Cochlear Implant Market Size to Surpass USD 4.27 BN by 2032

Ottawa, Dec. 23, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global cochlear implant market size will reach at USD 2.06 billion by 2023. A compact, sophisticated electronic device called a cochlear implant can help people who are entirely deaf or very hard of hearing. A second implant section is surgically implanted beneath the skin, while the outer portion lies behind the ear. The parts of an implant are as follows: a device that records sound from the environment using a speech processor to choose and organize the sounds captured by the microphone, a speech processor that accepts signals and transforms them into electric impulses, a transmitter, and a receiver/stimulator are used.

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The stimulator impulses are received by an electrode array, a group of electrodes, and are then sent to various locations along the auditory nerve. A cochlear implant and a hearing aid are two very distinct types of technology.

Hearing aids amplify sounds so that hearing-impaired ears can hear them. Cochlear implants directly stimulate the auditory nerve, avoiding damaged ear tissue. The brain interprets the implant's impulses as sound after the auditory nerve sends them to the brain. Because cochlear implants differ from normal hearing, it takes time for someone to retrain their ears to hear with them. However, it permits many individuals to listen to the conversation, whether in person or over the phone, understand other noises in the vicinity, and pick up on warning signs.

Both adults and children who are profoundly deaf or hard of hearing can receive cochlear implants. As of December 2019, 736,900 registered devices had been inserted. Some 118,100 adults and 65,000 kids have had devices implanted in the U.S. The FDA initially approved cochlear implants to treat adult hearing loss in the middle of the 1980s. Since 2000, the FDA has approved the use of cochlear implants in eligible infants starting at the age of one year. Cochlear implants expose profoundly hard-of-hearing youngsters or young deaf to sounds at a critical stage in their language and speech development.

Regional Snapshot

Due to rising hearing aid awareness, the availability of speech therapy clinics, and advantageous reimbursement rules, Europe had the most significant revenue share (32.4%) in 2021. The development of technology and the opening of new facilities in the European Union are responsible for the market expansion in the area. For instance, MED-EL Medical Electronics became the first manufacturer of cochlear implants to acquire certification from the European Medical Device Regulation (MDR) in March 2020.

However, Asia Pacific is likely to have extraordinary growth during the predicted period, and this is due to the fast-growing elderly population and growing public knowledge of hearing aids. The Asia Pacific market is likely to benefit from government initiatives that provide free healthcare to the poor. For instance, the India-based Assistance to Disabled Persons for Purchase/Fitting of Aids/Appliances (ADIP) Scheme intends to provide 500 underprivileged children with cochlear implants each year.

The European Union's highly developed healthcare system is largely responsible for the market's expansion. Children can receive cochlear implants within a year of birth due to technological advances. For instance, the state-funded health system enables approximately 95.0% of children to have a unilateral cochlear implant, compared to the U.S.'s number of only 50.0%. Adults choose unilateral implantation in most countries; however, pediatric patients prefer bilateral implants because of their superior cost-effectiveness.

Report Highlights

• Based on the type of fitting, unilateral implants had the largest market share in 2022, accounting for 88%. Unilateral implants are in high demand due to their lower cost when compared to bilateral implants and quicker surgical times. The segment is expected to surge significantly due to higher research expenditures and cutting-edge product launches.
• Based on end-use, Cochlear implantation received approval from the U.S. Food and Drug Administration for children aged five and older with single-sided deafness (SSD) in 2019. Unilateral sensorineural hearing loss affects about 1 in 1000 live births in the U.S. (UHL). The adult category, with 60.2% of the market, held the largest market share in 2021.
• Based on the region, Europe had the most significant revenue share (33.5%) in 2021 due to rising hearing aid awareness and good reimbursement rules. Asia Pacific is expected to have extraordinary growth due to the fast-growing elderly population and growing public knowledge of hearing aids. The Asia Pacific market is also expected to benefit from government initiatives that provide free healthcare to the poor.
  
  

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Scope of the Report

Cochlear Implant Market Dynamics

Market Drivers

The cochlear implant market is bolstered by several government policies, improvements in audio technology, particularly those relating to hearing aid devices, and follow-up studies of patients who have already received the implants. This is because cochlear implants can be implanted in people of all ages. According to statistics released by the WHO in March 2019, disorders that can be avoided caused 60.0% of cases of childhood hearing loss in 2018. Furthermore, there were 466 million persons with hearing impairments globally, and by 2050, that figure might rise to 900 million. Additionally, according to the Auditory Implant Service (USAIS), a division of the University of Southampton, cochlear implant surgeries were performed in 2018 on patients between the ages of 0-29 (n=506) and 50-89 (n=556).

Companies in the North American and APAC cochlear implant markets are developing audio implant technologies inspired by the abundance of qualified specialists and growing public awareness. Cochlear Ltd., MED-EL ElektromedizinischeGeräteGesellschaftm.b.H, Nihon Kohden Corporation, and Nurotron Biotechnology Co. Ltd. are a few businesses that sell their goods in the regions mentioned above.

Market Restraints

The cochlear implant market players may face difficulties due to post-operative complications like auditory nerve damage, vertigo, balance issues, facial nerve injury, cerebrospinal fluid leakage, perilymph fluid leakage, blood clots, infection, and meningitis. Other difficulties that patients have that could deter them from using cochlear implants include the following:

• A need for audiologists.
• The expensive cost of implantation.
• The limited lifespan of the devices.
  
  

Competitive Analysis

Several well-established businesses dominate the market, which has become more consolidated. The main strategic activities of these businesses to increase market share are product launches and research projects for the growth of product portfolios. Sennheiser electronic GmbH & Co K.G.'s consumer segment was purchased by Sonova Holding AG in March 2022, becoming the company's fourth business unit. The rapidly growing market for audiophile headphones would offer growth opportunities for this new customer hearing category. The following companies are some of the major players in the worldwide cochlear implant market:

• So nova

• Cochlear Ltd.

• Demant A/S

• MED-EL Medical Electronics

• Oticon Medical

• Zhejiang Nurotron Biotechnology Co., Ltd.

• GAES

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Recent Developments

• In March 2022, an industry leader in hearing care solutions, Sonova Holding AG, completed the previously announced acquisition of the Consumer Division of Sennheiser electronic GmbH & Co. KG. This represents the creation of a fourth business unit that will help Sonova grow its client base and channel presence while also broadening its appealing product line.
• In June 2022, Demant declared that it had acquired the remaining 80% of ShengWang's stock, gaining complete control of the largest network of hearing aid facilities in China. This comes after the 20% minority investment disclosed on March 4, 2022, and it is an important strategic move in Demant'songoing venture in hearing healthcare.

Market Segmentation

By Type of Fitting

• Bilateral Implants
• Unilateral Implants

By Age Group

• Pediatric
• Adult

By End-Use

• Clinics
• Hospitals
• Others
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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