Cochlear Implants Market size is projected to exceed USD 3 billion by 2032, as per a new research report announced by Global Market Insights Inc.
Growing prevalence of hearing loss disorders will bolster the rate of cochlear implant surgery to improve communication and quality of life. A key factor contributing to the burden of hearing impairment is the increasing number of smokers. The requirement for cochlear implant devices will rise since the carbon monoxide in tobacco smoke and nicotine in tobacco are substances linked to hearing impairment.
Despite the growing incidence of hearing loss, increasing awareness regarding the availability of advanced treatment options such as cochlear implants is low, especially in emerging economies. The lack of standardized screening programs, healthcare-specific legislative frameworks, and skilled audiologists has also been limiting patient access to cochlear implantation procedures. Poor healthcare infrastructure may further hinder industry expansion to some extent over the foreseeable future.
High burden of age-related hearing loss to drive production of bilateral cochlear implants
Cochlear implants market value from the bilateral implants segment is poised to register a 9% CAGR by 2032, given the product’s binaural attributes, making it more conducive for implantation. A significant improvement in speech perception and outcomes regarding literacy, language, academic and social abilities, and quality of life are also among the major benefits of bilateral cochlear implants. The mounting prevalence of age-related hearing loss, which occurs often in both ears, will further amplify the rate of bilateral cochlear implantation globally.
Browse key industry insights spread across 200 pages with 343 market data tables & 20 figures & charts from the report, “Cochlear Implants Market Size By Type (Unilateral Implant, Bilateral Implant), Patient (Adult, Pediatric), End-use (Hospitals, ENT Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Country Outlook, Growth Potential, Application Potential, Competitive Market Share & Forecast, 2023-2032” in detail along with the table of contents:
High impact of hearing disabilities on cognitive development to drive use of cochlear implants among pediatric patients
Cochlear implants industry from the pediatric patient segment will depict over 8% CAGR through 2032. Hearing loss is said to have a significant impact on social and cognitive growth, as well as communication abilities among children, which will result in an increased requirement for hearing aids among these patients. Speech and language delays and other complications of hearing loss in children, will also foster pediatric cochlear implant progress.
Rehabilitation support and other favorable policies fuel cochlear implantation in ENT clinics
Cochlear implants market value from the ENT clinics segment is set to cross USD 1 billion by 2032, on account of the delivery of continuous monitoring services after surgical procedures. Apart from working closely with patients, these clinics are also gaining preference due to their ability to provide rehabilitation support and favorable reimbursement policies. Furthermore, the rise in referral networks and the growing incidences of hearing impairment will make these ENT facilities a primary point of contact for patients and in turn, drive demand for cochlear implantation procedures.
Increasing instances of hearing impairment to position North America as a lucrative hub for cochlear implant production
North America accounted for over 41% share of the cochlear implants market in 2022, owing to the mounting product penetration and the high burden of hearing loss. Based on data from the CDC and the HLAA (Hearing Loss Association of America), over 48 million Americans suffer from some degree of hearing loss. Additionally, the increasing number of older adults susceptible to hearing loss and favorable reimbursement scenarios will boost cochlear implant device demand and strengthen the regional industry outlook.
Business expansion strategies by major players to influence cochlear implants market dynamics
Advanced Bionics Corporation (Sonova Holdings AG), Zhejiang Nurotron Biotechnology Co., Ltd., Envoy Medical, MED-El, and Cochlear Ltd. are some of the prominent companies profiled in the report. These firms are incorporating strategies such as product launches and business expansions to gain a competitive advantage and increase their foothold in the cochlear implants industry.