Cochlear implant systems market is Evolving with High Growth Rate by 2025
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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Reliable news reports reveal that the decision to develop a manufacturing unit in China was taken with the 20 plus year view of the growing cochlear implant systems industry in China. According to regional survey, China is the fastest growing market not only by volumes but also with the potential to deliver strong profitability outcomes in the coming years. On this note, it is prudent to mention that the company is seeking out investors who are interested in long-term investments. Experts preview this situation to have opened huge growth opportunities for other cochlear implant systems market players and potential stakeholders.
The deal appears to be a shrewd long-term move by Cochlear’s management team and in experts’ opinion it remains one among the top five growth stocks on the Australian Securities Exchange (ASX). Taking into account these facts, it wouldn’t be wrong to mention that the Cochlear’s China deal should significantly reward the investors over the long-term.
With the presence of local cochlear implants company – Hangzhou Nurotron Biotechnology and the recent Chochlear’s investment, China remains a profitable growth ground in the near future. Yet another lucrative hub for cochlear implant systems market players is India with its large patient pool and a slew of untapped opportunities. The fact that the country delivers cochlear implant surgery at comparatively low cost has, in turn, augmented the regional cochlear implant systems industry trends. Analysts claim that the regional government’s initiatives and efforts in bringing cochlear implant technology to the masses is acting as a major catalyst impelling India cochlear implant systems market share. Add to it, the fraternity is also influenced by growing financial support for implant surgery for children from organizations such as Power Finance Corporation and Airport Authority of India.
Amidst the current scenario where Asia Pacific with China and India at its forefront are setting the ground lucrative for investors, other prominent regions including US, Germany, Japan, and Brazil are also poised to witness substantial gains in the coming seven years. All in all, driven by technological advancements and participation of innovative and tech-driven companies in this business sphere, the growth prospects of global cochlear implant systems market seem to be commendable , with target revenue slated to surpass USD 2.5 billion by 2024.
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Cochlear implant systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Cochlear Implant Systems Market by Product
• Unilateral Implant
• Bilateral Implant
Cochlear Implant Systems Market by End User
The above information is provided for the following regions/countries:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
• South Africa
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Technological advancements resulting in improved device performance especially in noisy environments will spur adoption rate. Progress in external component technology is leading to miniaturization of devices and increased efficiency of externally worn speech processors. Manufacturers are developing hybrid systems which provide high frequency electrical stimulation and low frequency acoustic amplification. For instance, in March 2014, Cochlear launched its Nucleus hybrid implant system that amplifies low-frequency hearing and restores access to