Cochlear Implant System Market worth over $2.2bn by 2027
Published Date: February 23, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Cochlear Implant System Market size is set to surpass USD 2.2 billion by 2027, according to a new research report by Global Market Insights, Inc.
Increasing population experiencing hearing loss is expected to positively impact the market growth in the coming year. Along with aging, exposure to loud sound and occupational noises also leads to hearing loss. According to the World Health Organization (WHO), the number of people experiencing disability in hearing is projected to reach over 900 million by 2050 globally. Additionally, the annual cost related to unaddressed hearing loss accounts for over USD 700 billion. Therefore, with rising prevalence and growing elderly population, the market is anticipated to observe lucrative growth during the forecast period. However, unforeseen situations including COVID-19 pandemic impacted the market upto some extent in 2020.
Advances in external and internal technologies leading to improvement in cochlear implant systems will boost the product adoption
With technological developments in external and internal components of cochlear implant systems, the market is set to proceed at significant rate. Improvements in design and placement of receiver and electrodes has considerably increased the product acceptance. The enhancement in external component technology led to downsizing and increased efficiency of externally worn speech processors. Such advancement in systems resulted into minimized damage to the cochlea with electrode insertion during the surgeries. Enhanced patient outcomes among adults and pediatric population will further fuel the product usage in the coming years.
Improved speech and language development capabilities with unilateral implant systems will impel the cochlear implant system market revenue
Unilateral implant systems segment dominated more than 88% of the market share in 2020 led by benefit of language development and improved speech with the use of unilateral cochlear implants. Unilateral cochlear implantation in children and adults with profound sensorineural hearing loss helps to improve quality of life. Moreover, significantly high prevalence of single-sided deafness further stimulates the segment growth potential.
Browse key industry insights spread across 100 pages with 66 market data tables & 11 figures & charts from the report, “Cochlear Implant System 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” in detail along with the table of contents:
Increased risk of hearing loss among older adults with aging will propel the market demand
Adult end-use segment in the cochlear implant system market accounted for USD 750 million in 2020. Growing adult population suffering through hearing loss will drive the product demand in the upcoming period. According to the World Health Organization, about 432 million adults experience hearing loss and the number increases with aging. Age-related hearing disabilities with changes in auditory nerve and inner ear will further increase the prevalence among adult population. Rising cases with such hearing disabilities, especially in older adults will create demand for cochlear implants to sustain hearing abilities, thereby nurturing the segment expansion during the forecast timeline
High demand for hearing aids to cater to increasing population with hearing loss will influence the growth of European region
Europe cochlear implant system market held over 32% of revenue share in 2020. Substantial population with untreated hearing loss in the region offers growth opportunities for manufacturers to tap unmet demand. Furthermore, countries with growing elderly population drives the product demand. Acceptance of new technologies and awareness among population offers unprecedented growth opportunities to the industry players in the region. Also, increasing success rate of cochlear implantations is uplifting the product demand.
Prominent leaders are focusing on adoption of various growth strategies including portfolio expansion to strengthen their market position
Some of the notable companies involved in the cochlear implant system market are Cochlear Ltd., William Demant, Sonova and MED-EL. These industry participants have undertaken various strategies such as new product development, collaborations and mergers to expand their market footprint.
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