Cochlear Implant Market (By Type of Fitting: Unilateral Implant, Bilateral Implant; By End-use: Adult, Pediatric) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030

Published Date : Aug 2021 | No. of Pages : 250 Pages | Category : Healthcare

According to Vision Research Reports, the cochlear implant market size is projected to hit around US$ 13.4 billion by 2030 from valued at US$ 8.70 billion in 2020, growing at a CAGR of 15.8% during the forecast period 2021 to 2030.

increasing geriatric population, and technological advancements in the cochlear implant are some of the key factors fueling the market growth. Several initiatives being undertaken by the governments and various organizations to support research and increase the adoption of cochlear implants are expected to boost the market growth in the coming years. For instance, in February 2017, the American Cochlear Implant (ACI) Alliance invited investigators to submit proposals for a research grant. This project is being funded by the ACI Alliance as a collaborative venture with other supportive parties, offering funds up to USD 150,000 per year for a maximum of 3 years.

Increase in awareness regarding hearing impairment, growth in diagnosis rate, rise in bilateral fittings, and increase in government initiatives are likely to drive the market during the forecast period. Competition from technologically advanced, lightweight, and other effective hearing aids, bionic ear, and middle ear implants may pose a threat to cochlear implants.

The Center of Devices and Radiological Health (CDRH) is responsible for the regulation of cochlear implant devices. 

In developing countries, governments are undertaking initiatives to improve awareness and increase penetration of cochlear implants through various activities, such as providing reimbursement and coverage for cochlear implants.

Type Of Fitting Insights

Based on the type of fitting, the market is segmented into unilateral and bilateral implants. 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).

End-use Insights

Based on end-use, the cochlear implant market has been 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.

Regional Insights

Europe accounted for the largest revenue share of 32.4% in 2021 due to growing awareness about hearing aids, availability of clinics for speech therapy, and favorable reimbursement policies. The growth of the market in the region can be attributed to the technological advancements and starting new facilities in the European Union. For instance, in March 2020, MED-EL Medical Electronics became the first cochlear implant manufacturer to receive certification from European Medical Device Regulation (MDR).

However, Asia Pacific is projected to witness remarkable growth during the forecast period. This can be attributed to the rapidly increasing geriatric population coupled with rising awareness about hearing aids. The presence of government schemes to provide free treatment to the poor is expected to fuel the market in the Asia Pacific. For instance, The Assistance to Disabled Persons for Purchase/Fitting of Aids/Appliances (ADIP) Scheme in India aims to conduct 500 cochlear implantation procedures per year for poor children.

The growth of the market can majorly be attributed to the presence of an advanced healthcare system in the European Union. The system allows children to receive cochlear implants before their first birthday. For instance, state finance to the health system allows around 95.0% of the children to benefit from a unilateral cochlear implant, whereas the comparable figure for the U.S. is merely 50.0%. Bilateral implants are the most preferred implants for pediatric patients due to their higher cost-effectiveness, whereas adults prefer unilateral implantation in most countries of the region.

 

Key Players

  • Cochlear Ltd
  • Demant A/S (Demant)
  • Sonova
  • MED-EL Medical Electronics (MED-EL)
  • Nurotron Biotechnology Co. Ltd.

Market Segmentation

Cochlear Implant Type of Fitting Outlook 

  • Unilateral Implant
  • Bilateral Implant

Cochlear Implant End-use Outlook 

  • Adult
  • Pediatric

Cochlear Implant Regional Outlook 

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
  • Asia Pacific
    • Japan
    • China
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa

The Cochlear Implant market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Cochlear Implant market for the base year 2019 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Cochlear Implant market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Cochlear Implant market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Cochlear Implant market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Cochlear Implant capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Cochlear Implant by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Cochlear Implant market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Cochlear Implant market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Cochlear Implant market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Cochlear Implant industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Cochlear Implant market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Cochlear Implant market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Cochlear Implant market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Cochlear Implant market. These factors have benefited the growth of the global market for Cochlear Implant. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Cochlear Implant. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Cochlear Implant are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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