Cochlear Implants Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

Cochlear Implants Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type of Fitting (Unilateral Implantation and Bilateral Implantation), End User (Adults and Pediatrics), and Geography

  • Report Code : TIPHE100001260
  • Category : Medical Device
  • No. of Pages : 150
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Cochlear Implants Market Report, Analysis, Opportunities by 2031

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The cochlear implants market size was estimated to be US$ 1.98 Bn in 2021 and US$ xx Bn in 2023. It is expected to reach US$ 3.41 Bn by 2031 and record a CAGR of 7.02% until 2031. Adding key features and functionalities to cochlear implants will likely remain a key cochlear implant market trend.

Cochlear Implants Market Analysis

The increase in the number of cases suffering from hearing loss is the key factor driving the growth of the cochlear implant market. As per the World Health Organization (WHO) 2024 report, around 5% of the world population require rehabilitation to treat disabling hearing loss. The report has also projected that by 2050, more than 700 million people, or one in every ten people, will be affected by disabling hearing loss. Additionally, hearing disability is a common sensory deficit in developing countries. For instance, in 2023, WHO estimated that around 63 million people in India were suffering from Significant Auditory Impairment.

Thus, the growing prevalence of hearing impairments across the globe has fuelled the growth of cochlear implants market.

Cochlear Implants Market Overview

Growing awareness regarding hearing disabilities, an increase in diagnosis rate, and favorable regulatory scenarios are some factors driving the growth of the cochlear implants market. Furthermore, insurance coverage for cochlear implants in the US is making the device more accessible, thereby promoting the growth of the cochlear implants market.

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Cochlear Implants Market: Strategic Insights

Cochlear Implants Market

  • CAGR (2023 - 2031)
    7.02%
  • Market Size 2021
    US$ 1.98 Billion
  • Market Size 2031
    US$ 3.41 Billion

Market Dynamics

GROWTH DRIVERS
  • Increasing R&D Expenditures in Cochlear Implants Companies
FUTURE TRENDS
  • Increasing Medical Tourism in Emerging Nations
OPPORTUNITIES
  • Growing Innovations In Cochlear Implants

Key Players

  • Cochlear Ltd.,
  • MED-EL,
  • Sonova,
  • Nurotron Biotechnology Co. Ltd.,
  • Medtronic,
  • Demant A/S,
  • Starkey,
  • WIDEX A/S,
  • Amplifon,
  • GN Hearing A/S

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Type of Fitting
  • Unilateral Implantation
  • Bilateral Implantation
End User
  • Adults
  • Pediatrics
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Cochlear Implants Market Drivers and Opportunities

Growing R&D Expenditure to Favor Market

Cochlear implant companies are continuously focusing on their research and development (R&D) activities to develop advanced hearing devices and implants for various hearing applications with the greatest medical and commercial potential. The companies invest majorly in their R&D sector with the aim of delivering high-quality and innovative products to the market. The companies are also actively monitoring the world around them for novel technologies that may enhance or leverage their own innovation.

  1. R&D Investments by Cochlear Implant companies

 

Source: Annual Reports of Companies, The Insight Partner’s Analysis

Moreover, these companies are also investing in inorganic growth strategies such as mergers and acquisitions to expand their geographic presence and product portfolio.

Increasing Medical Tourism in Emerging Nations –

Emerging countries are preferred locations for medical tourism. Asia is one of the most preferred medical tourism destinations, attracting increasing numbers of patients across the globe for treatment. Medical tourists visit Asia for weight loss surgeries, plastic surgeries, cochlear surgery, orthopedic treatment, and cardiovascular surgery. The cost of these surgical procedures is comparatively lower in emerging nations than in developed countries. As per the IBEF 2023 report, annually, around 500,000 international patients travel to India for medical purposes.

Also, the presence of world-class hospitals, less waiting time, and skilled medical professionals in this region is likely to create opportunities for the cochlear implants market.

Cochlear Implants Market Report Segmentation Analysis

Key segments that contributed to the derivation of the cochlear implants market analysis are the type of fitting and end user.

  • Based on the type of fitting, the cochlear implants market is divided into the unilateral implantation market and bilateral implantation market. The unilateral implantation segment held a larger market share in 2023 and the bilateral implantation segment is expected to witness fastest growth rate during the forecast period.
  •  In terms of end user, the market is bifurcated into adults and pediatrics. The adults segment held the largest share of the market, by end user. Whereas, the pediatrics segment is expected to grow at the fastest rate during the coming years

Cochlear Implants Market Share Analysis by Geography

The geographic scope of the cochlear implants market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

The cochlear implants market in North America is significant In North America, the cochlear implants market is currently in the growth phase and experiencing exponential growth. North America is a major hub for food processing. According to the US Food and Drug Administration (FDA), 99,451 domestic food facilities were registered as of September 2022, in the US. Countries in North America have strict regulatory bodies pertaining to food safety the high quantity of food processing in the region is expected to affect the cochlear implants market growth positively.

Cochlear Implants Market Report Scope

Report Attribute Details
Market size in 2021 US$ 1.98 Billion
Market Size by 2031 US$ 3.41 Billion
Global CAGR (2023 - 2031) 7.02%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Type of Fitting
  • Unilateral Implantation
  • Bilateral Implantation
By End User
  • Adults
  • Pediatrics
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Cochlear Ltd.,
  • MED-EL,
  • Sonova,
  • Nurotron Biotechnology Co. Ltd.,
  • Medtronic,
  • Demant A/S,
  • Starkey,
  • WIDEX A/S,
  • Amplifon,
  • GN Hearing A/S
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Cochlear Implants Market News and Recent Developments

    The cochlear implants market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:

    • In April 2024, Cochlear Limited, a leader in implantable hearing solutions, received US Food and Drug Administration (FDA) approval to lower the age of the Cochlear Osia System from 12 years-old to 5-years-old for children with mixed hearing loss, conductive hearing loss,  and single-sided sensorineural deafness (SSD). (Source: Cochlear Ltd, Press Release)
    • In January 2022, Cochlear Limited, a leader in implantable hearing solutions, received US Food and Drug Administration (FDA) approval for Cochlear Nucleus Implants for the treatment of single-sided deafness (SSD)/ unilateral hearing loss (UHL). (Source: Cochlear Ltd, Press Release)

    Cochlear Implants Market Report Coverage and Deliverables

    The “Cochlear Implants Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:

    • Cochlear implants Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Market dynamics such as drivers, restraints, and key opportunities
    • Cochlear implants Market Trends
    • Detailed PEST and SWOT analysis
    • Cochlear implants Market Analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
    • Cochlear Implants Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
    • Detailed company profiles
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Type of Fitting and By End User and Geography

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

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