Cochlear Implants Market information: By Product (Cochlear Implant Systems and Accessories & Upgrades), By Type (Unilateral Implant and Bilateral Implants), By End Users (Hospitals & Clinics, Ambulatory Centers, Research & Academic Institutes) - Global Forecast till 2027
Market Highlights:
The Global Cochlear Implants Market is anticipated to grow at a CAGR of 9.86% and is due to reach USD 3,203.8 Mn over the forecast period of 2017-2023, projects Market Research Future (MRFR) in a detailed report.Cochlear Implants are medical devices that are surgically inserted to provide a sense of sound to a person with hearing loss. The last few years have witnessed a significant increase in the demand for cochlear implants owing to the rise in a number of patients with hearing impairment who generate demand for diagnosis and treatment. The Centers for Disease Control and Prevention estimates that by 2025, 900 Mn people are likely to suffer from hearing impairment.The rise in global geriatric population is also expected to be a positive factor influencing the growth of the global cochlear implants market. The aged populace is more susceptible to hearing loss which induces high demand for cochlear implants.
The adoption of cochlear implants has soared exponentially in recent years on account of the increasing funding and insurance schemes. Also, the fact that a cochlear implant surgery in today’s modern era is performed with the use of minimally invasive surgical methods with quality implants as well as speech processors also induces growth in the adoption rate worldwide. Age plays a significant role in hearing loss and those aged between 60 and 69 are more prone to hearing related issues, studies reveal. This could be a key enhancer of the cochlear implant market size in the ensuing years.
Growth in healthcare spending and initiatives by the government across countries are working in favor of the worldwide market. But the high costs associated with these implants could deter patients to opt for them, which can mean slower cochlear implants market growth. But, the rising investments in researches and the accelerated number of clinical trials can ensure uninterrupted cochlear implants market growth over the evaluation period. Additionally, increasing FDA approvals are encouraging firms to introduce new and more advanced cochlear implants into the market.
Cochlear Implants Market Segmental Insight
Cochlear Implants Market Growth has been studied extensively by MRFR, with respect to segments such as products, types as well as end users.
By key products cochlear implants market study include cochlear implant system, along with accessories & upgrades. Cochlear implant system is the biggest market worldwide.
By Types the global cochlear implants market are unilateral implant as well as bilateral implant.
Research & academic institutes, ambulatory surgical centers, hospitals & clinics, and more are the primary end-users in the global market.
Cochlear Implants Market Players
The most reputed players in the global cochlear implants market include GAES MÉDICA (Spain), Cochlear Ltd (Australia), William Demant Holding Group (Denmark), Microson S.A. (Spain), MED-El (Austria), Widex (Denmark), Advanced Bionics AG (Switzerland), to name a few.
Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/cochlear-implants-market-5256
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