Press release
Growth Dynamics on 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 industry segment held considerable industry share in 2016. Typically, individuals prefer unilateral implants owing to high costs of bilateral implantation and added surgery risks. Bilateral implant industry segment is slated to exhibit lucrative growth during the forecast years owing to increasing in number of individuals opting for implants in both ears. Bilateral implants provide additional speech perception and localization benefits to patients. However, the additional cost on the second implant restrains adoption.
Adult business segment is poised to grow at a robust rate during the forecast timeframe. Increasing elderly population pool prone to age related hearing loss will drive segment growth. Adults often benefit immediately from the implantation procedure and continue to show improvements for about three months after the initial tuning sessions. Pediatric business segment held significant industry share in 2016. The segment is slated to witness lucrative growth over the forecast years owing to the implementation of new born hearing screening programs in several countries enabling the identification of profound hearing loss among infants.
U.S. cochlear implant systems market held significant industry share in 2016. New born hearing screening programs have been implemented in all the states of the country resulting in the screening of almost each new born infant. Presence of high screening rates coupled with access to advanced healthcare infrastructure and skilled medical professionals such as ENT specialists, audiologists and cochlear implant surgeons will stimulate demand during the forecast years. Availability of latest technologically advanced devices will further augment adoption rate.
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Impact of Cochlear Limited’s preeminence in the APAC cochlear implant systems market
According to recent news reports, Cochlear Limited has invested around USD 50 million to develop a new manufacturing facility in the Chinese market. Sources deem this move to have laid the foundation for its very first manufacturing plant in the already booming China cochlear implant systems market. With the production expected to start within the coming three to three and half years, the facility in Chengdu, will raise Cochlear’s global production of cochlear implant by not less than 50%. The company is also striving to strengthen its stance in the cochlear implant systems industry through launching initiatives & programs aimed at increasing awareness pertaining to hearing loss.
The aforesaid facts significantly underpin the growing dominance of Cochlear in global hearing aids industry. Not to mention, Cochlear is a world leader in hearing implant market and one of Australia’s most successful companies that has a major hand in commercializing the hearing implant technology.
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Cochlear Implant Systems Market by Product
• Unilateral Implant
• Bilateral Implant
Cochlear Implant Systems Market by End User
• Adult
• Pediatric
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