Cochlear Implants Market Size

Cochlear Implant Market Analysis

The Cochlear implants market is projected to register a CAGR of 8.57% during the forecast period.

Initially, the impact of the COVID-19 outbreak was more profound on the lives of the cochlear-implanted patients seeking habilitation and facing technical challenges with the implant. Due to COVID-19's breakout, there was a disruption in diagnosing and treating people with hearing problems. As a result, fewer people visited hospitals and clinics. In the research study published in Otology and Neurology in September 2021, during the COVID-19 pandemic, adult users of cochlear implants and people living in rural areas faced greater difficulties, including pandemic preparedness and access to healthcare, which has a detrimental effect on the market under study. However, since the restrictions were lifted, the industry has been recovering well. Over the last two years, the market recovery has been led by the high prevalence of hearing impairment diseases that need cochlear implant surgeries, new product launches, and increased demand for cochlear implants.

Further, the major factors bolstering the market growth are the upsurge in hearing impairment in the growing geriatric population, the risk of hearing loss due to exposure to noise in recreational settings in younger people, and technological advancements and increased battery life of cochlear implants.

Hearing impairment in the geriatric population is a major driver the market growth. The burden of hearing impairment in the older population is relatively high, and it is expected to aid the market growth over the coming years. For instance, a research study published in JAMA Network in June 2021 stated that 973 (33 %) of the 2,956 older people in the United States who participated in the population-based cohort study had normal hearing, 1,170 (40%) had mild hearing impairment, 692 (23%) had moderate hearing impairment, and 121 (4%) had a severe hearing impairment. Thus, the demand for cochlear implants is expected to increase with the growing geriatric population. Moreover, hearing loss or difficulty in hearing is a common problem among older people. As per the National Institute on Deafness and Other Communication Disorders (NIDCD) report published in March 2022, approximately one in three people in the United States between the ages of 65 years and 74 years has hearing loss, and nearly half of those older than 75 years. As a result, the high prevalence of hearing loss among the aging population is anticipated to fuel demand for cochlear implants and propel market expansion.

However, the launch of the technologically advanced product by the key market players supports market growth. For instance, in August 2021, Cochlear Limited introduced the Nucleus Kanso 2 Sound Processor. The new launch reflects Cochlear's ongoing dedication to innovation in hearing technology to provide amplifiable access to smartphone connectivity and aid in improving hearing performance in people with hearing loss. The Nucleus Kanso 2 Sound Processor is the smallest off-the-ear cochlear implant sound processor with tested hearing performance technologies. Additionally, in February 2021, Auditory Verbal United Kingdom launched the Cochlear Implant International Community of Action. A new and innovative community of organizations, individuals, and specialists committed to expanding access to cochlear implants and providing lifetime support to those who benefit from them. Such measures would expand the accessibility and availability of cochlear implants to patients requiring them, thus increasing demand for them and boosting market growth.

Thus, all aforementioned factors, such as the growing burden of hearing illnesses, the geriatric population, and product launches by market players, are expected to drive the growth of the studied market. However, the high cost of these implants and the maintenance difficulty may restrain the market's growth.