Market Trends of Cochlear Implants Industry
This section covers the major market trends shaping the Cochlear Implants Market according to our research experts:
Unilateral Implantation Segment is Expected to Hold a Significant Share in the Cochlear Implants Market Over the Forecast Period
The unilateral implantations segment is expected to hold a significant market share by type. Unilateral implantations are highly preferred compared to bilateral implantations, primarily due to their cost-effectiveness. For instance, a research study published in Ear and Hearing in March 2021 concluded that adults and seniors with progressive severe hearing loss and unilateral cochlear implantation (CI) had a total net economic benefit of EUR 275,000 (USD 292,634.38) and EUR 76,000 (USD 80,873) respectively. The societal impact benefited children and working people even without considering health advantages. Similarly, a study published in the European Journal of Health Economics in July 2022 stated that despite changes in clinical practice and rising healthcare unit costs, unilateral cochlear implants (UCIs) remain cost-effective. Within three years, UCIs are expected to boost annual implants in adults and children by 70% and spending by GBP 28.6 million (USD 34.39 million). Such studies and cost efficiency offered by unilateral implantations are anticipated to grow segment growth over the analysis period.
Moreover, technological advancements and innovative product launches are expected to drive segment growth over the coming years. For instance, in January 2022, Cochlear Limited obtained United States Food and Drug Administration (U.S. FDA) approval for Cochlear Nucleus Implants for the treatment of unilateral hearing loss (UHL) or single-sided deafness (SSD).
Thus, due to the factors mentioned above, such as the cost-effectiveness of unilateral implantation and technological advancement in the products, the segment is expected to witness significant growth over the forecast period.
North America Holds a Significant Share in the Market and Expected to do Same during the Forecast Period
Within North America, the United States is expected to hold a major share of the market owing to factors such as growth in hearing impairment among Americans, technological advancements concerning implants, increased battery life of cochlear implants, and the presence of major market players operating in the industry.
According to the October 2021 report of Statistics Canada, overall, 60% of Canadians aged 19 years to 79 years had a hearing issue, including audiometrically measured hearing loss, tinnitus, or both conditions in 2020. Hearing loss and tinnitus were particularly prevalent in men. According to the same source, hearing loss is more prevalent in older age groups in Canada; as a result, the burden of hearing loss is expected to increase as the older population grows, fueling the expansion of the region's studied market. Moreover, in North America, the United States is expected to hold a significant market share in the hearing aids market during the forecast period due to the high prevalence and incidence of hearing loss in the country and the high adoption of hearing aids. For instance, according to the March 2021 update from the National Institute on Deafness and Other Communication Disorders, each year, about 2 to 3 out of every 1,000 children in the United States were born with a detectable level of hearing loss in one or both ears, and approximately 15% of American adults (37.5 million) aged 18 years and over reported some trouble hearing.
Furthermore, companies are taking initiatives to develop products to increase their presence in the market studied. For instance, in June 2021, Oticon Medical was granted the United States Food and Drug Administration (U.S. FDA) premarket approval (PMA) for the company's Neuro System (cochlear implant system) to treat individuals 18 years or older, with bilateral severe-to-profound sensorineural hearing loss, who obtain limited benefit from the appropriately fitted hearing aids. Such developments are likely to impact the market's growth in the near future positively.
Thus, the aforementioned factors, such as the growing prevalence of hearing loss and strategic initiatives by market players, are expected to boost segment growth.
