Cochlear Implants Market 2023 Leading Vendor | Advanced Bionics AG, MED-El, GAES MÉDICA, Cochlear Ltd

The Global Cochlear Implants Market is anticipated to generate a CAGR growth of 9.86% which is expected to reach USD 3,203.8 million by the end of forecast period of 2023.

Cochlear implants are used to treat the hearing problems in deaf patients. These implant has replaced the old hearing aid devices. Many manufacturers are involved in improving the quality and design of the cochlear implants. During the last few years, there has been a significant increase in the demand for cochlear implants. According to the research carried out by DeafandHoH.com, LLC. In 2014, 360 million people worldwide were suffering from moderate to profound hearing loss.

Additionally, according to the Centers for Disease Control and Prevention, by 2025, it is estimated that 900 million people across the globe are likely to suffer from hearing impairment of which around 90 million of these people may more likely from Europe. The global cochlear implants system market is majorly driven by increasing number of patients having hearing loss, rising geriatric population, acceptance of hearing implants by the patients with hearing disorders, and favorable reimbursement policies.

Get a Sample Copy of This Report @ https://www.marketresearchfuture.com/sample_request/5256 .

According to the U.S. Census Bureau (2015), 8.5% of people across the globe i.e. 617 million were over age 65. During the last few years, people across the globe have adopted these devices, which have helped the growth of the market. According to the National Institute on Deafness and Other Communication Disorders, in 2013, approximately 324,200 registered devices have been implanted worldwide.

Additionally, increasing healthcare expenditure and government support have fuelled the market growth. However, the cost of impacts can be more than USD 100,000 which are not affordable to the middle-class population, thus, the high cost of the implants may slow the growth of the market.

Key players in the Global Cochlear Implants Market:

Some of the major players in this market are Advanced Bionics AG (Switzerland), MED-El (Austria), Cochlear Ltd (Australia), GAES MÉDICA (Spain), William Demant Holding Group (Denmark), Widex (Denmark), and Microson S.A. (Spain).

Advanced Bionics AG, MED-El, GAES MÉDICA, Cochlear Ltd, and William Demant Holding Group are the dominant market players with large market share.

Regional Analysis:

The Americas are one of the major regions in the global market owing to a huge patient population suffering from diseases like deafness and ear infection, increasing demand for the advanced devices, and strong government support. According to the Population Reference Bureau, the number of Americans aging 65 and older is projected to be more than double from 46 million in 2015 to over 98 million by 2060. According to the American Hospital Association, (2015) Medicare reimbursed 88% and Medicaid reimbursed 90% for every dollar hospitals spent caring for these patients. Thus, availability of funds and rising geriatric population are likely to fuel the growth of the market.

Europe accounts for the second largest market across the globe, which is followed by the Asia Pacific. Strong government support, availability of funds for research, and high healthcare expenditure drives the growth of the market.

The Asia Pacific is the fastest growing market owing to increasing need for better devices, rapidly improving technology, and the presence of huge patient pool. China and India are the key contributors to the market. The government of India provides reimbursement for cochlear implant procedures for prelingually deaf children from age group between 1 and 16 years. Additionally, increasing government support, and the presence of huge opportunity have fuelled the growth of the Asia Pacific market.

Get Attractive Discount on This Report @ https://www.marketresearchfuture.com/check-discount/5256 .

The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities and poor economic condition in the African region. The Middle East holds the major share of the market owing to a well-developed economy, whereas, African region is expecting a healthy growth due to the presence of huge opportunity in the market growth.

Key Questions Answered In This Report

What will the market size and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?

…Continued

About US:

Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Contact:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com

This release was published on openPR.