The need for cochlear implant has significantly increased owing to the increasing number of patients suffering from hearing problem. In the U.S., more than 150,000 individuals are potential cochlear implant users. According to the National Institute on Deafness and Other Communication Disorders (NIDCD), in 2016, more than 37.5 million, or 15 %, of adults in the U.S. reported having trouble hearing. In addition, age is an important factor leading to hearing loss as per NIDCD, with the largest amount of hearing loss found in people aged 60 to 69. These conditions have contributed to a rise in concern in most patients and which resulted in flourish in the demand for cochlear implant worldwide.      

In addition, under the Food, Drug, and Cosmetic Act, cochlear implants are governed by the FDA. There are many risk factors for cochlear implant devices and they are classified under Class III medical devices. Premarket approvals for cochlear implants involve strict regulations. Rising R&D spending is contributing to an increase in the number of clinical trials. The high cost of surgery and postoperative follow-up of patients requiring hearing implants raises the dropout rate. However, market development has been slowed by the high cost of these implants and maintenance difficulties.

Several initiatives to help research and increase the adoption of cochlear implants by governments and various organisations are expected to fuel the growth of the market in the coming years. For example, the American Cochlear Implant (ACI) Alliance invited investigators to submit proposals for a research grant in February 2017. The ACI Alliance is financing this project as a joint venture with other supporting groups, providing funds of up to USD 150,000 per year for a maximum of 3 years.          

The global cochlear implant market has been segmented based on fitting type, end-users and region. Based on fitting type, the cochlear implant market is segmented into unilateral implant, and bilateral Implant wherein the unilateral implant segment dominated the market in 2019. Unilateral implant’s lower cost, easier reimbursement, shorter surgery duration, and low demand for anaesthesia compared to bilateral implants are the major reasons for high acceptance. The bilateral segment is expected to expand at the fastest CAGR during the forecast period. Due to their cost-effectiveness and improved speech comprehension in noise, the demand for bilateral implantation in children is increasing. Furthermore, in adults with other conditions, bilateral implants act as the only option for improved binaural and spatial hearing.

On the basis of end-users, the cochlear implant market is segmented into pediatric, and adult. The adult segment dominated the market in 2019 due to a larger affected population. Wide pool of patients with serious-to-profound hearing loss. The pediatric segment is projected to grow during the forecast period at the fastest CAGR. Cochlear implantation in children is higher than in adults in the most parts of the globe. Compared to children, however, the number of adults with serious hearing loss is higher and they are more eligible for cochlear implants. A cochlear user's average age is 22 years, ranging from 6 months to 84 years.

The global cochlear implant market is cumulative to North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America dominated the global cochlear implant market in 2019, however Asia Pacific is expected to grow at a highest pace through 2028.

North America, especially the U.S. dominates the global cochlear implant market. This is due to the existence of well-established healthcare facilities in the area and the growing prevalence of hearing loss issues. According to JAMA Network Journal 2017, the number of adults in the United States (US) over 20 years of age with hearing loss is projected to rise steadily from the anticipated 44.11 million in 2020 to 73.50 million in 2060. In older adults, with an estimated 55.4% of the U.S. population over 70 years of age, the growth is higher to 67.4% in 2060. North America (NA) consists of developing countries such as Canada and the United States. The North America area dominates this market due to a developed healthcare system and better knowledge among the population.

Asia Pacific is expected to be the fastest growing regional market for cochlear implant owing to factors such as the existence of a large patient base, growing medical tourism, and rising healthcare spending by the government. In addition, the increased incidence of hearing loss in urbanizing developing countries is due to loud noise from vehicles and factories, and a lack of adequate regulations to avoid these noise pollution. Thus, Asia Pacific is expected to be the fastest growing regional market for cochl