Cochlear Implants Market was valued at USD 1.6 billion in 2023 and is projected to grow from USD 1.7 billion in 2024 to USD 2.83 billion by 2032, exhibiting a CAGR of 5.60% during the forecast period (2024 - 2032). Rising frequency of hearing loss, increasing demand for minimally invasive surgery techniques, and growing aged population are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The expansion of the market in the next years will be fueled in large part by the increasing demand for minimally invasive surgical procedures. Because of advances in technology as well as favorable policies on insurance, there has been a significant increase in the utilization of such apparatus. In the most recent few years, hearing loss has emerged as a serious problem and can be due to a variety of circumstances, such as hereditary factors, intrauterine infections, birth hypoxia, cerumen impaction, ototoxic drugs, and others. These individuals may get advantages from using assistive technology such as cochlear implants, hearing aids, and other similar technologies.
The increased acceptance of various cochlear implants, the incorporation of cutting-edge technology into existing products, and the number of initiatives taken by the government and other organizations to support cochlear implant research are likely to result in a significant expansion of the market for cochlear implants.
April 2023: Colgate and VMLY&R have collaborated with Steeden on a product called "Hear Gear" to aid Australian rules football players who are deaf or hard of hearing and wear hearing implants on the field. Hear Gear was conceived by VMLY&R and created, tested, and manufactured by Steeden to provide athletes who are hard of hearing with a level playing field. 'The Sound of a Smile,' a new campaign from Colgate and VMLY&R, aims to highlight the value of diversity and belonging in sports, and its premiere coincides with the Hear Gear project's introduction.
Growing Prevalence of minimally invasive surgery techniques to boost market growth
The rising demand for minimally invasive surgical techniques enhanced the market growth during the coming years. There has been major growth in the implementation of such equipment due to advanced technology and favor of insurance schemes.
Further, Loss of hearing and increasing aged population are another factors for market growth of the Cochlear Implants. For Instance: as per the report of Statistics Canada in October 2021, overall 60% of the Canadian population aged 19 years to 79 years had a hearing issue, with audio metrically measures tinnitus, hearing loss, and both conditions in 2020.
Additionally, according to the National Institute of Deafness and Other Communicable Disorders, around 2 to 3 children out of every 1000 in the United States were born with a detectable level of hearing loss in one or both ears. Therefore, loss of hearing in children and aged has enhanced the market CAGR of cochlear implants across the globe in the recent years.
However, the delayed disclosure to noise in recreational settings is anticipated to be another salient factor driving the growth of the cochlear implants market revenue.
The market segments of Cochlear Implants, based on product, includes cochlear implant system and accessories, upgrades and others. The cochlear implant system and accessories segment held the majority share in 2022 in respect to the Cochlear Implants Market revenue. This is primarily owing to the rising prevalence of hearing loss, increasing demand for minimally invasive surgeries, and growing aging population across the globe.
June 2021: The Neuro System (Acochlear implant system) from Oticon Medical was given premarket approval (PMA) by the U.S. Food and Drug Administration (U.S. FDA) to treat people who are 18 years of age or older and have bilateral severe-to-profound sensorineural hearing loss who only receive modest benefit form hearing aids that are properly fitted. Such changes are probably going to have a favourable effect on the market’s growth in the near future.
The Cochlear Implants Market segmentation, based on type, unilateral implant and bilateral implants. The unilateral implants segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the technological advancement and cost-effectiveness. For Instance: According to a research study that was published in Ear and Hearing in March 2021, and seniors with unilateral cochlear implantation (CI) with progressive severe hearing loss had net economic benefits totaling USD 292,634.38 and USD 80,873, respectively. Hence, rising unilateral implants positively impacts the market growth.
January 2022: United Staes Food and Drug Administration (U.S. FDA) approved Cochlear Nucleus Implants of Cochlear Limited for the treatment of unilateral hearing loss (UHL) or single-sided deafness (SSD).
Figure 1: Cochlear Implants Market, by Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Further, bilateral implant segment is the fastest growing segment in the coming years due to its cost-effectiveness when implanted in children because its duration of time is longer as compared to aged population. Moreover, the ability of these devices to identify speech in noise is anticipated to drive the market growth.
Based on End Users, the global cochlear implants industry has been segmented into hospitals & clinics, ambulatory centers, research, and academic institutes. Hospitals & Clinics held the largest segment share in 2022, owing to the increasing number of hospitals providing advanced cochlear implant surgeries. Hearing loss patients are well treated in hospitals and clinics with advanced technology. In developing nations, various funding programs are being launched to support infrastructural development and operation in rural hospitals. These factors with the increasing patients and reimbursement and insurance policies is expected to increase the market growth in the coming years.
February 2023, Amazon and Cochlear will work together to create a groundbreaking solution that will make TV viewing enjoyable for people with hearing implants all across the world. Audio Streaming for Hearing Aids (ASHA) is an open-source protocol that allows persons with hearing loss to transmit sound from their Amazon smart TVs to their Cochlear hearing implants. This development is an extension of Amazon's partnership with Starkey, a manufacturer of hearing aids, and is part of a larger initiative to make media for the deaf and hard of hearing more widely available.
February 2023, The cutting-edge Surgically Implantable Hearing Device Program will be available at India's Lilavati Hospital and Research Centre. The program's ultimate goal is to ensure that every deaf or hard-of-hearing kid has access to a cochlear implant, which can restore full hearing in both ears. Comprehensive assessment and treatment are provided by a multidisciplinary team of specialists at Lilavati's Surgically Implantable Hearing Device Program, including otorhinolaryngologists (ENTs), neurologists, pediatricians, psychiatrists, and social workers. Also included are up-to-date operating theaters, in-house rehabilitation facilities, and prompt problem solving.
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Cochlear Implants Market accounted for USD 0.82 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing incidence of hearing loss, advanced technology as well as increasing demand for minimally invasive surgical techniques across the region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: COCHLEAR IMPLANTS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe cochlear implants market accounts for the second-largest market share due to the availability of cutting-edge treatment facilities, government backing for the growth of the healthcare industry, an ageing population, and an increase in incidence of hearing loss in aged and children. Further, the Germany market of cochlear implants held the largest market share, and the UK market of cochlear implants was the fastest growing market in the European region.
The Asia-Pacific cochlear implants market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to increased hearing loss patients, advanced technology, and rising healthcare costs. Moreover, China market of cochlear implants held the largest market share, and the India market of cochlear implants was the fastest growing market in the Asia-Pacific region.
Cochlear Implants Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the market growth of Cochlear Implants. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the cochlear implants industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global cochlear implants industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, cochlear implants industry has provided medicine with some of the most significant benefits. The cochlear implants market major player such as MED-EI (Austria), Microson S.A. (Spain), Widex (Denmark), GAES MEDICA (Spain), Cochlear Ltd. (Australia), Wiliam Demant Holding Group (Denmark), Advanced Bionics AG (Switzerland), and others are working to expand the market demand by investing in research and development activities.
Cochlear Ltd. Is a medical device company designs, produces, and supplies the Nucleus cochlear implant, the Baha bone conduction implant, and the Hybrid electro-acoustic implant. Cochlear was known as Australia’s most innovative company by the Intellectual Property Research Institutes of Australia in 2002, and 2003. For instance: July 2020, Cochlear Limited got approval from U.S. Food and Drug Administration for its three products related to hearing technology solutions. These products are Custom Sound Pro fiting software, CochlearTM Nucleus Kanso 2 Sound Processor, Nucleus 7 Sound Processor for Nucleus 22 implant receipients. The products are able to provide access to smartphone and bluetoth connectivity will improve the hearing performance.
Also, Widex (Denmark) is the world’s sixth largest hearing aid producer. The company has produced a wide range of didgital hearing aids with the colabration through international audio logical researchers and specialist. Widex’s main aim is to create hearing aids that sound so natural. According to Widex hearing aids should match your lifestyle, hearing demnads, and look. Your hearing aids will suit you perfectly if they are the proper fit, style, and colour for you on the inside and exterior. A hearing specialist can assist you in locating the ideal fit so you can enjoy sound the way it was intended to be heard. For instance: in 2020, Widex launched the smallest (RIC) lithium-ion hearing aid on the market.
Key Companies in the market of Cochlear Implants includes
Cochlear Implants Industry Developments
November 2023: Cochlear Limited announces the launch of its new Cochlear™ Nucleus® 9 Sound Processor. The Nucleus® 9 is designed to be the smallest and lightest cochlear implant sound processor on the market, making it more comfortable and discreet to wear.Med-El announces the launch of its new SYNCHRONY Cochlear Implant System. The SYNCHRONY system is designed to provide patients with the best possible hearing experience, with features such as intelligent sound processing and wireless connectivity.
June 2022: Demant acquitted the remaining 80% of the shares in ShenWang, now it has the full ownership of the leading network of hearing aid clinics in China. This follows the 20% minority investment and signifies a substantial strategic transaction in Demant’s uninterrupted journey within hearing healthcare.
June 2022: Cochlear, a Sydney-based hearing implant pioneer, is introducing Australian medical technology to India. The firm is expected to benefit quickly form the conclusion of a new trade agreement between Australia and India. The creator of the bionic ear would experience the progressive reduction of 7.5-15% tariffs on its hearing equipment, components, and accessories in India once the deal is in effect.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 1.6 billion |
| Market Size 2024 | USD 1.68 billion |
| Market Size 2032 | USD 2.82 billion |
| Compound Annual Growth Rate (CAGR) | 5.6% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Type, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | MED-MI (Austria), Microson S.A. (Spain), Widex (Denmark), Gaes Medica (Spain), Cochlear Ltd. (Australia), William Demant Holding Group (Denmark), Advanced Bionics AG (Swizerland) |
| Key Market Opportunities | · Increasing hearing loss incidence · Research and development |
| Key Market Dynamics | · Rising prevalence of hearing loss · Increasing aged population · Advanced technology · Insurance and reimbursement scenario |
Cochlear Implants Market Highlights:
Frequently Asked Questions (FAQ) :
The global cochlear implants market size was valued at USD 2.82 billion in 2032
The global market is projected to grow at a CAGR of 5.6% during the forecast period, 2024-2032.
North America had the largest share in the global market.
The key players in the market are MED-EI (Austria), Microson S.A. (Spain), Widex (Denmark), GAES MEDICA (Spain), Cochlear Ltd. (Australia), William Demant Holding Group (Denmark), and Advanced Bionics AG (Switzerland).
The cochlear implant systems and accessories dominated the market in 2023.
The unilateral implant had the largest share in the global market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
