Global Cochlear Implant Market is valued at USD 1.87 Billion in 2021 and expected to reach USD 3.62 Billion by 2028 with a CAGR of 9.9% over the forecast period.
According to the US National Institute on Deafness and Other Communication Disorders, one in eight people in the US suffered from deafness. Moreover, while this condition affects just 2% of adults between 45-54, it affects over 8.5 percent of all adults between 55 to 64. This population group also presents the largest demographic in the US, with boomers not outnumbering all the other age-groups as per the latest census. The widespread penetration of deafness, high incidence rates among elderly, and growing population of elderly remain key drivers of growth in the Cochlear Implant market.
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Cochlear Implant Market: An Overview
Getting Cochlear Implant in places like Europe also remains an expensive affair. For example, it can cost anywhere between 30,000 to 40,000 Euros on average. However, most European countries have a socialized model in place, which makes way for one free cochlear implant for every individual. This is likely to make way for tremendous growth for players in the Cochlear Implant market during the forecast period, promising highest growth, along with emerging markets like Asia Pacific, where socialized model also remain in place. For example, in 2021, China began paying for Cochlear Implant for 6,000 children each year to prevent them from hearing loss.
Cochlear Implant Companies
- like Nurotron
- Cochlear
- Gaes Group
- Oticon (William Demant)
- Listent
- Sonova
- MED-EL
- Others
Cochlear Implant Market Segmentation:–
By Type: Binaural, Unilateral
By Applications: Adults, Children
Regional & Country Analysis
North America
- U.S.
- Canada
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Sweden
- Netherland
- Turkey
- Switzerland
- Belgium
- Rest of Europe
Asia-Pacific
- South Korea
- Japan
- China
- India
- Australia
- Philippines
- Singapore
- Malaysia
- Thailand
- Indonesia
- Rest Of APAC
Latin America
- Mexico
- Colombia
- Brazil
- Argentina
- Peru
- Rest of South America
Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest Of MEA
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The lack of insurance and high costs of Cochlear Implant remain major restraint to growth of the Cochlear Implant market. According to the Boys Town National Research Hospitals, on average, the costs of Cochlear Implant can range between $30,000 to 50,000 without insurance in the US.
Cochlear Implant Market: Key Drivers
Growing awareness about Cochlear Implant, lowered costs in some markets, and increase product availability of non-patented product remain key drivers in the global Cochlear Implant market. Growing promise of increasing return on education among children remains a key driver in the Cochlear Implant market. Growing studies continue to prove promising return on investment in education among children, especially young adults. With savings, as much as $35,000 on average in some studies, the Cochlear Implant promise major driver of growth. However, despite the high returns on children, the high-costs of Cochlear Implant still remains a plaguing concern, as support apart from insurance remains limited in place.
The large population of patients in countries like the US still remains largely untouched by this marvelous innovation. For example, today about 25 million Americans are known to be suffering from the hearing condition. This amounts to over 1 in 4 among elderly group. However, when these were released, in 1985, only 14,000 individuals received them, signifying a notable small portion, with half of them being children.
According to news reports, the Indian government is planning to work on an indigenous version of the Cochlear Implant, with plans to bring the cost in the bracket of $1500-2500. India’s research organization has already laid out plans with a pitch to various stakeholders. The growing demand, and drive for innovation to bring the costs of Cochlear Implant down to manageable levels remains a major promise for expansion of the global Cochlear Implant market.
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