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MRI Compatible Cochlear Implant Market : Qualitative analyses by 2028 | Cochlear Ltd., MED-EL
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MRI Compatible Cochlear Implant Market: Drivers and Restraints
Rising incidences of hearing loss among the geriatric population is the major factor driving the growth of MRI compatible cochlear implant market over the forecast period. Moreover, rising number of abnormal delivery is leading to birth of infants with hearing issues, which is likely to aid in the robust growth of MRI compatible cochlear implant market in the near future. Additionally, rising healthcare expenditure in developed countries and technological advancement will also propel the growth of MRI compatible cochlear implant market over the forecast period. Increased reimbursement scenario by the government leads to rise in the number of cochlear implant, which is again responsible for the exponential growth of MRI compatible cochlear implant. Cost of MRI compatible cochlear implant is quite high, therefore it cannot be preferred by patients in under developing economies, which will deter the growth of MRI compatible cochlear implant market. There is low awareness among patients about MRI compatible cochlear implants as only a few have been launched, which will hamper the growth of MRI compatible cochlear implant market over the forecast period.
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MRI Compatible Cochlear Implant Market: Overview
MRI compatible cochlear implant is expected to show exponential growth over the forecast period owing to rising number of cochlear implant and increased geriatric population. In last two decades, manufactures have evolved MRI as an alternative option for cochlear implant. Additionally, technologically improved MRI compatible cochlear implant can be used in noisy environments, such as restaurants. It also provides a feature to connect the device with mobile phones, televisions and music players. By implant type, global MRI compatible cochlear implant is dominated by bilateral implant segment in terms of revenue as it is more preferred by patients and radiologists. Among all end user, global MRI compatible cochlear implant is dominated by the geriatric segment owing to the rise in their population throughout the globe.
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MRI Compatible Cochlear Implant Market: Regional Outlook
Geographically, the global MRI compatible cochlear implant market is segmented into viz. North America, Latin America, Europe, Asia-Pacific excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). North America is expected to gain maximum market share in terms of revenue owing to increased healthcare expenditure and technological advancement. After North America MRI compatible cochlear implant market is followed by Western Europe and Japan due to increased adoption of global MRI compatible cochlear implant in these regions. Asia Pacific excluding Japan region is expected to grow at a faster rate than other regions due to rising geriatric population. Latin America and Middle East and Africa is expected show delayed growth due to low awareness among the patients in these region.
MRI Compatible Cochlear Implant Market: Key Players
Some of the key players operating in the global MRI compatible cochlear implant market are Cochlear Ltd., MED-EL, Advanced Bionics AG, Sonova Holding AG, Gaes Group, William Demant Holding A/S, Nurotron Biotechnology Company Ltd.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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