Cochlear Implants Market Size, Trends and Growth 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
Cochlear Implants Market Synopsis
According to Market Research Future (MRFR), the global cochlear implants market is anticipated to expand at a CAGR of USD 3,203.8 million, expanding at a CAGR of 9.86% during the evaluation period from 2017 to 2023.
The cochlear implants market 2020 growth can be attributed to the rise in prevalence of hearing impairment owing to the increasing geriatric population. The availability of customized product solutions for cochlear implants is anticipated to fuel the demand for cochlear implants, which can augment the market. Furthermore, the technological development is likely to aid the equipment in transferring accurate signals and enhance battery life, which is anticipated to actuate the market in the forecast period. The prolonged exposure to noise in recreational settings is predicted to increase the demand for cochlear implants which is expected to strengthen the market.
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However, the high cost of these implants along with difficulty in maintenance, are expected to hinder the market growth during the forecast period. On the other hand, increasing R&D activities along with above-stated factors, are expected to counter the obstructing factors and boost the market.
Cochlear Implants Market Segmentation
The segmental analysis of the global cochlear implants market is done by types, products, and end-users.
The types-based segments of the global cochlear implants market are unilateral implant and bilateral implant.
The products-based segments of the global cochlear implants market are cochlear implant system, and accessories & upgrades.
The end-users-based segments of the global cochlear implants market are hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
Cochlear Implants Market Regional Analysis
On the basis of geography, the cochlear implants market is segmented into the Americas, Asia-Pacific, Europe, and the Middle East & Africa.
According to the research, the global cochlear implants market is anticipated to be dominated by the Americas during the evaluation period owing to application of well-developed technology. Besides, the presence of a large patient pool suffering from hearing loss is projected to expand the regional market during the forecast period. In addition, the favorable initiatives taken by the government to develop the healthcare sector can grow the market in the coming period.
Europe is anticipated to acquire the second-largest market during the evaluation period owing to the increasing incidences of patients suffering from hearing problems. Further, the rising healthcare expenditure in the region is expected to expand the market, notably in the forthcoming period. The UK, Germany, and France are expected to play a salient role in strengthening the market during the forecast period.
Asia-Pacific is predicted to be the swiftest expanding market for cochlear implants during the projection tenure owing to the adoption of the latest technologies in the healthcare sector. Moreover, the presence of a huge patient pool is anticipated to drive the regional growth of the market during the forecast period. Also, the participation of emerging nations like India, Japan, and China is expected to augment the cochlear implants market by developing their healthcare infrastructure.
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Middle East & Africa is expected to procure a meager cochlear implants market share during the projection period due to sluggish development. The African region is projected to be the cause of MEA lagging behind. In addition, the underdeveloped healthcare infrastructure is recognized to be another cause restraining the market. However, the presence of untapped market opportunities can underpin the MEA cochlear implants market.
Cochlear Implants Market Key Players
Some of the eminent names of the global cochlear implants market are William Demant Holding Group, GAES MÉDICA, Microson S., Advanced Bionics AG, Widex, Cochlear Ltd, and MED-El.
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