Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Cochlear Implants Market.
The Global Cochlear Implants Market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 9.86%, surpassing a valuation of USD 3,203.8 million during the forecast period (2017-2023).
Cochlear implants can be referred to as medical devices that are inserted surgically in order to offer a sense of sound to a person suffering from hearing loss. The cochlear implants market has witnessed a tectonic surge over the past few years due to the rising number of suffering from hearing impairment. As per the CDC, around 900 million people are predicted to suffer from hearing impairment by the end of 2025. Growth in the geriatric population is also considered a positive factor in encouraging the cochlear implants market. As the aged population is more prone to hearing loss, the demand for such devices is higher in this segment.
Medical device manufacturers are extensively investing in R&D activities, which has led to the development of advanced cochlear implants. Rising use of next-generation metals, ceramics, polymers, and biomaterials in cochlear implants has further led to the enhancement of surgical outcomes, thereby accelerating the market growth across the globe. An increasing number of clinical trials, a rising number of FDA approvals, and improving reimbursement policies are favoring the market growth to a large extent.
Technological advancements made in cochlear implants in order to make these devices user-friendly and more efficient are likely to trigger its demand across the globe. Cochlear Ltd., for instance, launched the world’s thinnest full-length perimodiolar electrode in September 2016 for their cochlear implant. The sleek design helps to protect the delicate structures of the inner ear.
On the contrary, the cost of cochlear implants remains a hurdle to the growth of the market. The cost of such devices can rise to high amounts, thus making it unaffordable to the low-income and middle-class population. Such factors are predicted to deter the market growth in the foreseeable future.
Global Cochlear Implants Market: Segmental Analysis
The cochlear implants market has been segmented on the basis of types, products, and end users.
By types, the cochlear implants market is segmented into unilateral implant and bilateral implant.
By products, the market is segmented into accessories & upgrades and cochlear implant system.
By end users, the market is segregated into ambulatory surgical centers, hospitals & clinics, research & academic institutes, and others.
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Geographically, the cochlear implants market spans across Europe, Asia Pacific, America, and the Middle East & Africa.
Considering the global scenario, America is considered to acquire the lion’s share, mainly due to the existence of a huge patient population suffering from hearing loss. The presence of well-developed technologies, high support from the government for R&D, and increasing healthcare expenditure are some of the primary growth stimulants of the regional market. Favorable reimbursement policies, coupled with the presence of industry bigshots in the region will drive the market growth in the future.
Europe acquires the second spot in the global market due to the surging number of patients with ear infections, hearing problems, and other related diseases. Increased healthcare expenditure in the region is likely to offer the market a thrust. Moreover, increasing support from the government and high funding for treatment and development are estimated to encourage the market growth in the region.
The Asia Pacific, on the other hand, is likely to register the fastest growth owing to the soaring need for improves devices. The rapidly evolving technology and the existence of a huge patient population are further estimated to fuel the market growth in the APAC.
The top players operating in the cochlear implants market include MED-El (Austria), Advanced Bionics AG (Switzerland), GAES MÉDICA (Spain), Cochlear Ltd (Australia), Widex (Denmark), William Demant Holding Group (Denmark), and Microson S.A. (Spain).