According to the report, the global cochlear implants market was valued at approximately USD 1.4 billion in 2017 and is expected to generate revenue of around USD 2.6 billion by the end of 2024, growing at a CAGR of around 9.6% between 2018 and 2024.
New York, NY, Dec. 05, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Cochlear Implants Market by Type (Unilateral and Binaural) by Application (Children and Adult): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global cochlear implants market was valued at approximately USD 1.4 billion in 2017 and is expected to generate revenue of around USD 2.6 billion by the end of 2024, growing at a CAGR of around 9.6% between 2018 and 2024.
A cochlear implant is a medical device that converts sound into electrical signals and restores the sense of hearing by performing the work of damaged parts of the cochlea by transmitting the electrical signals to the brain. It is used by people with low to high hearing loss due to various reasons. These cochlear implants are surgically implanted and consist of two parts. The inside component is implanted across the skin while the other external component is worn at the back of the ear. Cochlear implants convert sound into electrical signals and stimulate the auditory nerve and interpret them as speech or sound. The cochlear implants bypass the non-functioning part of the inner ear and provide electrical stimulation to the nerve fibers present in the cochlea. The surgical procedure for implantation is performed under general anesthesia with minimal risk.
Browse through 54 Tables & 12 Figures spread over 110 Pages and in-depth TOC on “Global Cochlear Implants Market Size 2017 Report: Industry Type, Share, Growth, Segments, Analysis and Forecast to 2024”.
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Cochlear implants market growth in the forecast timeframe is driven by various factors, such as increased prevalence of hearing loss coupled with an increase in the geriatric population. As per the Hearing Health Foundation Report, there were around 360 million people living with hearing loss globally. Furthermore, increasing geriatric population is also a major factor contributing to the development of cochlear implants market in the forecast timeframe Moreover, technological advancements made in cochlear implants has led to the launch and approvals of various cochlear implants with new features. This is further anticipated to promote the development of this market. Furthermore, an increase in the number of infants born with hearing defects coupled with the increased demand for customization, appearance, and concealing of these devices are also anticipated to support the growth of the cochlear implants market in the forecast timeline. However, the high costs of cochlear implants and implant procedure might hamper the global cochlear implants market during the estimated timeframe.
The cochlear implants market is classified into type and application. Based on the type, the cochlear implant market is divided into unilateral and binaural. The binaural segment is anticipated to dominate the cochlear implant market in the forecast timeframe. Based on application, the cochlear implants market is bifurcated into adult and children. Children segment is projected to dominate the cochlear implants market in the forecast timeframe.
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Europe is anticipated to dominate the cochlear implants market in the forecast timeframe, owing to the presence of advanced technology coupled with research and development activities undertaken by major firms to develop and launch new products. Moreover, developed economies have modern healthcare facilities as compared to other regions which will further promote the growth of the cochlear implants market in the near future across the region.
North America is set to be the second largest growing region over the forecast period, subject to the presence of developed countries, such as the U.S., Canada, etc. Furthermore, the presence of latest healthcare facilities and favorable reimbursement policies are also projected to support the development of the cochlear implants market in the region in the forecast timeframe.
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Asia Pacific is expected to be the third largest and fastest growing regions in the forecast timeframe, owing to the increased prevalence of hearing defects, increase in the number of neonates born with hearing defects, and the presence of developing economies, such as India, China, etc. Furthermore, growing healthcare facilities and an increase in the per capita income with increased product awareness among people are the major factors expected to promote the growth of the cochlear implants market in the forecast timeframe.
Latin American and the Middle Eastern and African markets are expected to grow moderately in the forecast timeframe, owing to the lack of hygienic practices and an increased prevalence of ear infections coupled with favorable government initiatives for raising product awareness and improvements made related to healthcare facilities are expected to promote the growth of the cochlear implants market in this region.
Browse the full “Cochlear Implants Market by Type (Unilateral and Binaural) by Application (Children and Adult): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024” report at https://www.zionmarketresearch.com/report/cochlear-implants-market
Some major players of the cochlear implant market include cochlear Ltd., MED-EL, Advanced Bionics AG (Sonova), William Demant Holding A/S, and Nurotron Biotechnology Co. Ltd., among others.
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This report segments the global cochlear implants market as follows:
Global Cochlear Implants Market: Type Segment Analysis
Global Cochlear Implants Market: Application Segment Analysis
Global Cochlear Implants Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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