NEW YORK, Aug. 8, 2024 /PRNewswire/ -- The
global cochlear implants market size is estimated to grow
by USD 975.3 million from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of almost 9.45% during the forecast period. Increasing prevalence
of hearing loss is driving market growth, with a trend towards
emerging technological innovations. However, high cost of cochlear
implants poses a challenge. Key market players
include Amplifon SpA, Cochlear Ltd., Envoy Medical Corp.,
iotaMotion Inc., MED EL Elektromedizinische Gerate GmbH, Medtronic
Plc, Neubio AG, Olympus Corp., Oticon Medical AS, Ototronix LLC,
Shanghai Lishengte Medical Technology Co. Ltd., Sonova AG, Starkey
Laboratories Inc., The Cochlear Implant Group India, TODOC Co.
Ltd., and ZHEJIANG NUROTRON
BIOTECHNOLOGY CO. LTD..
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Cochlear Implants
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
9.45%
|
Market growth
2024-2028
|
USD 975.3
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
8.42
|
Regional
analysis
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Performing market
contribution
|
Europe at
35%
|
Key
countries
|
US, Mexico, Germany,
France, and China
|
Key companies
profiled
|
Amplifon SpA, Cochlear
Ltd., Envoy Medical Corp., iotaMotion Inc., MED EL
Elektromedizinische Gerate GmbH, Medtronic Plc, Neubio AG, Olympus
Corp., Oticon Medical AS, Ototronix LLC, Shanghai Lishengte Medical
Technology Co. Ltd., Sonova AG, Starkey Laboratories Inc., The
Cochlear Implant Group India, TODOC Co. Ltd., and ZHEJIANG NUROTRON
BIOTECHNOLOGY CO. LTD.
|
Market Driver
Several leading manufacturers, including Cochlear, Sonova, and
MED EL, are innovating in the cochlear implant market by developing
advanced components and sound processors. Cochlear, for instance,
has seven generations of implantable components and nine
generations of sound processors. These advancements include an
increase in the number of electrodes, from eight to 24, leading to
clearer sound delivery. Sound processors have become more compact
and lightweight, with water resistance and Bluetooth connectivity.
Cochlear's Kanso Sound Processor uses dual-microphone technology
and the Auditory Scene Classifier for automatic adjustment to
listening environments. Advanced Bionics offers the world's first
waterproof cochlear implant, Neptune. New image-guided technologies
enable customized cochlear implant stimulation strategies,
enhancing hearing quality and communication abilities without
additional surgeries. These technological advancements are expected
to fuel the global cochlear implants market growth.
The Cochlear Implants market is experiencing significant growth
due to increasing trends in bilateral fittings for improved hearing
in both ears. The geriatric population and those suffering from
hearing loss due to aging, noise pollution, or ototoxic drugs, are
major consumer groups. The surgical process for implantation is
becoming more streamlined with the involvement of skilled surgeons
in clinics and hospitals. Advanced Bionics leads the market with
innovative solutions, focusing on wearability, sound processing,
and miniaturization. The adult segment, including those with
unilateral and bilateral implants, is a key market, while the
pediatric segment is growing due to advancements in technology and
improved outcomes. Sound processing algorithms, signal processing,
and wireless connectivity are crucial features driving demand.
Electrode arrays and online sales through e-commerce platforms are
also gaining popularity. Hearing aids continue to be an alternative
for those with mild hearing impairments, but cochlear implants
offer superior sound localization and speech recognition for those
with severe hearing impairments. Cochlear implants are electronic
medical devices that stimulate the inner ear's hair cells in the
cochlea, converting sound signals into electrical impulses that
reach the brain. The market is expected to continue growing due to
the increasing prevalence of hearing loss and advancements in
technology.
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Market Challenges
- The cost of cochlear implants is a significant challenge in the
market due to the complex manufacturing, surgery, and
rehabilitation processes involved. The average cost of a cochlear
implant is around USD18,000 to
USD25,000 per device. Factors
contributing to the high cost include pre-surgery evaluations,
hospital costs, and the price of the implant and surgery. The cost
can vary depending on the severity and duration of hearing loss.
Technological innovations and market concentration allow for
premium pricing, but insufficient insurance coverage or
reimbursements hinder adoption. This high cost may limit market
growth in the forecast period.
- ai_dominating_segment_factor
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Segment Overview
This cochlear implants market report extensively covers market
segmentation by
- End-user
- Product
- 2.1 Unilateral
- 2.2 Bilateral
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Adult- The global cochlear implants market is divided
into various segments based on end-users. One significant segment
is adult cochlear implant users. Adults with severe to profound
hearing loss are potential candidates for cochlear implants. This
group includes individuals who have lost their hearing due to aging
or other causes. Cochlear implants offer significant advantages to
adults, such as enhanced speech recognition and an improved quality
of life. Major players in this market, including Cochlear Limited,
Advanced Bionics, and MED EL, manufacture and provide cochlear
implant devices and services for adults. Healthcare providers, such
as audiologists and ear, nose, and throat specialists, work with
adult cochlear implant users to ensure ongoing care and support.
This ongoing care is expected to fuel the growth of the adult
cochlear implant user segment in the forecast period.
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analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Cochlear Implants Market refers to the global industry
dedicated to producing and supplying cochlear implant systems.
These devices are intended for individuals with severe to profound
hearing loss, including those with bilateral hearing impairments.
The geriatric population and pediatric segment are key focus areas
due to the high prevalence of hearing loss in these groups. The
surgical process involves implanting electrodes into the inner ear
to stimulate the auditory nerve and restore hearing. Advanced
features like wearability, sound processing, and improved sound
localization enhance user experience. Noise pollution, ototoxic
drugs, and aging population are significant factors driving market
growth. Cochlear implants can be categorized into unilateral and
bilateral fittings. While unilateral implantations restore hearing
in one ear, bilateral implantations restore hearing in both ears,
offering better sound localization and improved hearing in noisy
environments. The market includes various players, with companies
focusing on developing advanced technologies to cater to the adult
and pediatric segments, as well as those with normal hearing or
mild to moderate hearing impairments. Ear and Hearing institutes
and Otology and Neurology clinics are major end-users. Hearing aids
serve as an alternative solution for mild hearing impairments.
Market Research Overview
The Cochlear Implants market refers to the production, sale, and
distribution of electronic medical devices designed to restore
hearing in individuals with severe to profound sensorineural
hearing loss. These implants, which include Bilateral fittings, are
surgically implanted in the inner ear and stimulate the auditory
nerve to transmit sound signals to the brain. The Geriatric
population, with its increasing prevalence of age-related hearing
loss, is a significant market driver. The surgical process involves
skilled surgeons in clinics and hospitals. Wearability, sound
processing, and advanced features such as electrode arrays and
speech processing algorithms are key considerations. The market
caters to both adults and pediatrics, with unilateral and bilateral
implantations available. Hearing loss causes, including noise
pollution, ototoxic drugs, and aging population, contribute to the
market's growth. Online sales and e-commerce platforms are emerging
distribution channels. Miniaturization, wireless connectivity, and
improved signal processing are ongoing trends. Cochlear implants
replace or augment traditional hearing aids for normal hearing,
mild to severe hearing impairment, and ageing population. The
market's patient epidemiology includes spiral ganglion cells and
those affected by sensorineural hearing loss.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Product
-
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio