Cochlear implant system market revenue to cross USD 2.2B by 2027

According to the latest report “Cochlear Implant System Market by Product (Unilateral Implant, Bilateral Implant), End-user (Adult, Pediatric), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of cochlear implant systems will cross $2.2 billion by 2027. Rising awareness about the availability of hearing aids including, cochlear implants, will drive market growth.

Innovations in cochlear implant system technology are projected to boost customer adoption in the coming years. Firms in the market are partnering with other companies to develop novel products. For instance, in December 2020, Advanced Bionics that collaborated with Phonak received the U.S. FDA approval for their cochlear implant product. The firms announced the launch of Marvel hearing technology for the former’s customers in coming years. Such strategies will broaden the client base of the firm, thereby also assisting the patients with innovative products.

The increasing prevalence of hearing loss and impairment will contribute to the cochlear implant system market demand. Hearing loss can be associated with several factors including age, accident or trauma, ototoxic medications or underlying health conditions among others. As per the World Health Organization (WHO), about 466 million people suffer from hearing disabilities. Thus, the rising patient pool, growing awareness about hearing implants and untapped market potential will offer immense growth opportunities to the market in the future.

The bilateral cochlear implant segment is predicted to witness a 6.8% growth rate till 2027. Benefits associated with bilateral implantation include better hearing with two ears, improved sound quality & localization and superior comprehension of speech in noise. Bilateral implants assist pediatric patients with severe-to-profound deafness with hearing, despite the surrounding sound. Moreover, increasing acceptance of bilateral implants will augment the market expansion during the forecast timeframe.

The pediatric segment in the cochlear implant system market accounted for USD 580 million in 2020. The increasing prevalence of hearing impairment in children will contribute to revenue growth. According to the WHO, more than 58% of the population suffering from a hearing disability are pediatric. Furthermore, with growing awareness, diagnosis and rehabilitation coupled with cochlear implant programs for pediatric patients, the usage of cochlear implant systems among children will impel in the coming years.

Asia Pacific’s cochlear implant system market is estimated to attain a CAGR of over 8.4 % through 2027 led by the presence of a large patient pool with unmet demand. Also, the region has a large aging population base that is vulnerable to hearing impairments. In addition, with growing penetration of industry players and awareness about cochlear implants, APAC market will expand at remarkable pace during the forecast period.

PR Newswire