Market Research Future has Discovered that the Global Cochlear Implants Market is on track to witness growth at a striking CAGR of 9.86% during the review period from 2019 to 2023.
Cochlear Implants Market – Highlights
Global Cochlear Implants Market will surpass a valuation of USD 3,200 Mn by the year 2023, reflecting an above-average CAGR of 9.89%. Cochlear implants can improve hearing capabilities. Such implants are high advanced as compared to traditional hearing aid devices. At the same time, efforts are being made to improve the quality and effectiveness of cochlear implants. Over the past couple of years, demand for cochlear implants has increase significantly. DeafandHoH.com, LLC. revealed that close 360 Mn people were suffering from moderate to severe hearing loss globally in 2014.
The number of people accepting such treatment for their hearing issues have increased considerably in recent years. The National Institute on Deafness and Other Communication Disorders stated that in the year 2013, nearly 324,200 registered devices were implanted across the globe.
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The Centers of Disease Control and Prevention projected that by 2025, approximately 900 Mn people worldwide are expected to suffer from hearing loss. These is a substantial market opportunity for cochlear implants market. Factors such as rising incidence of hearing loss, increased geriatric population, increased awareness, favorable reimbursement policies and innovation in hearing implants are expected to support the market’s growth during the forecast period. Furthermore, increased government support and rising healthcare expenditure are other important factor influencing the market. Nonetheless, the high cost of implant and treatment procedures continues to hamper the market proliferation in developing countries.
MRFR in its report has profiled some of the top-notch companies functioning in the global cochlear implants market, which include MED-El (Austria), GAES MÉDICA (Spain), Widex (Denmark), Microson S.A. (Spain), Advanced Bionics AG (Switzerland), William Demant Holding Group (Denmark), and Cochlear Ltd (Australia).
The MRFR’s report also includes detailed segmental analysis of the market based on type, product, end user and region. By type, the market has been segmented into bilateral implant and unilateral implant. Based on products, the market has been segmented into accessories & upgrades and cochlear implants system. The cochlear implant system type segment currently accounts for the lion’s share of the market and expected to remain high profitable during the assessment period. By end user, the market has been segmented into ambulatory surgical centers, hospitals & clinics research & academic institutes and others.
Regions that are cover in the report include Americas, Europe, the Middle East & Africa (MEA) and Asia Pacific (APAC). The Americas currently account for the largest market share in term of value. This is primarily due to factors such as existence of a massive patient pool, advanced healthcare infrastructure, high-healthcare spending, rampant R&D efforts and strong government support. Moreover, presence of various prominent market players in the countries such as the U.S and Canada aids in placing the region at a favorable position in the global cochlear implants market. Meanwhile, Europe is likely to hold its second position in the global cochlear implants market throughout the review period. Presence of several advanced economies in Europe, especially in West Europe is a major supporting factor for the region’s market. Europe is followed by Asia Pacific, which is the third largest market for cochlear implants. Rising healthcare expenditure along with the improving caregiving services is creating opportunities for market players. The market in APAC is anticipated to exhibit a comparatively faster growth over the next couple of years. In the MEA, the market is projected to grow at a moderate pace however, increased focus on improving healthcare system is creating attractive prospects for the market in the region. The GCC countries are likely to play an important role in driving the market in MEA.
Europe is the second largest market for contact lenses which is expected to exhibit healthy growth over the forecast period. High investment in R&D activities and new product approvals are initiating growth in the region. Well spread awareness, and key players are focusing on market expansion in the region acts as a plus for the growth of the market.
APAC is expected to showcase impressive growth over the forecast period. The region has large unmet needs among the massively populated countries in the region which provide ample opportunities for market expansion. To capitalize on the available growth opportunities and the availability of a cheap skilled workforce, lower operating cost and abundance of raw materials, key players are shifting their production base in the region. This has resulted in the availability of cost-competitive varieties of contact lenses which has further intensified the growth of the APAC contact lenses market.
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