Summary: A new report projects the U.S. cochlear implant market will reach $940.1 million by 2030, fueled by rising awareness, FDA approvals, and growing demand for CIs among adults and children.
Takeaways:
- Market Growth Projection: The U.S. cochlear implant market is expected to grow at a CAGR of 6.08%, reaching $940.1 million by 2030, driven by increased awareness and government initiatives.
- Segment Insights: The adult segment held over 64.2% market share in 2023 due to rising hearing loss prevalence, while the pediatric segment is anticipated to grow fastest from 2024 to 2030.
- FDA Approvals and Market Expansion: FDA approvals, such as Oticon Medical’s Neuro System in 2021, and expanded coverage for cochlear implants contribute to market growth, particularly in ENT clinics providing specialized care.
A new report on the U.S. cochlear implant market is anticipated to reach $940.1 million by 2030, growing at a compound annual growth rate (CAGR) of 6.08% from 2024 to 2030
The new report, “U.S. Cochlear Implants Market Size, Share & Trends Analysis Report by Age Group (Adult, Pediatric), End-use (Hospitals, Clinics), Region, and Segment Forecasts, 2024-2030,” has been added to ResearchAndMarkets.com’s offering.
Hearing Challenges Across the U.S.
The number of individuals with hearing impairments and the increasing prevalence of age-related hearing loss in the U.S. is driving the demand for cochlear implants in the U.S. market.
According to the National Institute of Deafness and Other Communication Disorders (NIDCD), two to three out of every 1,000 children have hearing loss that can be identified in the U.S. It also stated that roughly one in 1,000 live infants are affected by sensorineural unilateral hearing loss in the country. The U.S. Food and Drug Administration (FDA) authorized cochlear implantation in 2019 for children with single-sided deafness (SSD) who were five years or older to help these patients.
Awareness of Cochlear Implants
By raising awareness about hearing loss and the benefits of cochlear implants, these organizations increase demand and promote a better understanding of the technology, which would drive the market’s growth. Government initiatives focusing on therapeutic value and discriminatory issues spurred by people with impairments, such as expanded coverage for cochlear implants in the U.S. promote market expansion.
Highlights of the U.S. Cochlear Implants Market Report includes:
- Based on age group, the adult segment held the largest market share of over 64.2% in 2023 owing to the rising prevalence of hearing loss. The pediatric segment is expected to grow at the fastest CAGR from 2024 to 2030
- Based on end-use, the clinics segment accounted for the largest revenue share in 2023. Clinics, particularly ENT clinics, are essential providers of cochlear implant services, offering expertise in evaluating candidates for implants, conducting surgeries, and providing post-operative care
- The rising diagnosis rates, growing awareness of hearing impairment, growing desire for bilateral fittings, and supportive government programs are some factors expected to drive this growth.
- In June 2021, Oticon Medical announced that the Neuro System, the company’s product for treating individuals 18 years of age or older with bilateral severe-to-profound sensorineural hearing loss, has received premarket approval (PMA) from the U.S. Food and Drug Administration (FDA). These individuals stand to benefit limitedly from wearable technology, by entering the U.S. market with its cochlear implant products.