Cochlear Implant Global Market Report 2024

A cochlear implant is an implanted electronic device designed to provide individuals who are deaf or hard-of-hearing with a perception of sound. This device works by electrically stimulating the nerves in the inner ear, thereby offering usable hearing sensations to those experiencing severe to profound nerve deafness.

The primary types of cochlear implants include unilateral implants and bilateral implants. Unilateral implants involve the use of a single cochlear implant in individuals facing severe to profound hearing loss in one ear. Various technologies are utilized such as electro-acoustic stimulation (EAS), acoustic amplification technology, and electro-stimulation technologies, catering to both adult and pediatric patients. These implants are commonly utilized by hospitals, ENT (ear, nose, and throat) clinics, as well as ambulatory surgical centers to assist individuals with hearing impairments.

The cochlear implants market research report is one of a series of new reports from The Business Research Company that provides cochlear implants market statistics, including cochlear implants industry global market size, regional shares, competitors with a cochlear implants market share, detailed cochlear implants market segments, market trends and opportunities, and any further data you may need to thrive in the cochlear implants industry. This cochlear implant market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cochlear implant market size has grown strongly in recent years. It will grow from $1.71 billion in 2023 to $1.87 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth observed in the historical period can be attributed to several factors. These include the prevalence of hearing loss among populations, an increase in awareness and improved diagnostic practices related to hearing impairments, patient advocacy efforts emphasizing education and support, a conducive regulatory environment supporting advancements in hearing technology, as well as insurance coverage and favorable reimbursement policies that have contributed to broader access to hearing-related interventions and treatments.

The cochlear implant market size is expected to see strong growth in the next few years. It will grow to $2.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. Anticipated growth in the forecast period can be attributed to several key factors. These encompass the expansion of indications for cochlear implants, advancements in signal processing algorithms enhancing device capabilities, innovations in miniaturization and design leading to improved implant technologies, global health initiatives promoting accessibility to these devices, a heightened focus on addressing hearing impairments in the pediatric population, and an increased emphasis on patient-centric outcomes and quality of life measures. Key trends expected in this period include continuous technological advancements in cochlear implant technology, integration of wireless connectivity features to enhance device functionality, development of hybrid and electro-acoustic systems to cater to varying hearing needs, implementation of personalized mapping strategies for optimized user experiences, and ongoing research into neural stimulation techniques to further enhance hearing restoration capabilities.

The anticipated increase in the prevalence of hearing loss is poised to drive the growth of the cochlear implant market. Hearing loss, defined as an individual's hearing abilities being less than those of someone with normal hearing, affects a substantial number of people globally. Cochlear implants play a vital role in assisting individuals with severe to profound nerve deafness by electrically stimulating nerves inside the inner ear, enabling them to receive and process sounds and speech. According to the World Health Organization's data from February 2023, an estimated 700 million people will require hearing rehabilitation by 2050, and over 2.5 billion individuals are expected to experience hearing loss. In 2022, 217 million people in America, constituting 21.52% of the total population, live with hearing loss, a number projected to increase to 322 million by 2050. This significant rise in the prevalence of hearing loss is a key driver fueling the growth of the cochlear implant market.

The growing aging population is another factor expected to contribute to the expansion of the cochlear implant market. As the demographic phenomenon of an increasing proportion of elderly individuals within a population continues, cochlear implants become increasingly valuable for the aging population. Cochlear implants offer benefits such as improved speech perception, enhanced social engagement, cognitive stimulation, safety, increased independence, noise filtering, and integration with technology. According to the World Health Organization's information from October 2022, globally, 1 in 6 people will be 60 or older by 2030, and this age group is expected to double to 2.1 billion individuals by 2050. Similarly, data from the UK Parliament's House of Commons Library in June 2021 indicates that by 2043, the senior population in the UK is projected to make up 24% of the total population, reaching 17.4 million people. The increasing aging population is identified as a significant driver behind the growth of the cochlear implant market.

Major companies in the cochlear implant market are actively developing advanced products, including behind-the-ear cochlear implant sound processors, to fortify their market positions. A behind-the-ear cochlear implant sound processor is a device designed to capture and process sound signals discreetly worn behind the ear as part of a cochlear implant system. An example of this innovation is Cochlear Limited, an Australia-based medical device company, which received FDA approval in November 2022 for the Cochlear Nucleus 8 sound processor. Recognized as the world's first cochlear implant sound processor, the Nucleus 8 is available in Lone Tree, Colorado. As the smallest and lightest behind-the-ear cochlear implant sound processor, it features advanced hearing technology from Cochlear that effectively eliminates background noise, enhancing face-to-face communication, especially in noisy environments.

Major companies in the cochlear implant market are placing emphasis on innovative products such as rechargeable loop listeners to drive market revenues. A rechargeable loop listener is an assistive listening device designed to amplify and clarify audio signals transmitted through a hearing loop system. Contacta Systems Ltd., a UK-based company specializing in assistive technology solutions, launched the RX-30 rechargeable loop listener in October 2023. The RX-30 is a small listening device designed to mimic the appearance of a hearing aid, allowing users to conveniently wear it. This pocket-sized receiver receives signals transmitted by the current generation of hearing loop systems and features a smooth frequency response, bass cut filter, volume control, and headphone jack, enabling users with hearing loss to enjoy crystal-clear sound. The RX-30 is designed to assist individuals without cochlear implants or hearing aids, serving as a full wireless receiver for enhanced auditory experiences.

In April 2022, Cochlear Limited, a medical device company headquartered in Australia, successfully acquired Oticon Medical for a sum of AUD170 million (equivalent to $113.28 million). Through this acquisition, Cochlear Limited aims to enhance its market presence, increase operational scale, and strengthen its endeavors in research and development. Oticon Medical, based in Sweden, is a renowned manufacturer specializing in hearing aid solutions, offering a range of products including cochlear implants and bone-conduction hearing solutions. Cochlear Limited's acquisition of Oticon Medical signifies a strategic move to broaden its portfolio and consolidate its position in the hearing aid and medical device industry.

Major companies operating in the cochlear implant market report are Medtronic Plc, Koninklijke Philips N.V., Sonova International, Demant A/S, Sivantos Pte. Ltd., Starkey Hearing Technologies, GN ReSound, Cochlear Limited, Widex A/S, MED-EL Elektromedizinische Gerate Gesellschaft m.b.H., Advanced Bionics AG, Rion Co. Ltd., Oticon Medical Ab, EarLens Corporation, Bernafon AG, Envoy Medical Corporation, EarGo Technologies Inc., Soundhawk Corporation, GAES Medica, NeuBio AG, TODOC, Tencent, Nurotron Biotechnology Co. Ltd., IntraPace Inc., Ototronix LLC

North America was the largest region in the cochlear implant market in 2023. The regions covered in the cochlear implant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cochlear implant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The cochlear implant market consists of sales of microphones, speech processors, transmitters, receivers, and stimulators. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Cochlear Implant Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on cochlear implant market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for cochlear implant ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cochlear implant market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Unilateral Implants; Bilateral Implants
• 2) By Technology: Electro-Acoustic Stimulation (EAS); Acoustic Amplification Technology; Electro-Stimulation Technology
• 3) By Patient: Adult; Pediatric
• 4) By End-use: Hospitals; ENT (Ear, Nose, And Throat) Clinics; Ambulatory Surgical Centers
• Companies Mentioned: Medtronic Plc; Koninklijke Philips N.V.; Sonova International; Demant A/S; Sivantos Pte. Ltd.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.