The global cochlear implant market size is expected to reach USD 3.1 billion by 2030, registering a CAGR of 8.71% during the forecast period, according to a new report by Grand View Research, Inc. Supportive initiatives by the governments and various organizations, a rise in bilateral fittings, and increase in diagnosis rate are the factors, expected to boost the market growth, during the forecast period. Key players in the region are conducting research activities to improve the patient experience. For instance, in February 2022, Senova announced a vitro line of custom-made hearing devices with paradise technology which includes fully connected ITE hearing devices; Vitro P-312 (Vitro P Black), Vitro P-Titanium, and Vitro P-10.
Additionally, the rising adoption of cochlear implants, owing to technological advancement, is expected to foster the growth of the market. For instance, in December 2020, Advanced Bionics LLC, a US subsidiary of Sonova received FDA approval for Naida CI Marvel and Sky CI Marvel sound processors in the United States. These sound processors allow the user to customize their implant, based on the location of the wearer whether in a noisy place or at home, with the help of machine learning algorithms.
Increasing investment in R&D activities for product innovation enables manufacturers to compete with other players to achieve a greater market stronghold. For instance, Cochlear Ltd. increased its investment to USD 199.5 million in 2021 from USD 25.9 million in 2020. Kanso 2 sound Processor, Nucleus 7 Sound Processor, and custom sound pro fitting software by Cochlear Ltd. are some of the product launches witnessed by the market in 2020.
Furthermore, the COVID-19 pandemic had a profound impact on the market by disturbing the supply chain. It disrupted the cochlear implants business due to the postponement of elective surgeries and delays in the repairs of the implants. Owing to this, the manufacturers witnessed a decline in their revenue. Although the pandemic affected cochlear implant surgery and associated services, it also led to new research initiatives. For instance, in July 2020, ENT surgeons and researchers at the Nottingham University Hospitals developed a personal protective equipment solution, specifically for cochlear implantation surgeries that helped reduce the delay in the surgery.
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Based on the type of fitting, the unilateral implants segment dominated the cochlear implants market in 2021. However, the bilateral segment is expected to grow at the fastest rate during the forecast period. The demand for bilateral implantation in children is growing due to their cost-effective nature and better speech recognition in noise
Based on end-use, the pediatric segment is expected to exhibit the fastest growth during the forecast period due to the increasing utilization of the medical device by pediatric patients and the high prevalence of hearing loss among children. According to NIDCD, two out of three children in the U.S. are born with some level of hearing loss in either or both ears
Europe held the largest revenue share in 2021. However, in the Asia Pacific, the market is expected to grow at the fastest rate during the forecast period. This can be attributed to the rapidly increasing geriatric population coupled with rising awareness about hearing aids and the local presence of key market players in the region
The industry is witnessing product launches and initiatives for business expansion. For instance, in February 2021, Cochlear Ltd. partnered with hearing health experts for conducting clinical trials for an investigational glucocorticoid-releasing cochlear implant. The study aims to evaluate the effect of the medical device in about 120 adults in the U.S. and Australia with moderate to profound sensorineural hearing loss.
Grand View Research has segmented the global cochlear implant market based on the type of fitting, end use and region:
Cochlear Implant Type of Fitting Outlook (Revenue, USD Million, 2016 - 2030)
Cochlear Implant End-use Outlook (Revenue, USD Million, 2016 - 2030)
Cochlear Implant Regional Outlook (Revenue, USD Million, 2016 - 2030)
Middle East & Africa (MEA)
List of the key players in the Cochlear Implant Market
MED-EL Medical Electronics
Zhejiang Nurotron Biotechnology Co. Ltd.
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