According to the research carried out by World Health Organization, in 2014, around 466 million people worldwide were suffering from disabling hearing loss, and it is estimated that by 2025, 900 million people across the globe are likely to suffer from hearing impairment. Owing to increasing number of patients with hearing loss, there is a rise in adoption of hearing implants, consequently driving the growth of the global cochlear implant market. Additionally, rising geriatric population and high noise pollution are responsible for rising hearing impairments and consequently fuelling the demand for cochlear implants as per the IndustryARC report. According to the report, the global cochlear implant market is valued at approximately $1.5 billion in 2018, and it is expected to propel at a CAGR of around 10.6%, during the forecast period 2019-2025.
The report is titled as, “Cochlear Implant Market: By Component Type (Internal Part-Electrode Array and Receiver; and External Part-Microphone, Speech Process, and Simulator); By Geography – Forecast (2019 - 2025).” The report gives a comprehensive analysis of the prime factors driving and inhibiting the cochlear implant market. It also depicts the major trends, product life cycle, product mapping, and product pricing analysis along with competitor analysis of the market.
Cochlear Implant Market: Leading Segments
Geographically, Europe dominated the industry with a regional market share of 35% of the global cochlear implant market in 2018, and is expected to maintain its position during the forecast period. This is attributed to high percentage of hearing disable population and supportive reimbursement policies by the government. Moreover, increasing healthcare expenditure and technological advancements in cochlear implants to facilitate efficient and user-friendly devices have rendered Europe with maximum market share.
Cochlear Implant Market Disruptive Trends
· Technological Innovations:
To enhance patient comfort, manufacturers are focusing on developing technologically innovative cochlear implants. Implantable components and sound processors are continuously under development. Advancements in technology include integration of acoustic hearing and electric hearing in same ear, minimization of sound processors size, and introduction of digital signal processors (DSP) chips. Thus, technological advancements in cochlear implants is disrupting the cochlear implant market growth. For instance, integration of dual-microphone technologies and auditory scene classifier facilitated the sound processor to automatically adjust in diverse environment.
Cochlear Implant Market: Competitive Landscape
Cochlear implant market is consolidated with presence of a few players such as Cochlear Limited, Advanced Bionics, MED-EL, Neurelec, Hangzhou Nurotron Biotechnology, Sonova, William Demant, Microson, and Oticon Medical. To increase their market presence, the companies are engaged in deploying intellectual strategies such as collaboration, acquisition, new product development, adoption of advanced technology, and expansion of manufacturing capacity.
Talk to one of our sales representative about the full report by providing your details in the link below:
A. Hearing Implant Market
B. Brain Implants Market
To request for a proposal, provide your details in the below link:
Mr. Venkat Reddy
Email : [email protected]
Contact Sales: +1-614-588-8538 (Ext-101)