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) - Forecast till 2027
Cochlear Implants Market Overview
Cochlear Implants Market is expected to thrive at a CAGR of 9.86% while garnering a market value of USD 3,203.8 Million by 2023, which evaluates Market Research Future (MRFR).
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Segmentation:
Cochlear Implants Market has been segmented based on product, type, and end user.
By Product, the Global Cochlear Implants Market has been segmented into a cochlear implant system, and accessories & upgrades.
By Types, the Global Cochlear Implants Market has been segmented into cochlear implant system, and accessories & upgrades.
By End User, the Global Cochlear Implants Market has been segmented into hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
Regional Analysis:
The Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa are the key markets for cochlear implants. The Americas represent a significant market for cochlear implants owing to the presence of a vast patient population. Rising geriatric population, increasing demand for advanced treatment options and affordability are key factors determining the growth of the Americas market.Europe accounts for the second largest share of the global cochlear market. The Europe market is driven by strong government support, availability of funds for R&D activities and high expenditure on healthcare.
Asia Pacific follows Europe closely and is slated to be the fastest growing market over the forecast period. Rapid advancement in medical technology in the region and the presence of considerable patient pool in the region drives the market for cochlear implants. Also, improving reimbursement scenario, the growing need for better medical devices, and expanding expenditure on healthcare due to a rise in disposable income has created a conducive environment for the growth of the market. China and India are the key contributors to the APAC market.The MEA market accounts for the least share of the global cochlear implants market. Limited availability of medical facilities, poor economic conditions, and lack of awareness restricts the growth of the Africa market. Meanwhile, the well-developed economy in the Middle East offers growth opportunities for cochlear implants.
Competitive Landscape:
The notable players in the global cochlear implants market MED-El (Austria), Microson S.A. (Spain), Widex (Denmark), GAES MEDICA (Spain), Cochlear Ltd (Australia), William Demant Holding Group (Denmark), Advanced Bionics AG (Switzerland).
Industry Updates:
In August 2018, Advanced Bionics, a global leader in cochlear implants, announced FDA approval for its new HiRes Ultra 3D Cochlear Implant. The new cochlear implant is hassle-free and pain-free choice for patients and is equipped with a unique magnet technology.
In November 2018, researchers at Asan Medical Center (AMC) developed artificial intelligence (AI)-based prediction platform for cochlear implant surgery. The platform can provide rapid diagnoses, treatment, and rehabilitation of hearing loss.
Regional Analysis:
The Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa are the key markets for cochlear implants. The Americas represent a significant market for cochlear implants owing to the presence of a vast patient population. Rising geriatric population, increasing demand for advanced treatment options and affordability are key factors determining the growth of the Americas market.Europe accounts for the second largest share of the global cochlear market. The Europe market is driven by strong government support, availability of funds for R&D activities and high expenditure on healthcare.
Asia Pacific follows Europe closely and is slated to be the fastest growing market over the forecast period. Rapid advancement in medical technology in the region and the presence of considerable patient pool in the region drives the market for cochlear implants. Also, improving reimbursement scenario, the growing need for better medical devices, and expanding expenditure on healthcare due to a rise in disposable income has created a conducive environment for the growth of the market. China and India are the key contributors to the APAC market.The MEA market accounts for the least share of the global cochlear implants market. Limited availability of medical facilities, poor economic conditions, and lack of awareness restricts the growth of the Africa market. Meanwhile, the well-developed economy in the Middle East offers growth opportunities for cochlear implants.
Competitive Landscape:
The notable players in the global cochlear implants market MED-El (Austria), Microson S.A. (Spain), Widex (Denmark), GAES MEDICA (Spain), Cochlear Ltd (Australia), William Demant Holding Group (Denmark), Advanced Bionics AG (Switzerland).
Industry Updates:
In August 2018, Advanced Bionics, a global leader in cochlear implants, announced FDA approval for its new HiRes Ultra 3D Cochlear Implant. The new cochlear implant is hassle-free and pain-free choice for patients and is equipped with a unique magnet technology.
In November 2018, researchers at Asan Medical Center (AMC) developed artificial intelligence (AI)-based prediction platform for cochlear implant surgery. The platform can provide rapid diagnoses, treatment, and rehabilitation of hearing loss.
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