Global Cochlear Implants Market Outlook 2021: Global Opportunity and Demand Analysis, Market Forecast to 2028

The Cochlear Implants market is anticipated to grow at a CAGR of 10.8% over the forecast period of 2019-2028. A cochlear implant is a small, implantable device that will help to aid in hearing an individual who is stone-deaf or who has severe hearing defects. Individuals with severe or profound sensorineural hearing loss could also be ready to enjoy cochlear implants. The implant consists of an external portion that is placed behind the ear and a second portion that's surgically placed under the skin. Cochlear implants are the world's most successful medical prostheses, but 0.2% of recipients reject them or don't use them, and therefore the failure rate necessitating reimplantation is around 0.5%. The rising geriatric population, growing technological advancements in medical implants, and increasing acceptance of minimally invasive procedures are some of the factors that may drive the market's growth in the future.

The Top Driver: 

Increasing Technological Advancements and Government Support to Fuel the Market
Cochlear implants are gaining full acceptance by the population and medical practitioners in medical prostheses owing to their capability to cure or improve the hearing defect of a person. Various segments of the population are using such implants to rectify their problems, especially the geriatric population. Some children may have had hearing defects since birth, and hence such conditions are expected to fuel the market. Moreover, technological advancements in cochlear devices have made them extremely feasible and easy to install, which may also contribute to market growth in the future. Furthermore, government support and funding for such devices in the medical field are increasing widely, which may fuel market growth in the future.
A Unilateral Segment Accounted for the Largest Market Share
The market is segmented into unilateral and bilateral markets based on the type of fitting. The Unilateral segment held the largest market share owing to various factors such as ease of installation procedure, low requirement for anaesthesia, and short surgery duration. Unilateral implants are widely used as they are cost-effective and provide great results after the installation process. The bilateral implants are showing fast growth due to their effective sound recognition capabilities. Based on end-use, the market is segmented into adults and pediatrics.

The advancement of technology in Europe is driving the market
Due to various factors such as growing healthcare expenditure in the region, rising awareness about cochlear implants, growing government initiatives, and an increasing number of ambulatory surgical centres, Europe held the largest market share in the cochlear implant market. North America is expected to show steady growth in the forecast period due to technological advancements in the region. The Asia-Pacific is the fastest-growing segment due to the presence of a huge geriatric population in the region and growing healthcare expenditure.

Players to Focus on New Product Development
The global cochlear implants market is expected to grow with a significant CAGR due to the presence of various companies including Cochlear Ltd., Demant A/S, Sonova, MED-EL Medical Electronics, Nurotron Biotechnology Co. Ltd., Widex USA, Inc., Advanced Bionics AG, Starkey, Oticon Medical, and others, which are developing new products to drive the market growth.
Advanced Bionics: In August 2018, a product developed by Advanced Bionics called HiRes Ultra 3D received FDA approval for MRI examination owing to its innovative magnetic design.
iotaMotion, Inc.: In December 2019, iotaMotion, Inc., which is a medical technology startup, filed for FDA approval to market its cochlear implant insertion system called the iotaSOFTTM system in the US. The iotaSOFTTM system is specifically intended to aid surgeons in the placement of cochlear implant electrode arrays.

Scope of the Report

By Type of Fitting
• Unilateral Implant
• Bilateral Implant

By End-User
• Adult
• Pediatric

By Region
• North America
• Europe
• Asia Pacific
• Rest of the World

Key Reasons to Purchase this Report
1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders a definite analysis of changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.