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Cochlear Implants Market - By Type (Unilateral Implant, Bilateral Implant), By Patient (Adult, Pediatric), By End-use (Hospitals, ENT Clinics, Ambulatory Surgical Centers) & Forecast, 2023-2032
- Report ID: GMI2411
- Published Date: Jan 2023
- Report Format: PDF
Industry Statistics
Cochlear Implants Market size exceeded USD 1.5 billion in 2022 and is anticipated to exhibit more than 7.5% CAGR through 2023-2032, as a result of the expansion of the aging population worldwide.
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Aging is associated with a higher prevalence of hearing loss, as cumulative effects of hearing damage are prominent among older adults. Based on statistics from the United Nations Population Fund, by 2050, nearly 25% of the population in the Asia Pacific will be aged above 60 years. Since the elderly population is susceptible to chronic ailments such as hearing loss, cochlear implant surgery will gain momentum as a viable option to treat inner ear damage and enhance the quality of life.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 1.5 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 7.8% |
| 2032 Value Projection: | USD 3.4 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 363 |
| Segments covered: | Type, Patient, End-use, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Despite the favorable business environment, high cost is a major factor restraining the adoption of cochlear implants, especially among patients with low socioeconomic status in developing nations. The average price of cochlear implant surgery ranges from USD 30,000 to USD 50,000 and is relatively higher for bilateral cochlear implantation. However, the growing number of people at risk of hearing loss due to excessive and prolonged exposure to loud noise will likely create lucrative prospects for cochlear implant manufacturers over the forecast period.
Prevalence of single-sided deafness among children to boost rate of unilateral implant procedures
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Unilateral implants segment accounted for over 86% share of the cochlear implants industry in 2022, owing to the increased product penetration and the rising incidence of single-sided hearing impairment among children. According to data from Aussie Deaf Kids, close to 1 in 1,000 children is born with unilateral hearing loss, commonly detected through a newborn hearing screening program. The capability to ensure better transmission of high-frequency sound than other bone conduction implants and improve speech understanding in noise will further drive unilateral implant production over the estimated timeline.
High burden of presbycusis to augment implantation of cochlear devices in adult patients
Cochlear implants market share from adult patient segment is anticipated to register over 7.5% CAGR through 2023-2032, considering the growing incidence of presbycusis or bilateral age-related hearing loss. Presbycusis is estimated to affect nearly two-thirds of the elderly population aged 70 years and above across America. Furthermore, with the rise in the geriatric population, the occurrence of hearing impairments is expected to surge and in turn, encourage older adults to undergo cochlear implant surgery.
Presence of experienced healthcare professionals to drive use of advanced cochlear implant in hospital settings
Cochlear implants market value from hospital end-use segment will depict over 7% CAGR through 2032, given the presence of advanced electronic devices and skilled healthcare professionals across hospital settings. In emerging nations, several funding programs are being launched to support infrastructural development and operation across rural hospitals. These factors, alongside the greater influx of patients and the availability of reimbursement and insurance policies, are likely to contribute to cochlear implant technology deployment in hospitals.
Favorable governmental policies to propel cochlear implants industry growth in Europe
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Europe cochlear implants market size is slated to cross USD 1 billion by 2032, due to the presence of speech therapy clinics and favorable reimbursement policies. These developments are likely to augment For instance, the Hearing Health Forum EU was introduced as a collaboration of health associations, hearing impairment experts, and NGOs to help over 196 million European citizens gain access to hearing aids such as cochlear implants. With the rising burden of tinnitus among adults, the requirement for hearing aids will further increase and consequently boost the rate of cochlear device implantation in the region.
Product range expansion strategies to define competitive cochlear implants industry landscape
Competitive landscape of the cochlear implants market is inclusive of Zhejiang Nurotron Biotechnology Co., Ltd., Envoy Medical, MED-El, Advanced Bionics Corporation (Sonova Holdings AG), and Cochlear Ltd, among others. These firms are incorporating strategies such as product range expansions and other strategies to strengthen their foothold in the global market.
Impact of COVID-19 crisis on cochlear implants industry trends
The imposition of travel restrictions and business disruptions during the COVID-19 pandemic asserted a negative influence on the healthcare ecosystem. With the mounting influx of coronavirus-infected patients, correlated emergency services were prioritized over elective surgeries including cochlear implantation. Based on a study data from the Massachusetts General Hospital, surgical procedures have not fully recovered to pre-pandemic levels, resulting in deferred procedures and backlogs. Such adverse effects may limit the production of cochlear implantation devices to some extent over the forthcoming years.
Cochlear implants market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments:
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By Product
- Unilateral Implants
- Bilateral Implants
By Patient
- Adult
- Pediatric
By End-use
- Hospitals
- ENT Clinics
- Ambulatory Surgical Centers
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Poland
- Sweden
- The Netherlands
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Indonesia
- Philippines
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Columbia
- Chile
- Peru
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
- Turkey
- Iran