The Cochlear Implants market is anticipated to grow with a CAGR of 10.8% over the forecast period of 2019-2028. A cochlear implant is a small, implantable device that will help to aid in hearing to an individual who is stone-deaf or who have severe hearing defects. Individuals with severe or profound sensorineural hearing loss could also be ready to enjoy cochlear implants. The implant consists of an external portion that is placed behind the ear and a second portion that’s surgically placed under the skin. Cochlear implants are the world’s most successful medical prostheses therein, but 0.2% of recipients reject it or don’t use it, and therefore the failure rate needing reimplantation is around 0.5%. The rising geriatric population, growing technological advancements in medical implants, and increasing acceptance of minimally invasive procedures are some factors that may furl the market growth in the future.

Top Driver: Increasing Technological Advancements and Government Support to Fuel the Market

Cochlear implants are gaining full acceptance by the population and medical practitioners in the medical prostheses owing to their capability to cure or improve the hearing defect of a person. Various segments of the people are using such implants to rectify their problems, especially the geriatric population. Some children may have hearing defects since birth, and hence such condition is expected to fuel the market. Moreover, technological advancements in the cochlear devices had made them extremely feasible and easy to install, which may also contribute to the market growth in the future. Furthermore, government support and funding for such devices in the medical field are increasing widely, which may fuel the market growth in the future.

Unilteral Segment Accounted for the Largest Market Share  

Based on the type of fitting, the market is segmented into unilateral and bilateral. The Unilateral segment held the largest market share owing to various factors such as easy installation procedure, low requirement of anesthesia, and short surgery duration. The unilateral implants are widely used as they are cost-effective and provide great results after the installation process. The bilateral implants are showing fast growth due to their effective sound recognition capabilities. On the basis of end-use the market is segmented into adults and pediatrics.

Advancement of Technology in Europe is Driving the Market

Europe held the largest market share in the cochlear implants market due to various factors such as growing healthcare expenditure in the region, rising awareness about cochlear implants, growing government initiatives, and increasing various ambulatory surgical centers. North America is expected to show steady growth in the forecast period due to rising technological advancements in the regions. The Asia Pacific is the fastest-growing segment due to the presence of a huge geriatric population in the regions and growing healthcare expenditure.

Players to Focus on New Product Development

The global Cochlear Implants market is expected to grow with a significant CAGR due to presence of various companies including, Cochlear Ltd., Demant A/S, Sonova, MED-EL Medical Electronics, Nurotron Biotechnology Co. Ltd.  Widex USA, Inc Advanced Bionics AG, Starkey, Oticon Medical  and others which are developing new products to drive the market growth.

Advanced Bionics: In August 2018, a product developed by Advanced Bionics called HiRes Ultra 3D received an FDA approval for MRI examination owing to its innovative magnetic design.

iotaMotion, Inc.:  In December 2019, iotaMotion, Inc., which is a medical technology startup, filed for an FDA approval for marketing its cochlear implant insertion system called iotaSOFT™ system in the US. iotaSOFT™ system is significantly intended to aid surgeons in the placement of cochlear implant electrode arrays.

Scope of the Report

By Type of Fitting

• Unilateral Implant
• Bilateral Implant

By End-User

• Adult
• Pediatric

By Region

• North America
• Europe
• Asia Pacific
• Rest of the World

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.