Cochlear Implants Market Report, Analysis, Opportunities by 2031
The cochlear implants market size was estimated to be US$ 1.98 Bn in 2021 and US$ xx Bn in 2023. It is expected to reach US$ 3.41 Bn by 2031 and record a CAGR of 7.02% until 2031. Adding key features and functionalities to cochlear implants will likely remain a key cochlear implant market trend.
Cochlear Implants Market Analysis
The increase in the number of cases suffering from hearing loss is the key factor driving the growth of the cochlear implant market. As per the World Health Organization (WHO) 2024 report, around 5% of the world population require rehabilitation to treat disabling hearing loss. The report has also projected that by 2050, more than 700 million people, or one in every ten people, will be affected by disabling hearing loss. Additionally, hearing disability is a common sensory deficit in developing countries. For instance, in 2023, WHO estimated that around 63 million people in India were suffering from Significant Auditory Impairment.
Thus, the growing prevalence of hearing impairments across the globe has fuelled the growth of cochlear implants market.
Cochlear Implants Market Overview
Growing awareness regarding hearing disabilities, an increase in diagnosis rate, and favorable regulatory scenarios are some factors driving the growth of the cochlear implants market. Furthermore, insurance coverage for cochlear implants in the US is making the device more accessible, thereby promoting the growth of the cochlear implants market.
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Cochlear Implants Market: Strategic Insights
Market Size Value in US$ 1,510.9 Million in 2018 Market Size Value by US$ 4,124.1 Million by 2027 Growth rate CAGR of 11.9% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Cochlear Implants Market: Strategic Insights
| Market Size Value in | US$ 1,510.9 Million in 2018 |
| Market Size Value by | US$ 4,124.1 Million by 2027 |
| Growth rate | CAGR of 11.9% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Cochlear Implants Market Drivers and Opportunities
Growing R&D Expenditure to Favor Market
Cochlear implant companies are continuously focusing on their research and development (R&D) activities to develop advanced hearing devices and implants for various hearing applications with the greatest medical and commercial potential. The companies invest majorly in their R&D sector with the aim of delivering high-quality and innovative products to the market. The companies are also actively monitoring the world around them for novel technologies that may enhance or leverage their own innovation.
Source: Annual Reports of Companies, The Insight Partner’s Analysis
Moreover, these companies are also investing in inorganic growth strategies such as mergers and acquisitions to expand their geographic presence and product portfolio.
Increasing Medical Tourism in Emerging Nations –
Emerging countries are preferred locations for medical tourism. Asia is one of the most preferred medical tourism destinations, attracting increasing numbers of patients across the globe for treatment. Medical tourists visit Asia for weight loss surgeries, plastic surgeries, cochlear surgery, orthopedic treatment, and cardiovascular surgery. The cost of these surgical procedures is comparatively lower in emerging nations than in developed countries. As per the IBEF 2023 report, annually, around 500,000 international patients travel to India for medical purposes.
Also, the presence of world-class hospitals, less waiting time, and skilled medical professionals in this region is likely to create opportunities for the cochlear implants market.
Cochlear Implants Market Report Segmentation Analysis
Key segments that contributed to the derivation of the cochlear implants market analysis are the type of fitting and end user.
- Based on the type of fitting, the cochlear implants market is divided into the unilateral implantation market and bilateral implantation market. The unilateral implantation segment held a larger market share in 2023 and the bilateral implantation segment is expected to witness fastest growth rate during the forecast period.
- In terms of end user, the market is bifurcated into adults and pediatrics. The adults segment held the largest share of the market, by end user. Whereas, the pediatrics segment is expected to grow at the fastest rate during the coming years
Cochlear Implants Market Share Analysis by Geography
The geographic scope of the cochlear implants market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The cochlear implants market in North America is significant In North America, the cochlear implants market is currently in the growth phase and experiencing exponential growth. North America is a major hub for food processing. According to the US Food and Drug Administration (FDA), 99,451 domestic food facilities were registered as of September 2022, in the US. Countries in North America have strict regulatory bodies pertaining to food safety the high quantity of food processing in the region is expected to affect the cochlear implants market growth positively.
Cochlear Implants Market Report Scope
Cochlear Implants Market News and Recent Developments
The cochlear implants market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In April 2024, Cochlear Limited, a leader in implantable hearing solutions, received US Food and Drug Administration (FDA) approval to lower the age of the Cochlear Osia System from 12 years-old to 5-years-old for children with mixed hearing loss, conductive hearing loss, and single-sided sensorineural deafness (SSD). (Source: Cochlear Ltd, Press Release)
- In January 2022, Cochlear Limited, a leader in implantable hearing solutions, received US Food and Drug Administration (FDA) approval for Cochlear Nucleus Implants for the treatment of single-sided deafness (SSD)/ unilateral hearing loss (UHL). (Source: Cochlear Ltd, Press Release)
Cochlear Implants Market Report Coverage and Deliverables
The “Cochlear Implants Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Cochlear implants Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Cochlear implants Market Trends
- Detailed PEST and SWOT analysis
- Cochlear implants Market Analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- Cochlear Implants Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type of Fitting and By End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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