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Cochlear Implants Market to Grow at 11.9% CAGR to Reach $4,124.1 Million by 2027 Led by Algorkorea, Beltone, WIDEX, Demant, GN Hearing, Cochlear, MED-EL, Sonova, Nurotron Biotechnology, Starkey, Amplifon, Gaes Group

06-03-2019 03:36 PM CET | Health & Medicine

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Cochlear Implants Market Worth USD 4,124.1 Million by 2027 Led by MED-EL, Sonova, Nurotron Biotechnology, Starkey, Amplifon

Cochlear Implants Market Worth USD 4,124.1 Million by 2027 Led by MED-EL, Sonova, Nurotron Biotechnology, Starkey, Amplifon

The global cochlear implants market to grow at a CAGR of 11.9% during (2019-2027) to reach $4,124.1 Million by 2027 from $1,510.9 Million in 2018 driven by the Increase in Number of Patients Suffering from Hearing Loss and increasing Medical Tourism in Emerging Nations.

The cochlear implants market by type of fitting is segmented into unilateral cochlear implantation, bilateral cochlear implantation. In 2018, the Unilateral Implantation segment held the largest market share of 55.7% of the cochlear implants market, by type of fitting. This segment is also expected to dominate the market in 2027 as unilateral cochlear implantation restores hearing and promotes auditory development. Moreover, the bilateral cochlear implantation segment is also anticipated to witness the fastest growth rate of 12.4% during the forecast period, 2019 to 2027, owing to the rising demand for the bilateral cochlear implantation.

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Cochlear Implants Market Key Company Profiles:

• Cochlear Ltd.
• MED-EL
• Sonova
• Nurotron Biotechnology Co. Ltd.
• Medtronic
• Demant A/S
• Starkey
• WIDEX A/S
• Amplifon
• GN Hearing A/S

Product launches and up gradation was observed as the most adopted strategy in global cochlear implants industry. For instance, in January 2019, Starkey Hearing Technologies is thrilled to introduce a product that can help give millions of people, their families, and care givers peace of mind. Fall Alert, a revolutionary feature of Livio AI, can detect falls and send alert messages to selected contacts. Starkey Hearing Technologies incorporated significant new inventions to avoid false-positives and flag only true falls. Thus, such product up gradations is likely to boost up the growth of its own and is likely to contribute to the market growth in the coming future.

Asia Pacific is the fastest growing geographic market, and it is expected to be the second largest revenue contributor throughout the forecast period. The growth is contributed majorly by driving factors such as a significant rise in the prevalence of hearing disabilities across the countries, rise in the government support for the hearing care. In addition, the market players are also supporting hearing care in the countries through creating awareness and various initiatives.

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Many of the emerging countries are preferred location for medical tourism. Asia is one of the most preferred medical tourism destinations drawing increasing numbers of patients for treatment. Medical tourist visits Asia for plastic surgeries, weight loss surgeries, cochlear surgery, cardiovascular surgery, and orthopedic treatment.

The cost of these surgical procedures is comparatively less than in emerging nations as compared to developed countries. According to the Malaysia Healthcare Travel Council, in 2017, Over 1,050,000+ healthcare travelers visited Malaysia for healthcare purposes. Also, India has witnessed a sudden increase in the number of patients coming to India for Cochlear implant surgery. Patients with hearing defects come to India mainly from the Middle East countries like Oman and Iran and from a few Western world countries. Cochlear Implants in Thailand are performed by some of the most experienced and skilled surgeons. These hospitals have ground-breaking technology like robotic surgery, top-class medical amenities, and high-end infrastructure. All these facilities are accessible at affordable prices, making Thailand a preferred destination for cochlear surgery.

The cost of surgery, after-care, and sightseeing are available at almost half the price when compared with the cost offered in the US or UK. Thus the low cost of surgeries, advanced technologies with less waiting time for procedures in the region is likely to boost the cochlear surgery and ultimately spur the demand for cochlear implants. Thus, the factors are likely to create growth opportunities for the growth of the market in the coming years.

Key Benefits of Buying this Research Study:

1. Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Cochlear Implants Market

2. Highlights key business priorities in order to assist companies to realign their business strategies

3. The key findings and recommendations highlight crucial progressive industry trends in the Cochlear Implants Market, thereby allowing players across the value chain to develop effective long term strategies

4. Develop/modify business expansion plans by using substantial growth offering developed and emerging markets

5. Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it

6. Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

7. Examine the political, economic, social and technology impact of the five regions namely: North America, Europe, Asia Pacific, Middle East & Africa and South America.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.

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