Cochlear Implant Market Strategies, Analysis and Forecasts Till 2030

Posted on 2022-08-11 by researchinsights in Healthcare // 0 Comments

Cochlear Implant Industry Overview

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.

Cochlear Implant Market Segmentation

Grand View Research has segmented the global cochlear implant market based on the type of fitting, end use and region:

Based on the Type Of Fitting Insights, the market is segmented into Unilateral and Bilateral.

The unilateral implants segment dominated the market with a share of 87.9% in 2021. The growth can be attributed to the high demand for unilateral implants owing to easier reimbursement of these devices, their lower cost when compared to bilateral implants, shorter surgery duration, and low anesthesia requirement.
However, the bilateral implants segment is expected to witness lucrative growth during the forecast period. This can be attributed to its cost-effectiveness when implanted in children since these will be implanted for a longer duration as compared to the geriatric population. Additionally, the ability of these devices to recognize speech in noise is expected to drive segment growth.
Furthermore, the segment is expected to witness significant growth owing to the increased spending on research, and innovative product launches by the key companies operating in the market. For instance, in January 2022, the US FDA approved Cochlear Nucleus Implants by Cochlear limited to treat unilateral hearing loss (single-sided deafness).

Based on the End-use Insights, the market is segmented into Adult and Pediatric.

The adult segment with 60.2%, held the maximum market share in 2021 due to a larger elderly population patient pool. According to the National Institute of Deafness and other Communication Disorder, 2.0% of the population aged between 45 and 54 in the US suffers from disabling hearing loss, and around 8.5% of the population aged between 55 and 64 suffer from disabling hearing loss.
However, the pediatric segment is expected to grow at a substantial rate during the forecast period. According to the National Institute of Deafness and other Communication Disorders, approximately 2 to 3 out of 1000 children suffer from detectable loss of hearing in the US.
Around 1 in 1000 live births in the US suffer from sensorineural unilateral hearing loss (UHL). To provide aid to these patients, in 2019, US Food and Drug Administration approved the cochlear implantation in children with single-sided deafness (SSD) aged 5 years and above in the US. Such initiatives are expected to drive the growth of the pediatric segment during the forecast period.

Cochlear Implant Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market is consolidated with the presence of a few established players. Product launches and research initiatives for the expansion of product portfolios are the key strategic undertakings of these companies to increase market share. In March 2022, So nova Holding AG acquired the consumer division of Sennheiser electronic GmbH & Co. KG which forms the 4^th business unit of So nova.

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