Cochlear Implant Systems Market

This study intends to unfurl the multiple facets of global cochlear implant systems market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.

Cochlear Implant Systems Market Rises High in Line with Increasing Prevalence of the Loss of Hearing Ability

Children have a higher prevalence of single-sided deafness (SSD) than adults. The most common causes of single-sided deafness are genetics, ear injuries, and infections. Due to this, the demand for cochlear implants will increase as the patient pool increases. Most of congenital hearing loss is present among new-born babies. Every new-born baby also suffers from one or more types of hearing damage under congenital hearing loss. Cochlear implants will thus gain popularity as the burden of hearing loss rises. Hearing loss cases have increased significantly in the past few years. Hearing loss can be caused by multiple factors, including genetics, intrauterine infections, birth asphyxia, cerumen impaction, ototoxic medications, and others. These people can benefit from assistive devices such as cochlear implants, hearing aids, and others. Cochlear implantation research is supported by various government and non-governmental initiatives. ACI Alliance members, for example, presented research and clinical practice to other community members at the 2022 American Academy of Audiology (AAA) conference in March 2022. The conference was organized to keep up with upcoming information, meet peers from the community, and be aware of recent developments in the audiological field. As a result, the cochlear implant systems market is likely to grow.

Furthermore, the geriatric population is expected heavily contribute toward the overall demand generation in cochlear implant systems market. The World Health Organization (WHO) estimates that the elderly population will reach 1.4 billion by 2050, up from 1.0 billion in 2020. In view of the fact that hearing ability decreases with age, an increase in the age population should benefit the market. As part of Auditory-Verbal Therapy (AVT), children with cochlear implants will be required to learn speech-language skills and better understand auditory information for at least two years following implantation. Aside from that, rehabilitation appointments were also pushed back or postponed after surgery. For children with cochlear implants to gain a better understanding of auditory information and to learn speech-language skills, they must undergo Auditory-Verbal Therapy (AVT) for at least two years following the implantation. Additionally, rehabilitation appointments after surgery were also rescheduled.

Cochlear Implant Systems Market: COVID-19 Impact

In the beginning, the COVID-19 outbreak had a greater impact on cochlear-implanted patients seeking rehabilitation and experiencing technical difficulties. Due to its breakout, COVID-19 disrupted the diagnosis and treatment of hearing loss. This resulted in fewer people visiting hospitals and clinics. Additionally, audiology services were restricted due to the high risk of infection during neurotological (subclass of ENT) surgeries performed inside the mastoid cavity. As a result, patients were screened for COVID-19 before surgery, further delaying the procedure. Furthermore, appointments for therapy following cochlear implant surgery were postponed or delayed.

An Increasing Number of Geriatric Problems to Drive Cochlear Implant Systems Market Growth

As a result of anatomical and functional changes, older people are more likely to have impaired hearing. As a result, the growing geriatric population is a major factor projected to positively impact the cochlear implant systems market growth. The World Population Prospects projects a doubled older population by 2050 and a tripled population by 2100. Additionally, the UN predicts that by 2050 there will be over 2 billion people over 60 years old, up from 962 million in 2017. In the future, the elderly population will grow much faster than the younger population. Patients receiving cochlear implants will be able to benefit significantly from this procedure.

Rising Inclination Toward Minimally Invasive Surgeries Complements Cochlear Implant Systems Market Growth

The increased demand for minimally invasive surgical procedures is considered a significant factor that can augment the growth of the global cochlear implant systems market during the analysis period. Several factors have contributed to the rapid adoption of such equipment, including technological advances and the introduction of favourable insurance schemes. Prolonged exposure to noise in recreational settings may also be a significant factor contributing to the growth of the cochlear implant market, which may strengthen the market during the forecast period. However, the growth of cochlear implant systems market during the forecast period may be hindered by the stringent approval procedure associated with cochlear implants. Additionally, the high surgery cost and difficulty maintaining the condition are expected to be the significant challenges during the review period.

Unilateral Implants to Dominate Cochlear Implant Systems Market Owing to Competitive Costs

In the forecast period, the unilateral implant segment held the largest market share, and it is anticipated that it will continue to rule the cochlear implant systems market during the forecast period. Unilateral implants are in high demand due to their ease of reimbursement, lower cost, shorter surgery duration, and minimal anaesthesia requirements compared to bilateral implants. For example, " cochlear implants, a societal perspective," published in PubMed in March 2021, concluded that the total net economic benefit for adults and seniors with progressive severe hearing loss and unilateral cochlear implantation (CI) was EUR 275,000 and EUR 76,000, respectively. Even without considering health benefits, children and working people benefited from the societal impact. As a result of changes in clinical practice and rising healthcare unit costs, unilateral cochlear implants (UCIs) remain cost-effective, according to a study published in SpringerLink in November 2021 entitled "The cost-effectiveness of unilateral cochlear implants in UK adults."

Hospitals & Clinics Generate the Maximum Demand in Cochlear Implant Systems Market

In the forecast period, the hospitals & clinics segment held the largest market share, and it is anticipated that it will continue to rule the global cochlear implant systems market during the forecast period. Many hospitals offer cochlear implant surgeries, contributing to the segment's growth. In addition, the key players operating in the market are expected to launch innovative products and increase their spending on research, resulting in significant growth for the segment. A Cochlear Nucleus Implant, which the US FDA approved in January 2022 for treating unilateral hearing loss (single-sided deafness), was approved by the FDA in January 2022.

North America’s Lead in Cochlear Implant Systems Market Intact

Over the forecast period, it is anticipated that the North American market will account for the largest revenue share. In the US, cochlear implants are approved with a supportive approval process. The presence of significant players and technological advancements in this field will propel the regional cochlear implant market. In addition, cochlear implant devices market will grow due to the increasing prevalence of hearing loss and impaired hearing among the population and the increasing adoption of improved cochlear implant devices. In the United States, about 6,000 infants are diagnosed with permanent hearing loss at an early age, according to the Centers for Disease Control and Prevention. Furthermore, the rising geriatric population, which is more likely to suffer from hearing loss, will further boost product demand. This is expected to drive the cochlear implant systems market through improved clinical outcomes and an expanding patient pool during the forecast period.

Cochlear Ltd., for example, will release its telemedicine product in April 2020. As a result of FDA approval in the US, Remote Check Solution is now available in the US. It is a telehealth patient assessment tool for cochlear implant wearers with Nucleus 7 Sound Processors who can conduct a series of hearing assessments using the Nucleus Smart App. The United States Food and Drug Administration (US FDA) granted Oticon Medical premarket approval (PMA) for its Neuro System (cochlear implant system) in June 2021. This type of development is likely to positively impact the growth of cochlear implant systems in the near future if the hearing aids are appropriately fitted to individuals 18 years or older who have bilateral severe-to-profound sensorineural hearing loss and receive limited benefit from them.

Asia Pacific’s cochlear implant systems market is anticipated to experience stable revenue growth throughout the forecast period due to the rapidly growing geriatric population and increasing awareness about hearing aids, the market is expected to grow in Asia Pacific owing to the existence of government schemes that provide free treatment to the poor. For example, in India, the Assistance to Disabled Persons for Purchase/Fitting of Aids/Appliances Scheme (ADIP) intends to conduct 500 cochlear implantations yearly for poor children. Additionally, a growing geriatric population and increased awareness about cochlear implants will increase the regional market revenue due to a large patient pool suffering from hearing loss.

Global Cochlear Implant Systems Market: Competitive Landscape

Sennheiser electronic GmbH & Co KG's consumer division was acquired by So nova Holding AG in March 2022, forming the 4th business unit of So nova. The consumer division will take advantage of rapid growth in the audiophile headphones market. Further, MED-EL announced a collaboration in October 2020 with the Paracelsus Medial University Salzburg for clinical testing of cochlear implants to improve the healing factor. Throughout this collaboration, the company has gained a deeper understanding of the hearing implant's function and healing properties.

A few of the players in the cochlear implant systems market include MED-El (Austria), Microson S.A. (Spain), Widex (Denmark), GAES MÉDICA (Spain), Cochlear Ltd (Australia), William Demant Holding Group (Denmark), and Advanced Bionics AG (Switzerland).

Regional Classification of the Global Cochlear Implant Systems Market is Described Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability

Key Elements Included In The Study: Global Cochlear Implant Systems Market

• Cochlear Implant Systems Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2018 - 2022
• Market Value at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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