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Cochlear Implant Market - Forecasts from 2021 to 2026

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  • 112 Pages
  • July 2021
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5397951
The global cochlear implant market is evaluated at US$2.071 billion for the year 2019 growing at a CAGR of 9.82% reaching the market size of US$3.990 billion by the year 2026. A cochlear implant is a surgically implanted electronic device designed to produce useful hearing sensations to a person with severe to profound nerve deafness by electrically stimulating nerves inside the inner ear. They are designed to help adults and children who get little or no benefit from hearing aids. Increasing awareness among people, advancements in cochlear implants, growing penetration of implants due to an expanded geographical reach of market players, and favorable government initiatives are the key drivers anticipated to boost the global cochlear implant market growth during the forecast period. Also, the rising adoption of advanced cochlear implants among children and supportive policies by the governments are anticipated to further propel market growth. However, risks associated with surgical implant procedures such as injury to the facial nerve, meningitis, attacks of dizziness or vertigo, and others can hamper the market growth.

The recent outbreak of the novel coronavirus had a negative impact on the global cochlear implant market. The pandemic shifted the major focus of the healthcare system towards COVID-19 and as part of the COVID-19 restrictions, a large number of surgeries had to be canceled in many parts of the world, which led to a decline in the global cochlear implant market in 2020. However, as the restrictions are being eased in most parts of the world, the market is anticipated to recover and continue at its normal pace from the year 2022 onwards.

Favorable government initiatives.

The governments in many countries around the world are increasingly providing assistance for cochlear implants, which is anticipated to propel the growth of the global cochlear implant market during the forecast period. Under the ADIP scheme of the Ministry of Social Justice and Empowerment, the government of India provides financial assistance for the cochlear implants of children and has recognized institutes of national stature for recommending children who are eligible for the scheme and for conducting the cochlear implants. The government bores the expense of the surgery with a ceiling limit of Rs 6 lakh per child. In April 2018, the government announced to have given implants to 1,200 children and stated its aim to increase the number of implants per year with the rising demand. The government of China has been providing subsidies for cochlear implants since 2015 for the people of Shanghai aged 18 to 60 who suffer from serious hearing loss. A subsidy with an upper limit of 60 thousand Yuan is provided at the designated hospitals to the local residents. The Ministry of Health of the government of New Zealand funds $8.7 million every year for cochlear implants in the country. The government in its manifesto has also committed to double the number of annual cochlear implants during the current parliamentary term. In February 2021, the MOH announced to invest an additional $6 million for adult cochlear implants. Many such initiatives have been taken by many other governments of various countries to make the lives of people requiring cochlear implants easy, and hence it is projected to boost the growth of the global cochlear implant market during the forecast period.

Rise in hearing loss cases.

One of the major factors anticipated to drive the growth of the global cochlear implant market is the growing number of people with hearing loss across the world. The WHO states that owing to the increasing prevalence of unsafe listening practices, more than 1 billion young adults are at risk of permanent and avoidable hearing loss as of March 2021. The WHO in its first world report on hearing stated that nearly 2.5 million people, or 25% of the population, will suffer from some sort of hearing loss by 2050. This rise in hearing loss cases is expected to increase the number of people requiring cochlear implants and hence is anticipated to boost the growth of the global cochlear implant market in the coming years. According to the World Population Ageing 2019 report by the Department of Economic & Social Affairs, UN, around 6% of the population was aged 65 or above in 1990 which increased to 9% in 2019, and it is projected to increase to 16% by 2050. The number of people aged 65 years or above is projected to increase from 703 million in 2019 to 1.5 billion by 2050. Around 1 in 11 people around the world was over the age of 65 in 2019 and it is projected to increase to 1 in 6 people by 2050, as per the report. With this rise in the geriatric population, the number of people having hearing problems is expected to increase, which is anticipated to propel the global cochlear implant market growth during the forecast period.

North America to hold a significant market share.

Geographically, the North American region is anticipated to hold a significant market share owing to the presence of a technologically advanced healthcare system and increasing awareness about cochlear implants and hearing issues. The Asia Pacific region is anticipated to witness substantial growth due to government support for cochlear implants.

Market Segmentation:

By Type

  • Unilateral Implants
  • Bilateral Implants

By End-User

  • Adult
  • Pediatric

By Geography

  • North America
  • USA
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Others
  • Europe
  • Germany
  • France
  • UK
  • Others
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Others
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Taiwan
  • Thailand
  • Indonesia
  • Others
Frequently Asked Questions about the Cochlear Implant Market

What is the estimated value of the Cochlear Implant Market?

The Cochlear Implant Market was estimated to be valued at $2.07 billion in 2019.

What is the growth rate of the Cochlear Implant Market?

The growth rate of the Cochlear Implant Market is 9.8%, with an estimated value of $3.99 billion by 2026.

What is the forecasted size of the Cochlear Implant Market?

The Cochlear Implant Market is estimated to be worth $3.99 billion by 2026.

Who are the key companies in the Cochlear Implant Market?

Key companies in the Cochlear Implant Market include Cochlear Ltd., MED, EL Medical Electronics, Sonova Group and Nurotron Biotechnology Co. Ltd..

Table of Contents

1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Cochlear Implant Market Analysis, by Type
5.1. Introduction
5.2. Unilateral Implants
5.3. Bilateral Implants
6. Cochlear Implant Market Analysis, by End-User
6.1. Introduction
6.2. Adult
6.3. Pediatric
7. Cochlear Implant Market Analysis, by Geography
7.1. Introduction
7.2. North America
7.2.1. USA
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Others
7.4. Europe
7.4.1. Germany
7.4.2. France
7.4.3. UK
7.4.4. Others
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. UAE
7.5.3. Others
7.6. Asia Pacific
7.6.1. China
7.6.2. India
7.6.3. Japan
7.6.4. South Korea
7.6.5. Taiwan
7.6.6. Thailand
7.6.7. Indonesia
7.6.8. Others
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Cochlear Ltd.
9.2. MED-EL Medical Electronics
9.3. Sonova Group
9.4. Demant A/S
9.5. Nurotron Biotechnology Co. Ltd.

Companies Mentioned

  • Cochlear Ltd.
  • MED-EL Medical Electronics
  • Sonova Group
  • Demant A/S
  • Nurotron Biotechnology Co. Ltd.