Cochlear Implants Market Size, Growth and Share Analysis 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 global cochlear implants market is expected to exhibit a stable 9.86% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global cochlear implants market is expected to reach USD 3.2 billion by 2023, according to the report. The report presents a detailed overview of the global cochlear implants market, providing studied forecasts for the market’s likely growth trajectory over the forecast period. The major drivers and restraints affecting the global cochlear implants market are also highlighted in the report for the benefit of the reader. Thus, a detailed cochlear implant market overview is provided to the reader.
Cochlear implants are implants placed inside a patient’s ear for better hearing. The growing awareness about hearing loss and the availability of various devices for bettering hearing loss is the major driver for the global cochlear implants market. In the past, many patients suffering from hearing loss would suffer in silence due to the large, protuberant hearing aids present in the market, which were deemed to be too embarrassing to be seen with. However, with the availability of smaller implants, patients are now much more ready to undergo implantation procedures than before, leading to a growing demand for cochlear implants. This is likely to remain a key driver for the global cochlear implants market over the forecast period, as making cochlear implants smaller and less conspicuous is a major direction for research for major companies operating in the cochlear implants market.
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The growing geriatric population in the world is also likely to be a major driver for the global cochlear implants market. Geriatrics are most likely to suffer from hearing loss, as age-related degeneration of the ear can often lead to hearing loss. Geriatrics are also often financially capable of being able to afford expensive cochlear implants, which may go up in price to more than USD 100,000. This is a major driver for the global cochlear implants market. On the other hand, the high prices of cochlear implants are a major restraint on the market, as this eliminates patients in the lower income groups, as they can’t afford the expensive cochlear implant. This is likely to remain the major restraint on the global cochlear implants market, especially in developing regions such as Asia Pacific and Latin America.
Cochlear Implants Market Competitive Landscape:
Leading players in the global cochlear implants market include Microson SA, Widex, William Demant Holding Group, Gaes Medica, Cochlear Ltd., Med-El, and Advanced Bionics AG. Many leading players in the cochlear implants market are situated in Europe, which is likely to remain a major driver for the cochlear implants market in the region. Product advancement and development is likely to be a major target for players in the global cochlear implants market, as developing smaller, less conspicuous hearing aids is a highly profitable strategy for players in the global cochlear implants market.
Cochlear Implants Market Segmentation:
The global cochlear implants market is segmented on the basis of product, type, end use, and region.
By product, the global cochlear implants market is segmented into cochlear implant system, and accessories and upgrades. The cochlear implant system segment dominates the global cochlear implants market and is likely to remain the leading revenue generator over the forecast period.
By type, the global cochlear implants market is segmented into unilateral and bilateral implants.
By end use, the global cochlear implants market is segmented into hospitals and clinics, ambulatory surgical centers, research and academic institutes, and others. The hospitals and clinics segment dominates the global cochlear implants market.
Cochlear Implants Market Regional Analysis:
The Americas account for the largest share in the global cochlear implants market and is likely to remain the leading revenue generating regional market over the forecast period. The high disposable income of geriatric consumers in North America is the major driver for the Americas market for cochlear implants. Europe is the second largest regional market for cochlear implants, followed by Asia Pacific. The Asia Pacific is equally established on all manners, with India, Japan, and China remaining at the front. Among others, the Middle East and Africa have shown incredible prospect for growth in the coming future.
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