The global cochlear implant market was valued at USD 1,575.5 million in 2019. Increased prevalence of hearing defects is one of the major driving factors of cochlear implants market. Rise in technological advancements in cochlear implants coupled with product launches and approvals over the period are the factors that are propelling the growth of the global cochlear implant market.
Adroit Market Research report on global cochlear implant market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years 2018, with the base year of estimation as 2019 and forecast from 2020 to 2028. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global cochlear implant market have been studied in detail.
The worldwide demand for cochlear implants is driven by a rise in the geriatric population, leading to a large pool of patients, a rise in product customization and the advent of rechargeable cochlear implants. However, the growth of the market is limited by high equipment prices, problems with cochlear batteries, and limited healthcare spending. In comparison, recent developments in the production of revolutionary sound processors for the next generation and new potential markets provide the brand with lucrative opportunities.
A small percentage of individuals with hearing loss usually opt for cochlear implants. However, due to technical advances and the advent of insurance and financing mechanisms to cover these devices, there has been a substantial rise in the acceptance of these implants in recent years. In addition, cochlear implantation surgery is now done with next-generation implants and speech processors using a minimally invasive surgical technique. These factors are anticipated to boost the growth of the market.
The global cochlear implant market has been segmented based on fitting type, end-users and region. Based on fitting type, the unilateral implant segment dominated the market in 2019 as unilateral implants are cheaper than bilateral implants. Moreover,when generic tests were tested for health-related quality-of-life, unilateral cochlear implantation showed substantial benefits in overall health-related quality-of - life and social areas relative to pre-implantation tests.
On the basis of end-users, the adult segment dominated the market in 2019 due to the presence of wide patient pool of adults with severe-to-profound hearing loss, developments in adult cochlear implants, and an rise in the number of speech therapy centres. These factors are likely to boost segment growth during the forecast period.
North America dominated the global cochlear implant market in 2020. Rapid adoption of technologies in healthcare. Higher awareness of hearing aids, their affordability, and access to specialised centres for postoperative recovery, government funding, and high healthcare expenditure. Asia Pacific is expected to be the fastest growing regional market for cochlear implant owing to the growing hearing impairment burdens, higher average earnings in developing countries such as India, China and Singapore and increased noise pollution. I addition, increased use of ototoxic medications, increased age-related hearing loss, and rapid technological developments are some of the factors leading to market development.
Key players operating in the global cochlear implant market include Cochlear Ltd., Demant A/S (Demant), Sonova, MED-EL Medical Electronics (MED-EL), Nurotron Biotechnology Co. Ltd. and Oticon Medical among others.
Key Segments of the Global Cochlear Implant Market
Fitting Type Overview, 2019-2028 (USD Million)
- Bilateral Implant
- Unilateral Implant
End-Users Overview, 2019-2028 (USD Million)
Regional Overview, 2019-2028 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa