Cochlear Implant Market Size is Estimated to Witness 10.5% CAGR till 2028

The global cochlear implant market size was valued at USD 1.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.5% from 2021 to 2028

The global Cochlear Implant Market size is expected to reach USD 4.0 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.5% from 2021 to 2028. Supportive initiatives by governments and various organizations, a rise in bilateral fittings, and an increasing diagnosis rate are expected to boost market growth during the forecast period. Key players in the region are conducting research activities to improve the patient experience. In February 2021, Cochlear Ltd. partnered with hearing health experts for conducting clinical trials for an investigational glucocorticoid-releasing cochlear implant. The study aims to evaluate the effect of the medical device in about 120 adults in the U.S. and Australia with moderate to profound sensorineural hearing loss.

An annually increasing investment in R&D activities for product innovation enables manufacturers to compete with other players to achieve a greater market stronghold. Cochlear Ltd. in 2019 increased its investment by 10.0%, and it employed 26.0% more employees as compared to 2018 to attain organizational growth. The launch of Nucleus Profile Plus Series cochlear implant in the U.S. and Germany by Cochlear Ltd. and HiRes Ultra 3D cochlear implant by Sonova are some of the product launches witnessed by the market in 2019.

Related Press Release@ Cochlear Implant Market Report

Cochlear Implant Market Report Highlights

• Unilateral implants led the type of fitting segment during the year 2020. However, the bilateral segment is expected to grow at the fastest rate during the forecast period. The demand for bilateral implantation in children is growing due to their cost-effective nature and better speech recognition in noise
• Based on end-use, the pediatric segment is expected to exhibit the fastest growth during the forecast period due to increasing utilization of the medical device by pediatric patients and the high prevalence of hearing loss among children. According to NIDCD, two out of three children in the U.S. are born with some level of hearing loss in either or both ears
• Europe held the largest revenue share in 2020. However, in Asia Pacific, the market is expected to grow at the fastest rate during the forecast period. This can be attributed to the rapidly increasing geriatric population coupled with rising awareness about hearing aids and the local presence of key market players in the region
• The industry is witnessing product launches and initiatives for business expansion. For instance in February 2018, Cochlear began the development of the Sino-Australia International Hearing Hub in China and its new manufacturing facility. The manufacturing facility will help cochlear in the expansion of its global production capacity of implants. The launch of Nucleus Profile Plus Series cochlear implant in the U.S. and Germany by Cochlear Ltd. and HiRes Ultra 3D cochlear implant by Sonova are some of the product launches witnessed by the market in 2019.