Cochlear Implants Market Size, Trends and Growth Analysis by Product (Cochlear Implant Systems and Accessories & Upgrades), Type (Unilaterals Implant and Bilateral Implants), End Users, Global Forecast till 2023
Cochlear Implants Market Overview
Market Research Future (MRFR) expects the cochlear implants market size to procure a decent CAGR of 9.86% over the evaluation period (2017 to 2023). The cochlear implants market value by 2023 is estimated to be USD 3,203.8 million, adds MRFR. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Government support in the form of funds, expanding geriatric populace, and technological developments in cochlear implants are touted to be a few key boosters of the market growth. Numerous initiatives are being undertaken by government and several organizations to aid in researches, leading to rising introduction of advanced cochlear implants in the market. Although, a low percentage of people dealing with hearing loss go for cochlear implants, the constant innovations and introduction of innovative products by renowned firms are drawing in a greater number of patients.
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The adoption of cochlear implants has soared exponentially in recent years on account of the increasing funding and insurance schemes. Also, the fact that a cochlear implant surgery in today’s modern era is performed with the use of minimally invasive surgical methods with quality implants as well as speech processors also induces growth in the adoption rate worldwide. Age plays a significant role in hearing loss and those aged between 60 and 69 are more prone to hearing related issues, studies reveal. This could be a key enhancer of the cochlear implant market size in the ensuing years.
Growth in healthcare spending and initiatives by the government across countries are working in favor of the worldwide market. But the high costs associated with these implants could deter patients to opt for them, which can mean slower cochlear implants market growth. But, the rising investments in researches and the accelerated number of clinical trials can ensure uninterrupted cochlear implants market growth over the evaluation period. Additionally, increasing FDA approvals are encouraging firms to introduce new and more advanced cochlear implants into the market.
For instance, MED-EL USA confirmed that US FDA approved its latest lightweight and slim RONDO 3 Audio Processor used for the SYNCHRONY Cochlear Implant System. RONDO 3 provides wireless charging, rechargeable battery lasting up to 24 hours, wireless streaming, and high compatibility with every kind of hearing aid.
Cochlear Implants Market Segmental Insight
The cochlear implants market has been studied extensively by MRFR, with respect to segments such as products, types as well as end users.
By key products cochlear implants market study include cochlear implant system, along with accessories & upgrades. Cochlear implant system is the biggest market worldwide.
By Types the global cochlear implants market are unilateral implant as well as bilateral implant.
Research & academic institutes, ambulatory surgical centers, hospitals & clinics, and more are the primary end-users in the global market.
Cochlear Implants Market Regional Aspect
The Middle East and Africa/MEA, Europe along with the Americas and APAC/Asia Pacific are the primary cochlear implants market.
The America cochlear implants market is presently in the lead, backed by the massive pool of patients dealing with hearing loss and the high adoption rate of modern technologies in the healthcare industry. The elevated healthcare spending along with the strong support given by the government with regard to research & development also supports market growth in the region. The Americas is home to a huge number of world-renowned firms, which adds to the market strength, while the favorable reimbursement schemes fuel the growth as well. Presence of a robust supply infrastructure, high availability of skilled and knowledgeable audiologists, and high collaboration rate between various vendors also benefit the market in the area.
Europe stands as the second biggest gainer in the cochlear implant market, thanks to the escalating number of people suffering from ear infection, hearing problems, and similar diseases. The lucrative healthcare industry, rising government support and spending on the treatment and development of cochlear implants further enhance the market size.
APAC is on track to be the fastest progressing cochlear implants market over the next few years, as a result of the surging urbanization rate in emerging countries, and the consequent surge in noise pollution due to factories and automobiles. Despite the efforts being given to curb noise pollution, incidences of hearing loss seem to be increasing at an alarming pace in the region. Therefore, the growing burden of hearing impairment and the surge in purchasing power of the consumers in India, Singapore and China has set off the market on a fast-track growth trajectory. The elevated use of ototoxic drugs, expanding pool of geriatric population with hearing loss, and frequent technological innovations also induce business growth.
Cochlear Implants Market Players
The most reputed players in the global cochlear implants market include GAES MÉDICA (Spain), Cochlear Ltd (Australia), William Demant Holding Group (Denmark), Microson S.A. (Spain), MED-El (Austria), Widex (Denmark), Advanced Bionics AG (Switzerland), to name a few.
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