Cochlear Implants Market Overview
The stringent approval procedure associated with the cochlear implants is projected to be a significant factor that can hamper the market growth during the forecast period.The number of people accepting such treatment for their hearing issues have increased considerably in recent years. The National Institute on Deafness and Other Communication Disorders stated that in the year 2013, nearly 324,200 registered devices were implanted across the globe.
As per the report published by Market Research Future (MRFR), the global cochlear implants market will surpass a valuation of USD 3.20 billion by 2030, reflecting an above-average CAGR of 9.1%. 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. DeafandHoH.com, LLC. revealed that close 360 Mn people were suffering from moderate to severe hearing loss globally in 2014.
The Centers 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, favorable reimbursement policies and innovation in hearing implants are expected to support the market’s growth during the forecast period. Furthermore, increased government support and rising healthcare expenditure are other important factor influencing the market. Nonetheless, the high cost of implant and treatment procedures continues to hamper the market proliferation in developing countries.
Market Segmentation
The cochlear implants market is segmented on products, types and end users.
On the basis of the products, the global cochlear implants market is segmented into the accessories & upgrades and cochlear implant system.
On the basis of the types, the market is segmented into the bilateral implant and unilateral implant.
On the basis of the end users, the market is segmented into ambulatory surgical centers, hospitals & clinics, research & academic institutes, and others.\
Competitive Analysis:
Some of the major companies in the global cochlear implants market Players include Advanced Bionics AG, Cochlear Ltd, MED-El, GAES MÉDICA, Widex, William Demant Holding Group, and Microson S.A.
Regional Analysis
Regionally, the Cochlear Implants Market is segmented into the Americas, Asia-Pacific, Europe, and Middle East & Africa. Of these, North America is estimated to remain dominant in the global Cochlear Implants Market in the coming period owing to the
the presence of huge patients suffering from hearing loss, well-developed technology, high healthcare expenditure, and government support for the research & development. According to the National Institute on Deafness and Other Communication Disorders, in 2015, over 15% of American adults i.e. 37.5 million aged 18 and over were suffering from hearing problems. Additionally, the presence of a number of leading players and favorable reimbursement policies have fueled the growth of the market.
Europe accounted for the second largest market, which is followed by the Asia Pacific. Increasing number of patients suffering from hearing problems, ear infection and other diseases have boosted the growth of the market. The high healthcare expenditure in this region is likely to provide a push to the growth of the market. Furthermore, increasing government support and funding for the development and treatment improvement have fuelled the growth of the market.The Asia Pacific is the fastest growing 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.
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