Cochlear Implants Market is anticipated to grow considerably through 2032, owing to several initiatives by federal agencies to limit the constantly surging economic burden of hearing loss.
In addition, cochlear implants offer the ability to hear speech without needing visual cues, help recognize everyday environmental sounds, and help hear music, television programs, and telephone conversations.
Besides, several countries and public groups are spreading awareness and initiating several policies and initiatives to avert hearing loss and inspire people to undergo therapeutics. For instance, in 2022, WHO released new standards to tackle the increasing threat of hearing loss. Some of the recommendations mentioned in the protocol includes live monitoring of sound levels, allowing a maximum average sound level of 100 dB, and provision of training to staff, amongst others.
Overall, the cochlear implant industry is segmented in terms of type, patient type, end-use and region.
By type, the bilateral implant segment is slated to grow considerably owing to several advantages offered by this implant such as the improved capability of perceiving speech and better outcomes considering language, literacy, academic and social abilities. In addition, other factors including improved speech recognition in quiet and background noise, enhanced sound localization, reduced listening effort and related fatigue, enriched quality of life, and better language development for children and constructive impact on phonological processing skills will also help the segment to grow in the future.
Based on patient type, the pediatric segment is slated to grow considerably through 2032 owing to the growing incidences of hearing impairment among the pediatric population. In addition, the availability of enhanced cochlear implants in developing countries also boosts segmental expansion.
Considering the end-use, the ambulatory surgical centers segment accounted for over USD 242 million in 2022. The segmental growth through 2032 can be attributed to the increasing number of cochlear implantation procedures in these centers. Besides, benefits such as reimbursements, operational efficiency, and a short stay will amplify the market growth during the estimated timeframe.
Regionally, the Asia Pacific cochlear implants industry was valued at over USD 280 million in 2022. The regional market growth is likely to come from the easy accessibility of affordable implantation procedures, increasing awareness regarding hearing loss, introduction to government initiatives, and availability of several treatment options. Besides, factors such as the increasing elderly population and rising cases of hearing loss will also positively influence the business revenue.
As per the World Report on Hearing, approximately 760 million people are likely to suffer from some degree of hearing loss in Western Pacific region, while 660 million population in the South-East region would complaint of hearing impairment.