Cochlear Implants Market - Growth, Trends, and Forecasts (2023 - 2028)

The Cochlear implants market is projected to register a CAGR of 8.57% during the forecast period, 2022-2027.

Initially, the impact of the COVID-19 outbreak was more profound on the lives of the cochlear implanted patients seeking habilitation and facing technical challenges with the implant. Due to COVID-19's breakout, there was a disruption in the diagnosis and treatment of people with hearing problems. As a result, fewer people visited hospitals and clinics. In the research study titled "Impacts of the COVID-19 Pandemic on Communication and Healthcare Access for Adults With Hearing Loss", by Harper L. Wilson et al in September 2021, during the COVID-19 pandemic, adult users of cochlear implants and people living in rural areas faced greater difficulties, including pandemic preparedness and access to healthcare, which has a detrimental effect on the market under study. evaluated the hurdles faced by cochlear implantee children during the pandemic. , such studies indicate that the demand for cochlear implants was reduced during the COVID-19 pandemic. Although the outbreak had an impact on cochlear implant surgery and related services, it also encouraged new research endeavors. However, the market under study is anticipated to reach its full potential over the forecast period due to ongoing vaccinations and a decline in COVID-19 cases.

Further, the major factors bolstering the market growth are the upsurge in hearing impairment in the growing geriatric population, the risk of hearing loss due to exposure to noise in recreational settings in the younger population, and technological advancements and increased battery life of cochlear implants.

Hearing impairment in the geriatric population is a major driver the market growth. The burden of hearing impairment in the older population is relatively high, and it is expected to aid the market growth over the coming years. For instance, a research study titled "Association of Age-Related Hearing Impairment With Physical Functioning Among Community-Dwelling Older Adults in the US" published in JAMA Network, in June 2021, stated that 973 (33 %) of the 2,956 older people in United States who participated in the population-based cohort study had normal hearing, 1,170 (40%) had mild hearing impairment, 692 (23%) had moderate hearing impairment, and 121 (4%) had a severe hearing impairment. Thus, the demand for cochlear implants is expected to increase with the growing geriatric population. Moreover, hearing loss or difficulty in hearing is a common problem among older people. As per the National Institute on Deafness and Other Communication Disorders (NIDCD) report published in March 2022, approximately one in three people in United States between the ages of 65 and 74 has hearing loss and nearly half of those older than 75. As a result, the high prevalence of hearing loss among the aging population is anticipated to fuel demand for cochlear implants and thereby propel market expansion.

However, the launch of the technologically advanced product by the key market players support the market growth. For instance, In August 2021, Cochlear Limited introduced the Nucleus Kanso 2 Sound Processor. The new launch reflects Cochlear's ongoing dedication to innovation in hearing technology to provide amplifiable access to smartphone connectivity and aid in improving hearing performance in people with hearing loss. The Nucleus Kanso 2 Sound Processor is the smallest off-the-ear cochlear implant sound processor in the world with tested hearing performance technologies. Additionally, in February 2021, Auditory Verbal United Kingdom launched the Cochlear Implant International Community of Action. Thus all aforementioned factors are expected to drive the growth of the studied market. However, the high cost of these implants and the difficulty of maintenance have been restraining the market's growth.

Key Market Trends

Unilateral Implantation Segment is Expected to Dominate the Cochlear Implants Market Over the Forecast Period

By type, the unilateral implantations segment is expected to hold a major share of the market. Unilateral implantations are highly preferred compared to bilateral implantations, primarily due to their cost-effectiveness. For instance, according to a research study titled "Cost-benefit Analysis of Cochlear Implants: A Societal Perspective" published in PubMed, in March 2021, concluded that the adults and seniors with progressive severe hearing loss and unilateral cochlear implantation (CI) had a total net economic benefit of EUR 275,000 and EUR 76,000, respectively. Even without considering health advantages, the societal impact was beneficial for children and working people in particular. Similarly, a study titled "The cost-effectiveness of unilateral cochlear implants in United Kingdom adults" published in SpringerLink, in November 2021, stated that despite changes in clinical practice and rising healthcare unit costs, unilateral cochlear implants (UCIs) remain cost-effective. Within three years, UCIs are expected to boost annual implants in adults and children by 70% and spending by GBP 28.6 million. Such studies and cost efficiency offered by unilateral implantations are anticipated to boost the segment growth over the analysis period.

Moreover, technological advancements, along with innovative product launches, are likely to drive segment growth over the coming years. For instance, in January 2022, Cochlear Limited, obtained United States Food and Drug Administration (U.S. FDA) approval for Cochlear Nucleus Implants for the treatment of unilateral hearing loss (UHL) or single-sided deafness (SSD).

Thus, due to the factors mentioned above, the segment is expected to witness significant growth over the forecast period.

North America is Anticipated to Garner the Largest Share in Cochlear Implants Market

Within North America, United States is expected to hold a major share of the market owing to factors such as growth in hearing impairment among Americans, technological advancements concerning implants, increased battery life of cochlear implants, and the presence of major market players operating in the industry.

According to the October 2021 report of Statistics Canada, Overall, 60% of Canadians aged 19 to 79 had a hearing health issue, including audiometrically measured hearing loss, tinnitus, or both conditions. Hearing loss and tinnitus were particularly prevalent in men. According to the same source, hearing loss is more prevalent in older age groups in Canada; as a result, the burden of hearing loss is expected to increase as the older population grows, which is fueling the expansion of the region's studied market. Moreover, in North America, United States is expected to hold a major market share in the hearing aids market during the forecast period due to the high prevalence and incidence of hearing loss in the country and the high adoption of hearing aids. For instance, according to the March 2021 update from the National Institute on Deafness and Other Communication Disorders, about 2 to 3 out of every 1,000 children in United States were born with a detectable level of hearing loss in one or both ears, and approximately 15% of American adults (37.5 million) aged 18 and over report some trouble hearing.

Furthermore, companies are taking initiatives to develop products to increase their presence in the market studied. For instance, in June 2021, Oticon Medical was granted United States Food and Drug Administration (U.S. FDA) premarket approval (PMA) for the company's Neuro System (cochlear implant system) to treat individuals 18 years or older, with bilateral severe-to-profound sensorineural hearing loss, who obtain limited benefit from the appropriately fitted hearing aids. Such developments are likely to have a positive impact on the growth of the market in near future.

Competitive Landscape

The Cochlear Implants market is consolidated and consists of a few market players. Some of the key players in the market studied are MED-EL Medical Electronics, Demant A/S, Nurotron Biotechnology Co Ltd, and Sonova (Advanced Bionics Corp) among others. Majority of these companies are based in United States and Europe as these regions are more developed and hence better funded for healthcare.

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