one of the key factors expected to boost market revenue growth over the forecast period.

Growing prevalence of congenital hearing loss and increasing adoption of cochlear implants over hearing aids are some key factors expected to contribute to market growth going ahead. However, lack of skilled professionals, high costs of cochlear implants and treatments, and availability of alternative treatment options are expected to hamper market growth to a certain extent over the forecast period.

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Key companies operating in the Cochlear Implant (CI) Market and profiled in the report are:

Cochlear, MED-EL, Advanced Bionics (Sonova), Oticon (William Demant), Hangzhou Nurotron, Listent Medical, Nurotron Biotechnology Co. Ltd., Medtronic, Demant A/S, Starkey, WIDEX A/S, Amplifon and GN Hearing A/S.

Some Key Highlights from the Report:

• Unilateral implantation segment is expected to account for a sizeable revenue share in the global market owing to its increased cost-efficiency, quicker surgery, and favorable reimbursement scenario.
• Pediatric segment is expected to register robust revenue CAGR over the forecast period owing to increasing incidence of congenital hearing loss, rising number of cochlear implantation surgical procedures in children, and rising occurrence of hearing loss due to infections, inflammation, or injury.
• Asia Pacific market revenue is expected to expand significantly over the forecast period owing to increasing geriatric population, rising incidence of hearing impairment, development of advanced healthcare facilities, and increasing funding and investment in healthcare sector.

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For the purpose of this report, Reports and Data has segmented the global cochlear implant market has been segmented into fitting type, end-use, and region:

Fitting Type Outlook (Revenue, USD Billion; 2018-2028)

• Unilateral
• Bilateral

End-use Outlook (Revenue, USD Billion; 2018-2028)

• Adults
• Pediatric

Regional analysis covers:

• North America (U.S.A., Canada)
• Europe (U.K., Italy, Germany, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Key Questions Answered by the Report:

• What are the key growth driving and restraining factors of the Cochlear Implant (CI) market?
• What are key opportunities and growth prospects of the Cochlear Implant (CI) industry is expected to witness over the forecast period?
• Who are the prominent players operating in the market? What are the key strategies adopted by these companies?
• Which region is expected to dominate the market growth over the forecast period?
• Which segments are expected to register lucrative growth over the forecast period?
• What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis?

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