Exclusive Analysis by MarketResearchFuture.com of Global Cochlear Implants Market Research Report 2019 to 2023, with respect to region specific market growth and competitive analysis on the basis of major players present in the market. Detail analysis on possible segments and sub segments of the market. Provide country level analysis of the market with respect to the current market size and future prospective.
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.
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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.
The large unmet need of hearing impaired patients aided by the risk in risk factors such as rising geriatric population is the demographic driver of the market, with estimates that almost 360 million patients worldwide are suffering from serious hearing loss in 2015. According to the U.S. Census Bureau in 2015, 8.5 % of people representing 617 million over age 65 years of age are suffering from hearing loss. According to the Centers for Disease Control and Prevention, estimates an estimated 900 million patients are likely to suffer from severe hearing impairment by 2025.
Favorable reimbursement policies, increasing healthcare expenditure have fed a large demand for cochlear implants as can be seen from the estimates of the National Institute on Deafness and Other Communication Disorders, which states that, 324,200 registered devices were implanted in 2015 alone.
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 have a bird’s eye view of the market, the report has been segmented by products, types, end users and regions.
Products – cochlear implant system, and accessories & upgrades. The products segment is dominated by the cochlear implant system.
Types – unilateral implant and bilateral implant.
End users – hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
Regional – North America, Europe, Asia Pacific, Middle East and Africa.
The high cost of impacts which can exceed USD 100,000 is the economic restraint on the market. The discomfort associated with the devices, especially the sense of unnatural sound, lack of clarity, echo and headache associated with the use of the devices has resulted in self-rejection by the patients.
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 Cochlear Implants 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 Cochlear Implants which has further intensified the growth of the APAC Cochlear Implants market.
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