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The cochlear implants market is estimated to grow at a CAGR of 8.62% between 2022 and 2027. The market size is forecast to increase by USD 811.6 million. The growth of the market depends on several factors, including increasing prevalence of hearing loss, rising geriatric population, and growing number of initiatives by public and private organizations.
This cochlear implants market report extensively covers market segmentation by end-user (adult and pediatric), product (unilateral and bilateral), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing prevalence of hearing loss is notably driving the market growth, although factors such as the high cost of cochlear implants may impede market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing prevalence of hearing loss is notably driving the market growth. A cochlear implant is a medical device that enables people with severe loss of hearing or deafness to hear again. The increasing number of people with such disabilities is boosting the demand for cochlear implants. Besides, technological advancements have enhanced the effectiveness and user-friendliness of cochlear implants, further fueling the market growth.
Among infants, hearing loss or hearing impairment may lead to delayed speech and language learning skills. Several hearing aid devices are used to help people with hearing disabilities lead a normal life. The ability to hear speech at a nearly normal level without the need for lip reading is a major factor fueling the adoption of cochlear implants. These factors are expected to boost the growth of the global cochlear implant market during the forecast period.
Significant Cochlear Implants Market Trends
The emergence of technological innovations is a key trend in the market. Many manufacturers, including Cochlear, Sonova, and MED-EL are emphasizing the development of innovative cochlear implants with the aim of enhancing patient comfort. In recent years, sound processors with the ability to feed signals to cochlear implants have witnessed several developments. For instance, Cochlear has seven generations of implantable components and nine generations of sound processors. The evolution includes an increase in the number of electrodes, from eight to 24, and a steep decrease in the size of sound processors. This rise in the number of electrodes has led to amplified cochlear implantation in the simulating cochlea to deliver clear sound. Furthermore, technological advancements have led to the development of compact and lightweight sound processors, improving their mobility. Apart from this, they are water-resistant and can be connected to smartphones, televisions, and other Bluetooth-enabled devices.
Furthermore, the market has witnessed the development of new /image processing techniques to visualize the positions of cochlear implant electrodes and superior gluteal (SG) nerves they stimulate for individual CI users. These /image-guided technologies enable the customization of cochlear implant stimulation strategies. This leads to improved hearing-related quality of life and communication abilities by eliminating the need for additional surgical procedures. These technological advancements are likely to drive the global cochlear implant market growth during the forecast period.
Major Cochlear Implants Market Challenges
The high cost of cochlear implants is challenging the market growth. The high cost can be attributed to the involvement of complex technology in their manufacturing, followed by implantation surgery and subsequent rehabilitation process. This factor can pose a challenge for patients who cannot afford it or do not have access to insurance coverage. For instance, the per-device cost of cochlear implants is USD 25,000, with the average selling price typically ranging between USD 18,000 and USD 20,000. Apart from the above-mentioned factors, other factors escalating the cost of cochlear implantation include pre-surgery evaluation, direct and indirect hospital costs, and implant and surgery costs. Besides, the cochlear implantation cost can vary based on the duration and extent of the hearing loss. Factors such as technological innovations and the highly concentrated market nature create an opportunity for the premium pricing of cochlear implants. However, factors such as a lack of health insurance coverage or inadequate reimbursements are negatively impacting the adoption of innovative cochlear implants. Hence, the high cost of cochlear implants is expected to affect the global cochlear implant market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cochlear Implants Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amplifon SpA - The company offers cochlear implants under the subsidiary GAES.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the unilateral segment will be significant during the forecast period. Unilateral cochlear implantation involves the implantation of a cochlear implant in one ear. Although bilateral implantation offers benefits, personal preference or significant residual hearing in the non-implanted ear are factors increasing the adoption of unilateral implantation. Besides, the cost of bilateral implantation is significantly higher, caused by additional expenses associated with surgery and the second internal device. Moreover, additional expenses for clinical services are incurred due to the extra time spent to program two speech processors. The expenses associated with the maintenance of hardware, including cords, cables, batteries, and speech processors, escalate with two cochlear implants.
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The unilateral segment was valued at USD 664.70 million in 2017 and continued to grow until 2021. The unilateral segment is expected to witness steady growth during the forecast period. This can be attributed to the availability of favorable reimbursements for unilateral implantation. For adults and children, unilateral implants are funded by the governments of many countries, such as the US and India. For instance, children in the US are covered by Medicare for unilateral cochlear implantation across all 50 states. In the Netherlands, adults with eligibility for cochlear implantation generally receive reimbursement only for one cochlear implant. Hence, the key factors that may influence the adoption of unilateral cochlear implantation include the cost of the device, the degree of hearing loss in the affected ear, and the patient's preference. These factors are expected to drive the growth of the segment in the global cochlear implants market during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America accounts for the largest share of the global cochlear implants market in terms of revenue. This can be attributed to the availability of favorable reimbursements; the introduction of innovative and advanced products; and the growing adoption of such products, which drive the growth of the cochlear implants market in the Americas. Furthermore, growing initiatives to improve awareness, the expansion of field sales organizations and direct-to-consumer (DTC) marketing, and enhanced sales-force effectiveness are also boosting the market growth in the region.
In 2020, the cochlear implants market in North America witnessed sluggish growth due to the outbreak of COVID-19, severely affecting countries such as the US and Canada. However, in 2021, due to the introduction of numerous COVID-19 vaccines and large-scale vaccination drives, manufacturers around the world resumed the production of cochlear implants with strict social distancing norms in place. Post-lockdown, the number of new and rescheduled surgeries for hearing implants has increased, in turn, boosting the demand for cochlear implants. Furthermore, factors such as the rising focus on building or setting up new ear, nose, and throat (ENT) hospitals and clinics; growing advancements in hearing aids; increasing focus on offering remote hearing tests for customers; and improving healthcare expenditure are expected to lead to the recovery and stabilization of the cochlear implants market in North America during the forecast period.
The cochlear implants market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the cochlear implants market as a part of the global cochlear implants market as a part of the global healthcare equipment market, which covers products and companies engaged in the research and development (R&D) of various product categories such as capital equipment, instruments, implants, accessories, and consumables that are used in the diagnosis, monitoring, and treatment of many diseases. Growth of the global healthcare equipment market is expected to be driven by factors such as growing life expectancy, increasing access to improved healthcare in emerging economies,and rising sedentary lifestyle, among others. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Cochlear Implants Market Scope |
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Report Coverage |
Details |
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Page number |
151 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.62% |
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Market growth 2023-2027 |
USD 811.6 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.84 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 35% |
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Key countries |
US, Mexico, Germany, France, and China |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amplifon SpA, Cochlear Ltd., Envoy Medical Corp., iotaMotion Inc., MED EL Elektromedizinische Gerate GmbH, Medtronic Plc, Neubio AG, Olympus Corp., Oticon Medical AS, Ototronix LLC, Shanghai Lishengte Medical Technology Co. Ltd., Sonova AG, Starkey Laboratories Inc., The Cochlear Implant Group India, TODOC Co. Ltd., and ZHEJIANG NUROTRON BIOTECHNOLOGY CO. LTD. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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