New York, USA, June 05, 2023 (GLOBE NEWSWIRE) -- Cochlear Implants Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Cochlear Implants Market Information By Product, Type, End-User And Region - Forecast till 2030", the market size was valued at USD 1.8 billion in 2022 and is projected to grow from USD 1.96 Billion in 2023 to USD 3.31 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.10% during the forecast period (2023 - 2030).
Market Scope
Several factors, including genetics, asphyxia during delivery, cerumen impaction, ototoxic drugs, and uterine infections, have caused the recent rise in hearing loss. Cochlear implants, hearing devices, and other assistive technologies can be helpful for these people. Cochlear implants are becoming more popular due to favorable reimbursement, the development of minimally invasive procedures, and technological advancements. Additionally, kids with cochlear implants need auditory-verbal therapy (AVT) for at least the first two years after the implantation to develop their speech-language abilities and better understand auditory information. Older adults are more susceptible to the accumulative effects of hearing damage, so aging is linked to an increased likelihood of hearing loss.
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A second portion of the implant is surgically placed beneath the skin, and the exterior piece rests behind the ear. The parts of an implant are as follows: a device that records sound from the environment utilizing a transmitter, a receiver/stimulator, a speech processor to select and organize the sounds recorded through the microphone, and a language processor to receive signals and convert them into electric impulses. The stimulator impulses are received by an electrode array comprising a group of electrodes and then sent to various locations along the auditory nerve. The cochlear implant and an auditory aid are two very distinct types of technology. Cochlear implant surgery will increase in popularity as a treatment option for inner ear damage because senior citizens are more prone to chronic illnesses like hearing loss. This will improve the quality of life and treat the underlying condition. The government and numerous organizations are launching initiatives to support cochlear implant research.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 3.31 Billion |
| CAGR | 9.10% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Type And End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing Prevalence of minimally invasive surgery techniques to boost market growth |
| Increasing aged population and Loss of hearingare are the factors for market growth |
Cochlear Implants Market Competitive Landscape:
The viable companies in the cochlear implants market are:
- MED-EI (Austria)
- Microson S.A. (Spain)
- Widex (Denmark)
- GAES Medica (Spain)
- Cochlear Ltd. (Australia)
- William Demant Holding Group (Denmark)
- Advanced Bionics AG (Switzerland)
Cochlear Implants Market Trends:
Market Drivers:
The rise in hearing impairment among the aging population, the possibility of hearing loss among younger people from prolonged exposure to noise in leisure activities settings, and the improved technology and greater battery life of hearing aids are the main drivers of market growth. However, it enables many people to hear the conversation, whether in person or over the phone, understand other noises in the environment, and pick up on warning signs. Both adults and children who are profoundly deaf or hard of hearing can receive cochlear implants. However, introducing the technologically sophisticated product by the major market participants promotes market expansion. A brand-new, cutting-edge network of institutions, people, and experts dedicated to boosting the availability of cochlear implants and offering lifelong assistance to those who utilize them.
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Such actions would increase the affordability and accessibility of cochlear implants for individuals who need them, thereby boosting demand and market expansion. The aging population's hearing impairment is key to the market's expansion. In the upcoming years, market growth is anticipated to be aided by the older population's relatively high burden of hearing impairment. On the other hand, recent developments in creating creative next-generation sound processors and arising potential markets offer profitable opportunities for market expansion. Production of unilateral implants will be further fueled by their ability to ensure superior high-frequency sound transmission compared with different bone conduction implants while improving speech understanding in noisy environments.
Restraints
The market's growth is constrained by the device's high price, problems with cochlear batteries, and limited healthcare spending.
COVID 19 Analysis
Limitations on audiology surgical treatment and treatment services were implemented when COVID-19 first appeared. During neurotological (a subcategory of ENT) surgeries, there was a higher risk of virus contamination due to drilling in the mastoid cavity. This resulted in patients being screened for COVID-19 before surgery, which caused the surgical procedures to be delayed. Additionally, appointments for the post-surgery rehabilitation process were also canceled or delayed. However, as COVID-19 restrictions were loosened in various countries, surgeries gradually resumed at varying rates. The COVID-19 outbreak initially significantly impacted the lives of cochlear implant patients who needed habilitation and had to deal with technical issues with the implant. The diagnosis and treatment of those with COVID-19 were hampered as a result of the outbreak of the virus.
Cochlear Implants Market Segmentation
By type, the market includes unilateral implants and bilateral implants. By end users, the market includes hospitals & clinics, ambulatory centers, research, and academic institutes. By product, the market includes cochlear implant systems and accessories and upgrades.
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Cochlear Implants Market Regional Insights
France, Germany, the United Kingdom, and the remainder of Europe comprise most of Europe. One of the key players on the global stage is Europe. For the region of Europe, the global economy's overall momentum is still positive, and this upswing is predicted to last for the foreseeable future. Although a cochlear implant is one of the most effective treatments for adults and children with profound bilateral deafness, there are regional variations in how often it is used. This results from an increase in patients with hearing loss, cutting-edge technology, and higher medical expenses. Additionally, the Asia-Pacific region's cochlear implant market in India was expanding at the fastest rate, while the market in China held the greatest market share.
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