PUBLISHER: Acute Market Reports | PRODUCT CODE: 1248130
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1248130
A cochlear implant (CI) is an electronic device that aids in hearing to a person who is severely hard of hearing in both the ears. The device is implanted surgically and works by transmitting sound signals to brain. Unlike hearing aids that amplifies the sound at the outer ear, the cochlear implant system bypasses the non-functioning parts of ear and delivers sound in the form of electrical signals through hearing nerve. 3M became pioneer in the cochlear implants market with the approval of first cochlear implant in 1984.
Technological encroachments in the field of cochlear implants, growing number of cases of infants born with the hearing disorders, favorable government initiatives and strategic initiatives by market players are projected to catalyze the global cochlear implants market. For instance, a novel rechargeable battery was launched by MED-EL in May 2016 for SONNET Audio. The battery has very low charging time and can provide ten hours of life. Furthermore, in September 2016, Cochlear Ltd. launched the slimmest full-length perimodiolar electrode for their cochlear implant that aids to protect the gentle parts of the inner ear. Hence, advancement of such devices and rising awareness amongst the patients and physicians are likely to surge the cochlear devices market. According to the World Health Organization (WHO), there is a high demand of hearing loss aids as the current production of the devices can only meet upto 10% of the actual demand. Hence, there is enormous opportunities for key players to expand their market share.
Based on fitting type, the global cochlear implants market is categorized into bilateral implantation and unilateral implantation. In 2022, the unilateral implantation is expected to be the prominent segment contributing more than 50% of market share due to growing demand and cost-effectiveness. However, bilateral implantation devices is projected to be the fastest growing segment due to the increasing demand for cochlear implants by pediatrics. Furthermore, majority of the countries are providing reimbursement for the bilateral implantation devices only.
Based on end-user, the global market is segmented into adults and pediatrics. In 2022, adults segment dominated the global market due to the availability of vast patient base and fewer surgical complications compared to pediatrics.
Asia Pacific is projected to be the fastest growing segment due to the high prevalence of hearing defects in the region, increasing awareness in the region, favorable government initiatives and presence of key players. Key markets in the region include Japan, China, Australia, and New Zealand.
Cochlear Limited, Oticon Medical, William Demant Holding A/S, MED-EL, PENTAX Medical, LSVT Global, Inc., Gaes Medica, Sonova, EBS Healthcare, Nurotron Biotechnology Co., Ltd., Amplifon Group, Ototronix, Medtronic, Demant A/S, Envoy Medical Corporation And Others.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Cochlear Implants market are as follows:
Micro and macro environment factors that are currently influencing the Cochlear Implants market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.