Global cochlear implant market size to reach $103.2 billion
New York, U.S., Sept. 26, 2022 (GLOBE NEWSWIRE) — The size of the global cochlear implant market was USD 3.8 billion in 2021 and is expected to reach USD 103.2 billion by 2030, with a CAGR of 16.7%. according to the latest research report published by Spherical knowledge and advice.
Hearing loss is becoming more common, and thanks to improvements in technology, more and more people are adopting hearing aids. These are the factors that are expected to propel the market forward. According to estimates by the World Health Organization (WHO) as of 2021, more than 5.0% of the world’s population (430 million people) receive a hearing aid.
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The COVID-19 outbreak will negatively impact overall cochlear implant sales. In 2020, industry revenues will be reduced due to a significant decline in elective treatments such as cochlear implant surgery globally. However, in the next few years, a decrease in the number of sufferers, the easing of certain prohibitions and the education of customers through various online channels will help the company to regain its development. Due to a significant decline in elective procedures such as cochlear implant surgery globally, industry revenue will be reduced in 2020. However, in the coming years, a reduction in the number of sufferers, the loosening some regulations and educating customers through various online channels will help the business recover.
Some of the major players in the global cochlear implant market include Demant A/S, Cochlear Ltd., MED-EL Medical Electronics, Sonova, Nurotron Biotechnology, among others.
Hearing implants are surgically implanted hearing aids that can help deaf and hard of hearing patients. Patients who cannot hear despite wearing a hearing aid may benefit from hearing implants. Cochlear implants, bone-anchored hearing systems (BAHS), brainstem hearing implants, and middle ear implants are the four main types of hearing implants available. Hearing impairments are on the rise and technological developments in the field of hearing implants, along with the increase in the elderly population and patient preference for minimally invasive procedures, are driving the global hearing implant market.
Browse key industry information spread across 200 pages with 118 market data tables, plus figures and charts from the report “Global cochlear implant market Size by type (unilateral implants, bilateral implants), by end use (adult, pediatric); By region (United States, Canada, Mexico, Rest of North America, United Kingdom, France, Germany, Italy, Spain, Nordic countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, Netherlands, Luxembourg), Rest of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of South Asia -East), Saudi Arabia, United Arab Emirates, Egypt, Kuwait, South Africa, Rest of Central East Africa and Africa, Brazil, Argentina, Rest of Latin America) – Global Outlook, Growth, Size, Analysis comparative, trends and forecasts, 2021-2030 » in detail with the table of contents
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The unilateral implants segment is expected to dominate the market share in 2020 of the global cochlear implants market due to the increased demand for unilateral implants which can be related to the ease with which these devices are reimbursed, as well as their lower cost compared to bilateral implants. , faster operation time and less anesthesia needed. Due to the low cost of unilateral implant, favorable reimbursement and reduced operating time. The adult segment is expected to dominate the market share in 2020 of the global cochlear implant market owing to the growing number of elderly people and the growing use of cochlear implants among adults. According to the World Bank, in 2019, the total number of people aged 65 and over represented about 9% of the total population. Europe is expected to dominate the market share in 2020 of the global cochlear implant market owing to increased hearing awareness, availability of speech therapy clinics and attractive reimbursement policies. The European Union’s technological improvements and the creation of new facilities have contributed to the region’s market growth.
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