Cochlear Implants Market by Product (Cochlear Implant Systems and Accessories & Upgrades), by Type (Unilaterals Implant and Bilateral Implants), End Users (Hospitals & Clinics, Ambulatory Centers, Research & Academic Institutes)- Global Forecast till 2023.
The cochlear implants market is foreseen to observe critical development during the estimate time frame, which can be ascribed to a positive repayment situation, rising mindfulness about listening devices, and expanding reception of implants.
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The “Cochlear Implants Market Grow at a CAGR of 9.86% during the forecast period and is estimated to reach USD 3,203.8 million by 2023”, Stated By Market Research Future.
Major Market Players Listed:
Some of the major companies in the global cochlear implants market include Advanced Bionics AG, Cochlear Ltd, MED-El, GAES MÉDICA, Widex, William Demant Holding Group, and Microson S.A., and Many More.
Global Cochlear Implants Market Segmentation:
The cochlear implants market is segmented on products, types and end users.
The products have been segmented into the accessories & upgrades and cochlear implant system.
The types have been segmented into the bilateral implant and unilateral implant.
The end users have been segmented into ambulatory surgical centers, hospitals & clinics, research & academic institutes, and others.
- Increase In Number Of Patients Suffering From Hearing Loss (Weightage 37%)
- Rising Geriatric Population (Weightage 28%)
- Acceptance Of Hearing Implants By The Patients With Hearing Disorders (Weightage 22%)
- Favorable Reimbursement Policies (Weightage 13%)
- High Cost Of The Devices
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Cochlear Implants Market Regional Analysis:
Regionally, the Cochlear Implants Market is segmented into the Americas, Asia-Pacific, Europe, and Middle East & Africa. Of these, North America is estimated to remain dominant in the global Cochlear Implants Market in the coming period owing to the
the presence of huge patients suffering from hearing loss, well-developed technology, high healthcare expenditure, and government support for the research & development. According to the National Institute on Deafness and Other Communication Disorders, in 2015, over 15% of American adults i.e. 37.5 million aged 18 and over were suffering from hearing problems. Additionally, the presence of a number of leading players and favorable reimbursement policies have fueled the growth of the market.
Europe accounted for the second largest cochlear implants market, which is followed by the Asia Pacific. Increasing number of patients suffering from hearing problems, ear infection and other diseases have boosted the growth of the market. The high healthcare expenditure in this region is likely to provide a push to the growth of the market. Furthermore, increasing government support and funding for the development and treatment improvement have fuelled the growth of the market. The Asia Pacific is the fastest growing cochlear implants market across the globe. Increasing need for better devices, rapidly improving technology, and the presence of huge patient pool drives the growth of this market in Asia Pacific region.
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As per the U.S. Registration Bureau (2015), 8.5% of individuals over the globe for example 617 million were over age 65. During the most recent couple of years, individuals over the globe have received these gadgets, which have helped the development of the market. As per the National Institute on Deafness and Other Communication Disorders, in 2013, roughly 324,200 enrolled gadgets have been embedded around the world. Also, expanding medicinal services consumption and government backing have energized the market development.
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