The report gives a thorough overview of the present growth dynamics of the “Cochlear Implants Market Research Report - Global Forecast till 2023” with the help of vast market data covering all important aspects and market segments.
As per the report published by Market Research Future (MRFR), the global cochlear implants market will surpass a valuation of USD 3,200 Mn by the year 2023, reflecting an above-average CAGR of 9.89%. Cochlear implants can improve hearing capabilities. Such implants are high advanced as compared to traditional hearing aid devices. At the same time, efforts are being made to improve the quality and effectiveness of cochlear implants. Over the past couple of years, demand for cochlear implants has increase significantly.
The Centres of Disease Control and Prevention projected that by 2025, approximately 900 Mn people worldwide are expected to suffer from hearing loss. These is a substantial market opportunity for cochlear implants market. Factors such as rising incidence of hearing loss, increased geriatric population, increased awareness, favourable reimbursement policies and innovation in hearing implants are expected to support the market’s growth during the forecast period.
The MRFR’s report also includes detailed segmental analysis of the Cochlear Implants Market Growth based on type, product, end user and region. By type, the market has been segmented into bilateral implant and unilateral implant. Based on products, the market has been segmented into accessories & upgrades and cochlear implants system. The cochlear implant system type segment currently accounts for the lion’s share of the market and expected to remain high profitable during the assessment period. By end user, the market has been segmented into ambulatory surgical centers, hospitals & clinics research & academic institutes and others.
Regions that are cover in the report include Americas, Europe, the Middle East & Africa (MEA) and Asia Pacific (APAC). The Americas currently account for the largest market share in term of value. This is primarily due to factors such as existence of a massive patient pool, advanced healthcare infrastructure, high-healthcare spending, rampant R&D efforts and strong government support. Moreover, presence of various prominent market players in the countries such as the U.S and Canada aids in placing the region at a favorable position in the global cochlear implants 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.
The Middle East & Africa holds the least share of the market owing to the presence of poor and slow developing countries, especially, in the African region.
Furthermore, increasing aging population and undeveloped market of the medical devices are the major drivers in this region.
Global Cochlear Implants Market: Competitive Landscape
MRFR in its report has profiled some of the top-notch companies functioning in the global cochlear implants market, which include MED-El (Austria), GAES MÉDICA (Spain), Widex (Denmark), Microson S.A. (Spain), Advanced Bionics AG (Switzerland), William Demant Holding Group (Denmark), and Cochlear Ltd (Australia).
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