Cochlear Implant Systems Market Size By Product (Unilateral Implant, Bilateral Implant), By End-user (Adult, Pediatric), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021-2027

Published Date: Feb 2021  |  Report ID: GMI2411  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 100   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry trends

Cochlear Implant Systems Market size was valued at over USD 1.1 billion in 2020 and is projected to grow at a CAGR of 7.3% between 2021 and 2027.
 

Cochlear Implant Systems Market
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Cochlear implant is an electronic device designed to mimic the function of healthy inner ear or cochlea. Continuous technological advancements in cochlear implants coupled with increasing number of product launches are increasing the adoption rate of cochlear implant.
 

Increasing incidence of impaired hearing coupled with growing geriatric population are the factors contributing to the market growth. According to the World Health Organization, more than 5% of the world’s population is suffering from disabled hearing. Moreover, rising government initiatives to curb the burden of impaired hearing and product approvals are also augmenting the market share.
 

Increasing number of product launches and substantial rise in research and development expenditure will drive the market revenue

Growing expenditure on research and development and introduction of novel technologies are boosting the market value. Continuous research on total implantable cochlear implant technology will foster the market demand. Advancements in cochlear implant are introducing wide range of hearing solutions that can deliver a lifetime hearing outcome. These advanced devices allow sound processor to connect with Smart Apps, thereby allowing people to control the volume using smart phones. The technological advancement in the field of cochlear implants has enhanced the clarity of sound and improved the ability to understand speech. Furthermore, these advanced devices can work effectively, even in a noisy environment.
 

The COVID-19 pandemic has negatively impacted the overall sales of cochlear implants in 2020. The significant decline in non-urgent procedures including cochlear implant surgery across the globe in 2020 has reduced the industry revenue. However, relative decline in infected individuals, relaxation of certain restrictions and education of customers through various online channels, will aid in recovering the industry growth in the coming years.
 

Growing adoption of unilateral implants and relatively low cost of treatment will spur the cochlear implant systems market expansion

Cochlear Implant Systems Market Size

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The unilateral implant segment is predicted to witness 7.4% growth rate till 2027 due to low cost of unilateral implant, favourable reimbursement, and shorter surgery time.
 

Increasing incidence of single side deafness is impelling the product demand. About 60,000 people in the U.S. acquire single-sided deafness every year. Increasing incidence of single-side hearing loss in children is also fuelling the market size. The major cause of single-side deafness is often genetic or caused by infection or damage to ear. Thus, increasing patient pool will positively impact the demand for unilateral cochlear implants.
 

Growing geriatric population and rising incidence of impaired hearing will increase the demand for cochlear implant.

The adult segment in the cochlear implant systems market exceeded USD 780.9 million in 2020. Growing geriatric population pool and increasing adoption of cochlear implant in adults is impacting the industry growth. According to the World Bank, the total number of people aged 65 years and above was approximately 9% of the total population in 2019.
 

Impaired hearing is one the most common cause in adults. Approximately, 1 in 3 people between the age of 65 and 74 years has impaired hearing. Moreover, continuous technological advancement in cochlear implants and improved clinical outcome of implant surgery in adults will propel the market expansion in the coming years.
 

Presence of key players will positively impact the growth of North America region

North America Cochlear implant systems market accounted for 40% of revenue share in 2020. Presence of major industry leaders coupled with continuous innovations in the field of cochlear implants is driving the product demand. Additionally, favourable reimbursement policies coupled with speedy FDA approval of cochlear implant are fostering the industry value.  
 

Large population pool with impaired hearing and increasing adoption of advanced cochlear implant devices are the factors impacting the regional growth. Increasing elderly population base that is susceptible to impaired hearing problems further impacts the product demand in the region. Thus, significant improvements in clinical outcome coupled with growing patient pool is expected to influence the market demand during the forecast period.
 

Major market participants are innovating their products to cater to rising demand for cochlear implants

Some of the major companies operating in market are Cochlear Ltd., Demant A/S, Sonova, MED-EL Medical Electronics, and Nurotron Biotechnology. These players are continuously developing their products and are involved in research and development activities. Continuous research and development activities are leading to introduction of next generation cochlear implants in the market.
 

Some of the recent industry developments:

  • In December 2019, Cochlear Ltd. received FDA approval of new cochlear Osia system. The device is a first Osseo integrated steady state implant, thereby expanding the firm’s product offerings and offering competitive edge.
     
  • In June 2019, Advanced Bionics received FDA approval for Marvel Cochlear Implant Platform. The device is the first sound processor for the children that will enhance its client base.
     
  • In July 2017, Cochlear Limited launched Apple compatible cochlear implant. The Nucleus 7 sound processor can sync up with various Apple products.
     

Cochlear Implant Systems Market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

Market, By Product                   

  • Unilateral Implant
  • Bilateral Implant

Market, By End-user

  • Adult
  • Pediatric

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Sweden
    • Denmark
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
    • Chile
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • UAE

 

Frequently Asked Questions (FAQ) :

The global market for cochlear implant systems hit USD 1.1 billion in 2020 and could reach 7.3% CAGR up to 2027 with consistent technological developments and an increase in product launches.
The market share from unilateral implant systems is anticipated to register around 7.4% CAGR between 2021-2027 due to lower cost, shorter surgery time and favorable reimbursement schemes.
The cochlear implant systems market share from the adult segment had reached USD 780.9 million in 2020 and will grow due to high geriatric population and the prevalence of impaired hearing.
North America accounted for more than 40% of the global revenue share during 2020 with the presence of prominent companies, reimbursement policies and fast approvals from the U.S. FDA.
Some of the major companies operating in the cochlear implant systems market are Cochlear Ltd., Demant A/S, Sonova, MED-EL Medical Electronics, and Nurotron Biotechnology.

Premium Report Details

  • Published Date: Feb 2021
  • Pages: 100
  • Tables: 66
  • Charts / Figures: 11
  • Companies covered: 5
  • Countries covered: 21

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