Cochlear Implant Systems Market Size by Product (Unilateral Implant, Bilateral Implant) and End-user (Adult, Paediatric), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022-2030

Cochlear Implant Systems Market Size by Product (Unilateral Implant, Bilateral Implant) and End-user (Adult, Paediatric), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022-2030

The cochlear implant systems market is estimated to grow steadily by 2030 owing to prominent investments in research and development activities in cochlear implants. In addition, consistent product innovation integrated with advanced technologies is poised to fuel market growth further over the forecast period.

Cochlear implants are prosthetic devices that work as hearing aids for people with sensorineural hearing loss. Since cochlear implant users require frequent audiology sessions, the market was negatively impacted by restrictions on movement and the prevalent risk of exposure to the novel coronavirus during the COVID-19 outbreak. However, a decline in coronavirus cases has helped the cochlear implant systems market regain its pre-COVID momentum. Moreover, government initiatives to spread awareness regarding various hearing aids have also driven consumer interest in the product.

Major players in the industry have been focusing on continuous research and development activities, innovating the cochlear technology, and engaging in strategic partnerships with high investments that have encouraged advancements in the cochlear implant systems market. For instance, in May 2021, MED-EL Medical Electronics, a cochlear implants specialist, announced that six patients had received a new kind of drug delivery cochlear implant, dubbed Dexamethasone-eluting electrode (DEXEL), as part of a research study that commenced in June 2020.

To cite another instance, in February 2021, Cochlear Limited, a leading implantable hearing solution provider, partnered with major hearing health experts to conduct an RCT (randomized controlled trial) of a cochlear implant that releases a glucocorticoid drug therapy directly to the cochlea. Later, in September 2021, Cochlear Limited announced a global partnership with Malala Fund, a non-profit NGO, to spread awareness about barriers posed by hearing loss to children and young adults’ access to quality education.

Recently, in April 2022, Cochlear Limited also acquired rival hearing solutions firm Oticon Medical A/S, a Danish hearing implants subsidiary of a prominent hearing healthcare company Demant A/S for around $121 million.

The cochlear implant systems market has been bifurcated based on end-user, region, and product. In terms of product, the market has been further segregated into bilateral implant and unilateral implant. The unilateral implant segment exceeded $1.3 billion valuation in 2021 driven by the low cost of unilateral implants and the increasing number of people suffering from single-side hearing loss.

With regards to end-user, the cochlear implant systems market has been divided into pediatric and adult. The pediatric segment is likely to grow at approximately 7.0% CAGR over the review timespan as a result of the high prevalence of hearing disability in pediatric patients. Additionally, the better quality of life provided by cochlear implants is also foreseen to bolster product adoption.

In the regional landscape, the Latin America cochlear implant systems market was valued at about $120 million in 2021. The growth of the market in LATAM is driven by surging awareness rate and increasing demand for implantable devices, along with rising geriatric population.