The global sales of Cochlear Implant Market in 2021 was held at US$ 2.2Bn. With 14.1%, the projected market growth during 2022 – 2032 is expected to be significantly higher than the historical growth. Unilateral Implants are expected to be the highest revenue generating segment, projected to grow at a CAGR of over 14.3% during 2022 – 2032.
As per the Cochlear Implant Market research by Fact.MR – a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the Cochlear Implant Market increased at around 11.1% CAGR.
Launch of Advance Technologies Holds Key to Growth
Hearing implants are prosthetic devices used to treat hearing loss and deafness. Hearing loss has become one of the major disabilities. Hearing loss is of two types, namely sensineural and conductive hearing loss.
There are four types of hearing implants to treat hearing loss, namely the cochlear implant, middle ear implant, bone conduction implant and auditory brainstem implant, which have been included in the report.
Hearing implants are used by the patients in the cases when the hearing aids don’t work. The implants are fitted by surgical procedures. The hearing implants are small complex devices that provide a sense of sound to the patients suffering from profound hearing loss.
The hearing implants consist of two parts, an external portion and the implant which is surgically placed under the skin. The microphones from the external portion capture the sound.
The sound processor selects the useful sound by the microphone, which is further converted into electric impulses.
Electrodes collect the impulses and send them to different regions of the auditory nerve. The implant provides a representation of the sound and helps the patient to understand the speech.
The use of hearing implants requires both surgical procedures with post-implantation therapies. Moreover, favorable reimbursements for the surgery have increased the adoption of hearing implants.
Some of the insurance providers offer 100% insurance, while some offer 50% which varies depending upon the regions and regulations. Besides, growing geriatric population in the developed regions is expected to create opportunities for the growth of the hearing implant market.
The market for hearing implants is expected to grow with the upcoming technologies and launch of innovative gadgets, which will decrease the prevalence rate and help the patients in speech recognition.
Players in the market are constantly developing innovative solutions as well as extending their product offerings. To help healthcare organizations combat the Covid-19 pandemic, and preserve competitive advantage in the market, the companies are focused on their alliances, technology collaborations, and product launch strategies.
Some of the recent developments of key Cochlear Implant providers are as follows:
- In April 2022, Cochlear Ltd.‘s Cochlear Nucleus Implants were approved by the FDA for the treatment of unilateral hearing loss (ULH) or single-sided deafness (SDD).
- In January 2022, TODOC, a South Korean company that specializes in neural prosthetic devices and neuromodulation systems, has announced that its artificial cochlear device ‘SULLIVAN’ will be unveiled at the “CES 2022” in Las Vegas.
- In June 2021, Oticon Medical received premarket approval (PMA) from the United States Food and Drug Administration (U.S. FDA) for its Neuro System (cochlear implant system) to treat patients aged 18 years or more with bilateral severe-to-profound sensorineural hearing loss who receive limited benefit from appropriately fitted hearing aids.
- In December 2020, after receiving FDA approval to expand its product offerings, Sonova launched two new sound processors, Sky CI Marvel and Nada CI Marvel.
Key Companies Profiled :
- Cochlear Ltd.
- MED-EL Medical Electronics
- Demant A/S
- Nurotron Biotechnology Co. Ltd.
- Oticon Medical
Market Segments Covered :
- By Fitting Type
- Unilateral Implants
- Bilateral Implants
- By End-Use
- By Region
- North America
- Latin America
Questionnaire answered in the Cochlear Implant Market report include:
- How the market for Cochlear Implant has grown?
- What is the present and future outlook of the global Cochlear Implant on the basis of region?
- What are the challenges and opportunities for the Cochlear Implant?
- Why the consumption of Cochlear Implant highest in region?
- In which year segment is expected to overtake segment?