Cochlear Implants Market 2019: Key Futuristic Trends and Competitive Landscape by Top Leaders Cochlear, MED-EL, Sonova, Nurotron Biotechnology, Medtronic, Demant, Starkey, WIDEX, Amplifon, and GN Hearing
The cochlear implants market report aims to provide a 360-degree view of the market in terms of cutting-edge technology, key developments, drivers, restraints and future trends with impact analysis of these trends on the market for short-term, mid-term and long-term during the forecast period. Further, the report also covers key players profiling with detailed SWOT analysis, financial facts and key developments of products/service from the past three years.
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Key factors driving the market are, growing geriatric population, increase in number of patients suffering from hearing loss, and increasing R&D expenditures in medical device companies. However, the restraining factors for the market are high cost of cochlear implants and side effects associated with the cochlear surgery.
The prominent players operating in cochlear implants market are, Cochlear Ltd., MED-EL, Sonova, Nurotron Biotechnology Co. Ltd., Medtronic, Demant A/S, Starkey, WIDEX A/S, Amplifon, and GN Hearing A/S. The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, The Neuro 2 by Demant A/S was launched in the market in February 2018, it has been sweeping up prizes because of its ground-breaking design in the cochlear implant industry. Neuro 2 combines high quality engineering with a strong focus on sound quality and usability.
Growing geriatric population is leading the growth of cochlear implants market over the forecast period.
The cochlear implants market by type of fitting is segmented into unilateral cochlear implantation, bilateral cochlear implantation. In 2018, the Unilateral Implantation segment held a 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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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 caregivers 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.
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