The Global Cochlear Implants Market size was USD 3.8 Billion in 2021 and is projected to reach USD 103.2 Billion by 2030, exhibiting a CAGR of 16.7% during the forecast period. Increasing research and development expenditures rise and new technologies are introduced. The market demand will be fueled by ongoing research towards total implantable cochlear implant technologies. Cochlear implant advancements are bringing a wide selection of hearing solutions that can provide a lifetime of hearing. These innovative devices connect sound processors to Smart Apps, allowing users to regulate volume using their smartphones. The improvement of technology in the field of cochlear implants has improved sound quality and the capacity to hear speech. Furthermore, even in a noisy setting, these modern devices can function well.
 

By 2050, it is anticipated that over 2.5 billion people will have some form of hearing loss. The government and numerous organisations are supporting research in the field of cochlear implantation through a number of programmes. For instance, in March2022 American Academy of Audiology (AAA) conference, members of the American Cochlear Implant (ACI) Alliance exchanged research and clinical practise with the rest of the community. The conference was held to allow attendees to network with their peers, stay up to date on new information, and learn about recent advances in the audiology business. This is anticipated to boost the market for cochlear implants.
 

COVID-19 Analysis 

The COVID-19 epidemic had a greater impact on the lives of cochlear implanted patients seeking rehabilitation and experiencing technical difficulties with their implants. In July 2020, a research paper named "Impact of COVID-19 on access to hearing health care services for children with cochlear implants: a survey of parents" analysed the challenges faced by children with cochlear implants during the pandemic. Health services and training for auditory sense development were found to be delayed, according to the study. Furthermore, 79 percent of parents stated that the implant's speech processor had failed, causing the auditory way of communication to be harmed. As a result of these investigations, it appears that demand for cochlear implants decreased during the COVID-19 epidemic.
 

Type Outlook

The unilateral implants segment is expected to dominate the market share in 2020 of global cochlear implants market owing to the increased demand for unilateral implants can be linked to the ease with which these devices are reimbursed, as well as their reduced cost when compared to bilateral implants, quicker operation time, and less anaesthetic required. Because to the low cost of the unilateral implant, the favourable reimbursement, and the reduced operation time. The rising prevalence of single-sided deafness is driving product demand. Every year, about 60,000 people in the United States develop single-sided deafness. The industry is also being fueled by the rising incidence of single-sided hearing loss in youngsters.
 

The bilateral implants segment is anticipated to emerge as the fastest-growing region of global cochlear implants market over the forecast period owing to the cost-effective when implanted in children because they would be implanted for a longer period of time than the geriatric population. The capacity of these gadgets to understand speech in noisy environments is also predicted to fuel segment expansion.
 

End Use Outlook

The adult segment is expected to dominate the market share in 2020 of global cochlear implants market owing to the growing senior population pool and the increasing usage of cochlear implants in adults. According to the World Bank, in 2019, the total number of persons aged 65 and up made up about 9% of the overall population. One of the most common causes in adults is hearing loss. Hearing loss affects almost one out of every three adults aged 65 to 74. In addition, continued technological advancements in cochlear implants, as well as improved clinical outcomes of implant surgery in adults, will drive market growth in the future years.
 

Regional Outlook

Europe is expected to dominate the market share in 2020 of global cochlear implants market owing to the due to increased awareness of hearing, the availability of speech therapy clinics, and attractive reimbursement policies The European Union's technology improvements and the establishment of new facilities have contributed to the region's market growth.
 

The Asia Pacific segment is anticipated to emerge as the fastest-growing region of global cochlear implants market over the forecast period owing to This is due to the fast growing older population, as well as increased awareness of hearing aids. In Asia Pacific, the presence of government programmes to provide free treatment to the underprivileged is likely to fuel the industry. In India, for example, the Assistance to Disabled Persons for Purchase/Fitting of Aids/Appliances (ADIP) Scheme seeks to perform 500 cochlear implantation surgeries for underprivileged children each year.
 

Key Companies & Recent Developments

Partnerships, strategic mergers, and acquisitions are expected to be the most successful strategies for industry participants to get speedy access to growing markets while also improving technological capabilities. For instance, January 2022, US FDA approved Cochlear limited for Cochlear Nucleus Implants by for the treatment of unilateral hearing loss (single-sided deafness). In March 2022, So nova Holding AG acquired Sennheiser electronic GmbH & Co. for audiophile headphones is projected to draw growth prospects for this new consumer hearing segment. In addition, product differentiation and developments, as well as service expansion, are projected to help organizations thrive in the market. For instance, in March 2020, MED-EL Medical Electronics became the first cochlear implant producer to be certified by the European Medical Device Regulation (MDR).
 

Market Segmentation of Global Cochlear Implants Market

By Type

• Unilateral Implants
• Bilateral Implants

By End-Use

• Adult
• Pediatric

Key Players

• Cochlear Ltd.
• So nova
• MED-EL Medical Electronics
• Demant A/S
• Nurotron Biotechnology Co., Ltd.
• Medtronic plc
• Oticon Medical
• Advanced Bionics Corporation
• Ototronix