Categories: Market Research

Cochlear Implant Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Cochlear Implant Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Cochlear Implant Global Market Report 2024, The cochlear implant market size has grown strongly in recent years. It will grow from $1.71 billion in 2023 to $1.87 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to prevalence of hearing loss, increased awareness and diagnostic practices, patient advocacy and education, supportive regulatory environment, insurance coverage and reimbursement policies.

The cochlear implant market size is expected to see strong growth in the next few years. It will grow to $2.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to expansion of indications, advancements in signal processing algorithms, miniaturization and design innovations, global health initiatives, focus on pediatric population, patient-centric outcomes and quality of life measures. Major trends in the forecast period include technological advancements, wireless connectivity, development of hybrid and electro-acoustic systems, personalized mapping strategies, research in neural stimulation techniques.

The increasing prevalence of hearing loss is expected to propel the growth of the cochlear implant market going forward. Hearing loss refers to a loss of hearing and is defined as if an individual’s hearing abilities are less than those of someone with normal hearing, which is understood to have hearing thresholds of at least 20 dB in each ear. Cochlear implants help hearing loss patients receive and process sounds and speech and produce helpful hearing sensations for a person with severe to profound nerve deafness by electrically stimulating nerves inside the inner ear. For instance, in February 2023, according to the World Health Organization, a Switzerland-based United Nations specialized agency for international public health, at least 700 million people will need hearing rehabilitation by 2050, and over 2.5 billion individuals are expected to suffer hearing loss. Further, in 2022, 217 million people live with hearing loss in America or 21.52% of the total population. This number is predicted to increase to 322 million by 2050. Therefore, the increasing prevalence of hearing loss is driving the growth of the cochlear implant market.

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The cochlear implant market covered in this report is segmented –

1) By Type: Unilateral Implants, Bilateral Implants

2) By Technology: Electro-Acoustic Stimulation (EAS), Acoustic Amplification Technology, Electro-Stimulation Technology

3) By Patient: Adult, Pediatric

4) By End-use: Hospitals, ENT (Ear, Nose, And Throat) Clinics, Ambulatory Surgical Centers

Major companies operating in the cochlear implant market are developing advanced products such as behind-the-ear cochlear implant sound processor to sustain their position in the market. A behind-the-ear cochlear implant sound processor refers to a device designed to capture and process sound signals, typically worn discreetly behind the ear, which is part of a cochlear implant system. For instance, in November 2022, Cochlear Limited, an Australia-based medical device company received FDA approval for cochlear nucleus 8 sound processor. The first cochlear implant sound processor in the world is the nucleus 8 sound processor, which is available in Lone Tree, Colorado. The tiniest and lightest behind-the-ear cochlear implant sound processor available today is the nucleus 8 sound processor. The most advanced and cutting-edge hearing technology from Cochlear is featured in the nucleus 8 sound processor, which successfully eliminates background noise to improve face-to-face communication, particularly in noisy surroundings.

The cochlear implant market report table of contents includes: