ENTERPRISE, Nevada, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Cochlear Implants Market Size Growth Rate:
According to the research report published by DataM Intelligence, the global cochlear implants market size was valued at USD 1.4 billion in 2021, it is projected to reach USD 12.23 billion by 2029. The cochlear implant is a medical device that helps people with hearing loss caused by a damaged cochlea better localize sound or speech, even in a noisy environment. The cochlea, located inside the ear and resembles a snail's shell, is a delicate structure surrounded by minute projections that resemble hairs and bend in response to sound vibrations to enable hearing. Hearing loss occurs when the cochlea is harmed by acoustic tumors or prolonged noise.
Cochlear Implants Market is expected to grow at a CAGR of 6.71% over the forecast period 2022-2029
The growing prevalence of hearing loss and the increased adoption and technological advancements. The government and various organizations undertake several initiatives to support research in the cochlear implantation field, and the rising geriatric population is the factor to drive the market growth in the forecast period.
Cochlear Implants Market Drivers:
- Rising research for innovative cochlear implants, increased investment in research and development activities, and the continued technological advancement in cochlear implants is expected to drive market growth. For instance, the University of Texas Southwestern Medical Center has created a novel electrode array using SMP that is specialized to fit a patient's cochlea perfectly. When heated to a particular temperature, the implant is prefabricated to self-coil.
- Moreover, at room temperature, the electrode is straight and positioned close to the auditory nerve cells they stimulate as the device travels through the cochlear spiral after warming to body temperature. The SMP materials maximize stimulation precision while minimizing trauma. Thus, from the above factors, the market is expected to drive in the forecast period.
Cochlear Implants Market Restraints:
- However, the high cost of cochlear implants, the scarcity of audiologists, the short lifespan of cochlear implants, and post-operative complications like auditory nerve damage, vertigo, balance and others are the factors the market is expected to hamper the market in the forecast period.
Cochlear Implants Market Opportunities
- Lifelong hearing is made possible by the availability of customized equipment and advancements in cochlear implants. By connecting the sound processor to intelligent apps, these cutting-edge devices enable users to adjust the volume from their smartphones. Cochlear implants now feature improved voice and sound quality due to technological advancements.
- For instance, the first sound system for cochlear implants designed specifically for iPhones, iPods, and iPads has received FDA approval and is called the Nucleus 7 Sound Processor. The behind-the-ear cochlear implant is also the smallest and lightest one currently available. Thus, the above factors are expected to create opportunities for the cochlear implant market.
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COVID-19 Impact Analysis on the global
- The COVID-19 pandemic has had a greater impact on cochlear implant rehabilitation. CI aids in reducing the psychological effects, enhances the quality of life, and makes it easier to mainstream these kids into society. Any break in postimplant habilitation is likely to impact the results and psychologically affect the kids and their parents. The widespread nature of COVID-19 has called for increased caution and modifications to every aspect of postimplant management. Congenital severe-to-profound SNHL parents experience severe psychological effects, particularly when hearing healthcare services are interrupted.
- Moreover, the COVID-19 pandemic is having a negative psychological impact on people all over the world. The pandemic has had a significant impact on people with cochlear implants who underwent AVT following the activation of their speech processor. The government instituted a shutdown, lockdown, and restrictions on the movement of public transportation and established the necessary social distance norms to stop the spread of COVID-19. The CI recipients, however, have received less than excellent care due to this period's limited access to trained healthcare facilities.
- Although everyone must wear a face mask during this pandemic, doing so has made it harder for children with CI to communicate. The cochlear implant teams chose to provide telemedicine, teleaudiology, and tele AVT to these kids after considering these factors. Thus, from the above factors, the market got affected and is expected to improve in the forecast period.
Recent Developments in the Industry:
- In January 3, 2022, TODOC announced that their artificial cochlear implant 'SULLIVAN' would be introduced at the CES 2022, which will be held in Las Vegas on January 5, 2022 (local time), after being named one of the 'Top 10 Korean Products of CES 2022.
- In June 14, 2022, Demant declared that it had acquired 80% of ShengWang's stock, gaining full control of China's largest network of hearing aid clinics. This is the follow-up to the 20% minority investment announced on March 4, 2022, and it is a crucial strategic move in Demant's ongoing development as a hearing healthcare provider.
Cochlear Implants Market Segmentation Analysis:
As per the research analysis, the global cochlear implant market is segmented by type into unilateral implantation, bilateral implantation. By end user, the market is segmented into pediatrics and adults.
- Based on the type, unilateral implantation is estimated to grow at the highest CAGR of YY% during the forecast period (2022-2029). The clinical diagnostics segment accounted for the largest market share of YY% of the global cochlear implants market in 2021. Single-sided deafness (SSD) is more frequently observed in children. Genetics, ear injuries, and infections are the most frequent causes of single-sided deafness. So, most people prefer unilateral cochlear implants. Moreover, congenital hearing loss is also a diagnosis given to new-borns with one or more hearing losses. Because of this, hearing loss will encourage the use of cochlear implants. Additionally, launching new innovative products is expected to drive the market in the forecast period. For instance, in January 2022, Cochlear Limited received U.S. FDA approval for its Cochlear Nucleus implants designed to manage single-sided deafness or unilateral hearing loss (UHL).
- Based on the end user, the adults segment accounted for the largest market share of around YY% in 2021 and is expected to grow at a CAGR of YY% during the forecast period (2022-2029). The segment is benefited because of the advancement of adult cochlear implants, increasing prevalence of adults with hearing problems worldwide are the factors to drive the market segment in the forecast period.
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Geographical Classification:
The global cochlear implants market is segmented into major regions, including North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
North America Cochlear Implants Market:
- The North American region holds the dominant share of about YY% in 2021. The region benefits due to the increasing prevalence of hearing loss or impaired hearing, technological advancements in cochlear implants, product launches and the presence of key players in the region are the factors to drive the market growth in the forecast period. For instance, Advanced Bionics (AB) received FDA approval.
- It announced it brought Marvel hearing technology to Advanced Bionics cochlear implant users on December 10, 2020. It partnered with Phonak, a top provider of life-changing hearing solutions. This includes the Sky CI Marvel sound processor for kids, the New Nada CI Marvel sound processor for adults, the Sky Link Marvel and Naida Link Marvel super-power hearing aids for bimodal wearers, the New Target CI fitting software with industry-first features, and the New Advanced Bionics Remote app for simple smartphone adjustments.
Asia Pacific Cochlear Implants Market:
- The Asia Pacific market is expected to grow by showcasing a significant CAGR owing to the low labour costs, wide availability of skilled manufacturing professionals, and business-friendly environment, product launches and FDA approvals in the region are the factors driving market growth in the forecast period.
- For instance, on November 1, 2022, Cochlear Limited received FDA approval for the Cochlear Nucleus 8 Sound Processor. The Nucleus 8 Sound Processor is the industry's smallest and lightest behind-the-ear cochlear implant sound processor. It is also the world's first cochlear implant sound processor capable of providing direct audio connectivity to everyday consumer electronics via Bluetooth's next-generation LE Audio technology. Thus, from the above factors, the Asia pacific region is expected to hold the largest market share in the forecast period.
Europe Cochlear Implants Market:
The Europe market is expected to grow by showcasing a significant CAGR owing to the growing number of patients suffering from hearing problems and ear infections, increasing government support and equipment development funding are recognized to strengthen the industry growth in the forecast period.
Competitive Analysis:
The cochlear implants market is moderately competitive, with the presence of major players and small emerging players. In the cochlear implants market, companies, healthcare insurance providers, and hospitals all are emerging at a steady pace with competitive cochlear implants. Key players compete on the basis of aggressive pricing, features, convenient use, technology upgrades, and marketing strategies. The market players are adopting various key strategies such as collaborations, partnerships, acquisitions, and product launches to expand their presence.
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Major Companies Leading the Global Cochlear Implants Market:
Some of the major key players in the market are;
- Cochlear Ltd
- MED-EL GmbH
- Oticon Medical AB
- Advanced Bionics AG
- Demant A/S
- Sonova Holding AG
- Nurotron Biotechnology Co Ltd
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1) Unlimited Analyst support for a period of 1 year.
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The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
- Visualize the composition of the global cochlear implants market segmentation by type, end user and region highlighting the key commercial assets and players.
- By Type: Unilateral Implantation, Bilateral Implantation
- By End user: Pediatrics, Adults
- By Region: North America, South America, Europe, Asia Pacific, and the Middle East & Africa
- Identify commercial opportunities in the cochlear implants market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, technological advancements, PEST analysis, and pricing analysis.
- Excel data sheet with thousands of data points of cochlear implants market -level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
- The report will provide access to approximately 50+ market data tables, 40+ figures, and close to 180 pages.
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