Published On: October 2022
The recent rise in hearing loss has been caused by several factors, including genetics, uterine infections, birth hypoxia, cerumen impaction, ototoxic medicines, and others. Cochlear implants, hearing aids, and other assistive technologies can be helpful for these patients. Cochlear implants are becoming more popular because of favorable reimbursement, minimally invasive treatments, and technological developments.
A cochlear implant is an implanted electronic hearing aid that electrically stimulates inner ear nerves to give someone with severe to profound nerve deafness usable hearing experiences.
The cochlear implants market share is anticipated to reach USD 3.1 billion by 2030, growing at a compound yearly growth rate of 8.71% between 2022 and 2030.
The growing need for minimally invasive surgical methods is projected to be a significant driver that can boost the global market throughout the analysis timeframe, according to MRFR's analysis of the cochlear implant market. Due to technological advancements and the advent of good insurance programs, there has been a substantial increase in the adoption of such equipment. Another significant factor anticipated to increase demand for cochlear implants and perhaps strengthen the market throughout the forecast period is prolonged exposure to noise in recreational settings.
During the forecast period, the product segment of the global market for cochlear implants is anticipated to rule the market. Even the bilateral implant segment is predicted to experience considerable expansion over the forecast period in the cochlear implants market. The hospitals & clinics sector is expected to dominate the market in the end-user segment of the global cochlear implants market during the forecast period. The increase in hospitals performing cochlear implant surgery is responsible for the segment's growth.
The factors projected to propel the cochlear implant market growth are the rising prevalence of hearing loss and the rise in usage because of technological improvements. The World Health Organization (WHO) estimates that 430 million persons worldwide—or 5.0% of the population—went to rehabilitation to help with hearing loss in 2021. By 2050, it's predicted that over 2.5 billion people will have hearing loss.
To encourage research in cochlear implantation, the government and numerous organizations are launching several programs. For instance, at the 2022 American Academy of Audiology (AAA) meeting in March 2022, the American Cochlear Implant (ACI) Alliance presented research and clinical practice to the other community members. The conference’s purpose was to facilitate networking among colleagues, keep attendees informed of new advancements in the audiological field, and stay current on knowledge. This is probably going to help the market for cochlear implants grow.
The market for cochlear implants is also anticipated to expand because of the growing elderly population.
Due to rising hearing aid awareness, the availability of clinics for speech therapy, and good reimbursement rules, Europe had the most significant revenue share (32.4%) in 2021. The development of technology and the opening of new facilities in the European Union are responsible for the market expansion in the area. For instance, MED-EL Medical Electronics became the first manufacturer of cochlear implants to acquire certification from the European Medical Device Regulation (MDR) in March 2020.
Several well-established businesses dominate the market, which has become more consolidated. The main strategic activities of these businesses to increase market share are product launches and research projects for the growth of product portfolios. Sennheiser electronic GmbH & Co. KG's consumer segment was purchased by nova Holding AG in March 2022, becoming the company's fourth business unit. A rapidly expanding market for audiophile headphones is anticipated to provide growth potential for this new consumer hearing segment. The following companies are some significant players in the global cochlear implant market: Cochlear Ltd., So nova, MED-EL Medical Electronics, Demant A/S, Zhejiang Nurotron Biotechnology Co., Ltd., Oticon Medical, and GAES.
The COVID-19 epidemic has hurt the cochlear implant market since the lockdown was imposed. The lockout temporarily halted production and the supply chain, significantly impacting the cochlear implants' market share. Players are, however, making various efforts to lessen the losses sustained during the epidemic era.
The cochlear implants market study includes factors that significantly impact the market, such as drivers, challenges, opportunities, and restraints. The market study describes how the cochlear implant market trends changed in terms of sales and geography during the analysis period. The impact of the growing population on a global scale, technological advancements, and the dynamics of supply and demand in the market are just a few essential elements discussed in the study.