Published Date : 25 / 01 / 18 | Report Format: PDF
The global cochlear implants market is expected to grow at growth rate of 9.6% to reach USD 2.98 billion by 2025.
Cochlear implants are medical devices, used for the patients with the mild to moderate hearing loss. This device consists of an internal and external component that bypass the damaged structure in the ear and directly enable to stimulate the auditory nerve. Cochlear implants are recognized as a cost-effective medical intervention for patients with hearing disability by the World Health Organization. Improvement in technologies coupled with rising reimbursement rate for the use of cochlear implants supports the market growth.
Additionally, increasing research funding from government and non-government bodies for research and development activities support the market growth. For instance, in February 2017, the American Cochlear Implant (ACI) proposed investment for new development in cochlear implant field which is up to USD 150,000 per year for the investigators. Likewise, in 2016, the WHO’s governing body, the World Health Assembly (WHA), passed a resolution to initiate awareness programs for different hearing aid devices, aiming to provide more accessibility for assistive hearing technologies such as cochlear implants. Such initiatives will boost the demand for cochlear implants among end users, augmenting the market growth.
- Unilateral implants segment accounted for the largest share of the market in 2017, as the unilateral fitting rate is significantly higher in Europe and North American countries. This is due to the advantage of unilateral fitting such as it is more economical over bilateral implantation.
- Countries such as the UK and Spain had posted the highest unilateral fitting rate compared to the other European countries.
- Developed regions such as North America and Europe recorded the largest market share due to the rising research and development activities coupled with new product introduction
- For instance, in September 2016, Australia based Cochlear Ltd received US FDA approval for its innovative hearing aid solution named “Kanso”. This new product offers a distinct way for cochlear implant users to improve hearing ability.
- Unlike the currently available cochlear implant, Kanso is a small, hearing aid device that offers the discreet hearing solution to the users. Developing regions such as Asia Pacific region is expected to grow with the highest growth rate
- Companies such as MED-EL and Cochlear Ltd exhibits significant presence in the market owing to the strong product offering and strategic expansion in the potential market
- For example, Cochlear Ltd. offers products such as The Nucleus 6 System, Kanso, and Aqua plus cochlear products. During the financial year 2016, the company reported USD 224 million profits, 18% up compared to the previous year.
KEY BENEFITS OF THE REPORT:
- In-depth analysis of the key factors are propelling the growth of the global market
- Granular analysis of the current market scenario and the expected market grow
- Detailed analysis of the geographic region that will witness the strongest growth
- Highlight on the strategies that are being adopted by the key players in this market to stay competitive
- Extensive analysis of the key players dominating the competitive landscape of this market
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TYPES
- Unilateral Implants
- Bilateral Implants
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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