Cochlear Implants Market size was valued at USD 1.6 billion in 2021 and is expected to reach at a compound annual growth rate (CAGR) of 6.8% during the forecast period 2022-2028. A cochlear implant is surgically implantable electronic device that provides a sense of sound to a person with severe or mild hearing loss. Hearing loss, also known as hearing aids impairment, is a partial or total inability to hear. Cochlear implant does not treat hearing loss or impairment. Cochlear implant directly stimulates the cochlea and replaces the function of damaged structures inner ear. Unlike the hearing aids, that make sounds louder, cochlear implants directly provide sound signals to the brain. However, high cost of devices and lack of awareness regarding available devices are hindering the cochlear implants market. The market has few and prominent players. Companies competing by expanding their regional coverage, adopting new technologies, and customising their products by offering new features and making devices user-friendly. According to the National Institute on Deafness and Other Communication Disorders, around 2 to 3 children out of every 1,000 children in U.S., born with a detectable hearing loss in either one or both ears. Asia-Pacific cochlear implants market anticipated growing at fastest rate due to increase in awareness regarding cochlear implants and local presence of market players. For instance, In June 2017, U.S. FDA has approved the Cochlear Ltd.’s nucleus 7, it is the first cochlear implant sound solution that made specifically to use with iPods, iPhones and iPads. It is also a lightest and smallest behind the ear cochlear implant currently in the market.
In September 2016, Cochlear Ltd. launched thinnest peri modiolar electrode for their cochlear implant. This electrode helps to protect the delicate structures of the inner ear