Cochlear Implants Market is Expected to Reach USD 3.9 Bn by 2027
Increase in the demand for cochlear implants due to increasing prevalence of hearing-impaired patient is expected to drive the global cochlear implants market. The Global Cochlear Implants Market is estimated to be USD 1.9 Bn in 2020 and is expected to reach USD 3.9 Bn by 2027, growing at a CAGR of 10.7 % during the forecast period.
Increase in surgical procedure for implantation and introduction of insurance & funding schemes for the implantation devices also boost the market during the forecast period. There are many private organization taking steps by providing funds for research & development to propel in market. Increase in demand for next generation implants and speech processes further witness a significant growth in the cochlear implants market.
Increase in healthcare expenditure, increase in level of initiatives being undertaken by government and various organization to support research and development activities, disposable income of people are the major reasons which drives the market of cochlear implants. Also rising geriatric population is one of the reasons which boost the global market.
Rising prevalence of hearing loss among the adults is the propelling factor for the growth of the global cochlear implants market. According to data published on 1st April 2021, by WHO (Worlds Health Organization), the number of populations suffering from hearing issues were 466.0 million among these population 432 million were adults and 34 million children across the globe. These shows the high incidences of hearing impairment among adults.
However, the lack of skilled professionals to perform proper surgeries for implantation of cochlear devices which is the major restraining factor for the growth of the global market. Further, the post surgeries adverse effects such as risk of damage to nerves and brain during surgery, post implant inflammation and possibility of infections are also considerably hampering the growth of the targeted market. The emerging market of cochlear implants and increasing investment by the key-players can create a lucrative opportunity for the growth of the global cochlear implants market. However, availability of alternative treatment such as subtotal petrosectomy surgery for cochlear implants which is the major challenge for the global cochlear implants market growth.
- North America
- Asia Pacific
- Latin Americas
- Middle East & Africa
In terms of geography, in the year 2020, Europe region accounted the major share of the global market. This is owing to the presence of necessary infrastructure and availability of skilled professionals in countries of the region. Moreover, high funding available for research and development activities is another factor supporting European market. The rising prevalence of hearing inabilities in this region is the fueling factor for the growth of the targeted market in the European region.
However, the Asia- Pacific region shows significant growth over the forecast period due to rising demand for cochlear implant among the increasing geriatric population in the Asia-Pacific region boosts the growth of the global market. Investment by major cochlear implants market players and local presence of key companies are also boosting the market during the forecast period.
The Global Cochlear Implants Market Segmentation:
Global Cochlear Implants Market, by Type Outlook (Revenue, USD Billion, 2021-2027)
- Bilateral Implant
- Unilateral Implant
Global Cochlear Implants Market, by End-Users Outlook (Revenue, USD Billion, 2021-2027)
- Based on the type, the unilateral implant segment held the largest market share in 2020
- Based on end-users, the adult segment is expected to hold the largest share over the forecast period
- Based on regions, the Europe region is anticipated to hold a market’s maximum share in the year 2027 during cochlear implants market analysis. However, Asia-Pacific region shows lucrative growth in the market due to increasing demand for cochlear implants.
- In October 2020, Starkey partnered with OrCam Technologies to provide assistive technologies for hearing and vision loss people which enhanced OrCam’s ability to have advanced computer vision and machine learning methods that they had developed for transmitting the visual world through audio.
- In August 2019, Oticon Medical AB launched OticonXceed a powerful hearing device. This launch benefited to adults and children to prevent from many minimal hearing impairments.
Company Profiles and Competitive Intelligence
The key players operating in the global cochlear implants market are:
- Oticon Medical AB
- William Demant Holding A/S
- Amplifon SpA (Ampliter N.V.)
- Sonova Holding AG
- Widex A/S
- Cochlear Ltd.
- Medtronic PLC
- Nurotron Biotechnology Co. Ltd.
- MED-EL GmbH
- Starkey laboratories, Inc.
- GN Hearing A/S
- Advanced Bionics AG
- Demant A/S
- RION Co., Ltd.
- Arphi Electronics Private Limited
- Austar Hearing Science and Technology (Xiamen) Co., Ltd.
- SeboTek Hearing Systems, LLC.
- IN4 Technology Corporation
- WS Audiology A/S
- Eargo, Inc.