Press release
Companies Profiled in Cochlear Implant Systems Market| Key Players: Cochlear, MED-EL, William Demant, Sonova Group
Cochlear Implant Systems Market
Increasing incidence of hearing loss in infants and adults will drive industry growth during the forecast period. An increasing number of elderly individuals are suffering from severe and profound sensorineural hearing loss owing to age related changes in the inner and middle ear. Hearing loss is a significant cause of disability and morbidity in the elderly population. Cochlear implants help adults to regain their hearing and fully participate in day to day activities.
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Unilateral implant business will grow at a lucrative rate during the forecast years. Unilateral CI significantly helps to restore hearing in individuals along with the promotion of auditory development. Growing number of children and adults opting for unilateral CI to overcome deafness will boost segment growth.
Bilateral implant business is poised to grow at a rapid pace. The use of two implants is a relatively new practice and is gaining grounds as it provides the user with benefits of left-right discrimination of sound location. However, the extra cost incurred on the second device along with the uncertainty pertaining to benefit against added risks restrains adoption. Adult business segment held significant industry share owing to the increasing ageing population base having a higher susceptibility towards age induced hearing loss. Pediatric business segment is slated to exhibit lucrative growth. Spur in number of children being diagnosed with profound hearing loss as a result of new born screening programs will boost growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Cochlear
2. MED-EL
3. William Demant
4. Sonova Group
India cochlear implant systems market presents a lucrative future opportunity owing to the presence of a large patient pool and low market penetration. The cost of cochlear implant surgery is less in India as compared to other countries such as U.S., UK, UAE etc. The low surgery costs attract a large number of medical tourists leading to a high device demand.
Organizations such as the Airport Authority of India and Power Finance Corporation finance surgery for children as a part of their CSR initiative. The Government has also made provisions for sponsoring 500 surgeries under the ADIP scheme. Government efforts directed at reducing costs of cochlear implant devices with the objective of bringing them within the reach of most citizens will further fuel demand over the forecast years.
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Japan cochlear implant systems market is slated to grow at a rapid pace over the forecast timeframe owing to increasing number of older adults suffering from deafness. Presence of healthcare system providing universal coverage for all aspects of cochlear implantation such as diagnosis, surgery and habilitation aftercare will further augment demand.
Cochlear Implant Systems Market by Product
• Unilateral Implant
• Bilateral Implant
Cochlear Implant Systems Market by End User
• Adult
• Pediatric
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