Cochlear Implants Market Size to Grow at a CAGR of 9.86% till 2023 | Advanced Bionics AG, Cochlear Ltd, GAES MÉDICA, etc | Predicts MRFR

The Report of “Cochlear Implants Market” Research Future Covers the Information like Market, Prominent Players and Cochlear Implants Market Segmentation, Regional Outlook, End-User and Forecast to 2023.

Cochlear Implants Market Global players

Key players in the global cochlear implants market are Advanced Bionics AG (Switzerland), Cochlear Ltd (Australia), GAES MÉDICA (Spain), MED-El (Austria), Microson S.A. (Spain), William Demant Holding Group (Denmark), and Widex (Denmark).

Cochlear Implants Market Global Overview:

Cochlear Implants Market is expected to grow at the CAGR of 9.86% during the forecast period and is estimated to reach USD 3,203.8 million by 2023.

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The global market for cochlear implants is anticipated to be influenced by factors such as the growing healthcare expenditure and government support, and the rise in a number of patients with hearing impairments who contribute to the demand for diagnosis and treatment. The surge in global geriatric population is also poised as a positive factor likely to influence the growth of the global market for cochlear implants over the review period.

The elderly population is more liable to hearing loss, which creates a rise in the demand for cochlear implants. Medical device manufacturers are shifting their focus on investing in research and development activities, which have led to the development of innovative cochlear implants. The increasing usage of next-generation biomaterials, ceramics, metals, and polymers in cochlear implants has to lead to the expansion of the value of surgery and enhancement of surgical outcomes, which has further accelerated the growth of the market. Other factors are advancing the growth of the market are the increasing number of clinical trials, improving reimbursement scenario in emerging economies and a surge in the number of FDA approvals. 

However, the high cost of implants is not affordable to the middle-class population. Therefore, the high cost of the implants is likely to impede the growth of the global cochlear implants market.

Segmental Analysis

The global market for cochlear implants has been segmented based on products, types, and end users.

Based on the products, the global cochlear implants market has been segmented into the accessories & upgrades, and cochlear implant system.

Based on the types, the market for cochlear implants has been segmented into the bilateral implant and unilateral implant.

Based on the end users, the cochlear implants market has been segmented into ambulatory surgical centers, hospitals & clinics, research & academic institutes, and others. 

Regional analysis                    

Based on the region, the global cochlear implants market has been segmented into the Americas (North and Latin America), Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).

The Americas account for the leading market share of the global cochlear implants market. This is attributable to the presence of a massive patient pool suffering from hearing loss, advanced development of technology, higher healthcare expenditure, and government support in the form of investments for the research & development. Additionally, the presence of leading market players and favorable reimbursement policies are expected to fuel the growth of the market. 

Europe accounts for the second largest region in the cochlear implants market. A growing number of patients suffering from hearing problems, increasing the prevalence of ear infections, and other diseases are likely to contribute to the growth of the market over the forecast period. The substantial healthcare expenditure in this region is expected to contribute to the growth of the market. Furthermore, increasing government support and investments for the development and improvement of treatment methods are likely to fuel the growth of the market during the review period.

The Asia Pacific is the fastest growing region in the global cochlear implants market over the review period. Factors such as the increasing requirement for better medical devices, rapidly advancing technology, and the presence of a vast patient pool is likely to drive the growth of the cochlear implants market in the Asia Pacific region over the evaluation period. 

The Middle East and Africa hold the smallest share of the global cochlear implants market, owing to the existence of poor and slow emerging nations, lack of economic growth, and political unrest in Africa. Furthermore, increasing geriatric population and low demand due to the lack of awareness of the medical devices are the major driving factors in this region. The middle eastern countries, such as Kuwait, Saudi Arabia, and Turkey, are expected to contribute to the majority of the market share over the assessment period.

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