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Cochlear Implant Systems Market size to exceed USD 2.6 billion by 2030

  • Published Date: May 12, 2022

Cochlear Implant Systems Market size is set to surpass USD 2.6 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The market is expected to witness significant growth owing to increased number of people suffering from moderate to severe hearing loss leading to accelerated product adoption rate. Furthermore, product advancements are another factor driving overall business expansion for cochlear products.
 

According to WHO, around 2.5 billion people will suffer from hearing impairment to some extent by the year 2050 and approximately 700 million people will require hearing rehabilitation products. Application of cochlear implant systems particularly in patients having well-developed central auditory pathways i.e., patients who lost hearing function post complete development of auditory cortex or at an early age is said to deliver exceptional results will drive the business expansion over the forthcoming years.
 

Improving standard of care for older patients will spur the cochlear implant systems market growth

Majority of elderly people suffer from moderate to severe hearing loss as they get older, also known as age-related hearing loss or Presbycusis. As per the National Institute on Aging, nearly one in three people aged between 65 to 74 years suffer from hearing loss and almost 50% of people aged above 75 years have difficulty in hearing.
 

Prevalence of conditions including high blood pressure, diabetes may also lead to hearing loss. Elderly people are highly prone to suffer from chronic conditions such as diabetes. Hence, expanding geriatric population base coupled with high prevalence of chronic conditions among this population base will drive the overall cochlear implant industry.
 

Furthermore, bacteria or viruses that typically lead to infection such as otitis media along with rising incidence of stroke, heart condition, tumor or brain injury can also negatively impact the hearing function of an individual. Thereby, elevating the adoption rate of cochlear implant systems.
 

Growing product adoption to assist patients in hearing function will fuel the market demand

Bilateral cochlear implants segment is estimated to witness CAGR of more than 6.8% during the projected timeline as these products are used more frequently in infants & children learning to process language and speak and are suffering from severe hearing impairment. These implants offer ability to locate source from which sounds are coming from, ability to listen also during noisy environments, hear television programs clearly and ability to listen to speech without requiring visual cues including reading lips.
 

Browse key industry insights spread across 100 pages with 66 market data tables & 11 figures & charts from the report,Cochlear Implant Systems Market Size By Product (Unilateral Implant, Bilateral Implant), By End-User (Adult, Pediatric), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cochlear-implant-systems-market
 

Increasing number of people suffering from severely hard-of-hearing condition will spur the product adoption rate

Adult segment captured over 55% cochlear implant systems market share in 2021 and is expected to witness substantial growth in the forecast period. The first cochlear implant approved in the U.S. in mid 1980s’ was also approved to treat adults with hearing loss. Adult population, who has lost complete or partial function of hearing can also be benefitted through cochlear implants. Thus, increasing incidences of hearing impairment among adults coupled with growing cases of age-related hearing loss will drive the segmental growth.
 

Expanding geriatric population base in Europe will spur the industry expansion

Europe cochlear implant systems market is expected to cross USD 950 million by 2030 due to increasing geriatric population base prone to suffer from age-related hearing loss. Elderly cochlear implant receivers can benefit significantly from cochlear implantation. For instance, according to the survey report published by the European Association of Cochlear Implant Users’ around 95% of cochlear implant users experience improved outcomes.
 

Inorganic growth strategies by industry players will foster the busniess statistics

Some of the notable players involved in the cochlear implant systems industry are Cochlear Ltd., MED-EL Medical Electronics, Nurotron Biotechnology Company Ltd, Demant A/S, Sonova, among others. These market players are engaged in undertaking various strategies such as new product development, collaborations, and mergers to expand their market footprint.
 

For instance, in December 2020, Advanced Bionics (AB) received the U.S. FDA approval for its Marvel hearing technology for cochlear implant wearers in collaboration with Phonak. This approval will assist the company in enhancing their product portfolio, thus expanding their customer base.
 

Authors: Sumant Ugalmugle, Rupali Swain