Unilateral Implants to Continue Being the Fitting Type with Significant Opportunity with Over 14% Projected Growth during 2022 – 2032
“Several government and non-governmental initiatives to fund research and improve cochlear implant usage are projected to boost market growth in the future years.” says a Fact.MR analyst.
Fact.MR – A Market Research and Competitive Intelligence Provider: The market demand for Cochlear Implant is expected to rise steadily on the back of growing public awareness, breakthroughs in cochlear implants, increasing implant penetration due to market participants extended geographical reach, and favourable government efforts. According to the study, the global Cochlear Implant market was valued at the US$ 2.2 Bn in 2021, and it is also expected to expand at a CAGR of 14.1% over the assessment period of 2022-2032 to 9 Bn. Being cost effective, unilateral implants market show significant potential and is projected to register a growth rate of over 14%.
Cochlear implants market is dominated by companies including Cochlear Ltd., Sonova, MED-EL Medical Electronics, Demant A/S, Nurotron Biotechnology Co. Ltd. North American region dominates the Cochlear Implant market owing to government’s support for the cochlear implants' development, presence of technologically advanced healthcare system, easy access to high-quality medical facilities, and hearing difficulties. Also, the market in APAC is expected to grow at the fastest rate throughout the projection period due to the increasing government funding and investment in healthcare sector and development of advanced healthcare facilities.
Unilateral Implants segment is forecasted to grow at the highest CAGR of over 14.3% during 2022-2032. This growth is due to easier reimbursement of these devices, comparatively cheaper than bilateral implants, shorter duration of surgery, and low requirement of anaesthesia.
Adult segment commanded the largest revenue growing at a CAGR of 14.4% through the forecast period of 2022-2032. This is due to the fact that elderly is the largest affected part of the population.
COVID-19 established limitations on audiology surgery and therapy services when it first appeared. The possibility of aerosolizing the virus while drilling in the mastoid cavity increased the danger of infection during neurotological (a subset of ENT) procedures. As a result, individuals were screened for COVID-19 prior to surgery, which caused procedures to be postponed. In addition, appointments for the rehabilitation phase following a cochlear implant operation were cancelled or postponed.
Key Takeaways from Market Study
· The Cochlear Implant market is anticipated to add 3.7X value by 2032.
· The market is expected to expand at a considerable growth rate of 14.1% and be valued at US$ 9 Bn by 2032.
· Based on end-use, adult segment accounted for majority of the global Cochlear Implants market share in 2021.
· To gain in-depth insights on Cochlear Implant Market Report, request methodology at
Competition Analysis
Cochlear Ltd., Sonova, MED-EL Medical Electronics, Demant A/S, Nurotron Biotechnology Co. Ltd. are the top companies in Cochlear Implant manufacturing.
· In April 2022, Cochlear Limited designed Cochlear Nucleus Implants for the treatment of unilateral hearing loss (UHL) or single-sided deafness have been approved by the United States Food and Drug Administration (US FDA) (SSD). Product launches and research initiatives aimed at expanding product portfolios are the primary strategic initiatives pursued by these companies in order to increase market share.
Full Report https://www.factmr.com/report/cochlear-implant-market
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