Cochlear Implants Market Report | Size, Growth, Demand, Scope, Opportunities and Forecast to 2027
Research Reports
Feb 09, 2022
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.
Some of the major companies in the global cochlear implants market include Advanced Bionics AG, Cochlear Ltd, MED-El, GAES MÉDICA, Widex, William Demant Holding Group, and Microson S.A. 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.
Segmentation:
The cochlear implants market is segmented on Products, Types and End users.
- Based on the products, the global cochlear implants market is segmented into the accessories & upgrades and cochlear implant system.
- Based on the types, the market is segmented into the bilateral implant and unilateral implant.
- Based on the end users, the market is segmented into ambulatory surgical centers, hospitals & clinics, research & academic institutes, and others.
Regional Analysis
Based on 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 market by developing their healthcare infrastructure.
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Middle East & Africa is expected to procure a meager 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 market.
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