Cochlear Implant Market Size, Share & Trends Analysis Report By Type of Fitting (Unilateral Implants, Bilateral Implants), By End Use (Adult, Pediatric), By End Use (Hospitals, Clinics And Others), By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

According to Nova one advisor, the global cochlear implant market size was valued at USD 2.5 billion in 2022 and is predicted to be worth USD 6.1 billion by 2032, with a CAGR of 9.71% from 2023 to 2032. 

Key Pointers:

• By type of fitting, the U.S. cochlear implant market was valued at USD 452.9 million in 2021 and is expected to witness growth at a CAGR of 8.10.% from 2022 to 2030.
• Based on the type of fitting, the unilateral implants segment dominated the cochlear implants market in 2022. 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 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 2022. 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 on about 120 adults in the U.S. and Australia with moderate to profound sensorineural hearing loss.

The growing prevalence of hearing loss and the increase in adoption due to technological advancements are the factors expected to drive the growth of the market. According to World Health Organization (WHO) statistics for 2022, approximately 5.0% of the global population (430 million people) undergoes rehabilitation to aid their loss of hearing. Over 2.5 billion individuals are estimated to suffer from some degree of hearing loss by 2050.

Hearing loss has become a major concern in the past few years and can be attributed to various factors including genetic factors, intrauterine infections, birth asphyxia, cerumen impaction, ototoxic medications, and others. These people can benefit from assistive devices including cochlear implants, hearing aids, and others. Favorable reimbursement, the introduction of minimally invasive procedures, and technological advancements are boosting the adoption of cochlear implants.

Several initiatives are being undertaken by the government and various organizations to support research in the field of cochlear implantation. For instance, in March 2022 members of the American Cochlear Implant (ACI) Alliance shared research and clinical practice with the other community members at the 2022 American Academy of Audiology (AAA) conference. The conference was organized to connect with peers in the community, stay updated with upcoming information, and know about recent developments in the audiological industry. This is likely to favor the cochlear implant market growth.

Moreover, the rising geriatric population is expected to propel the growth of the cochlear implants market. According to World Health Organization (WHO), the population aged 60 years and above is accounted for above  1.0 billion in 2020 and is estimated to reach 1.4 billion by 2050. As hearing ability decreases with the age, an increase in the age population is expected to bode well with the market.

Cochlear Implant Market Segmentations:

Cochlear Implant Market Key Players and Regions Segmentations: