Global Cochlear Implants Market Astonishing Growth | Top Competitors like Cochlear Ltd.; Sonova; MED-EL Medical Electronics; GAES; Demant A/S; Nurotron Biotechnology Co. Ltd and more
Global cochlear implants market is expected to rise to an estimated value of USD 10.54 billion by 2026, registering a substantial CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the various advancements in technology and innovations leading to unique/customized product variants for patients. A few of the major competitors currently working in the global cochlear implants market are Cochlear Ltd.; Sonova; MED-EL Medical Electronics; GAES; Demant A/S; Nurotron Biotechnology Co. Ltd.; Amplifon and GN Hearing among others.
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Cochlear implants are medical devices that act as hearing aids for the treatment of severe hearing loss in patients. These implants are utilized when conventional hearing aids cannot function properly/treat patients who suffer from absence of cochlear hair cell function. These implants are surgically fitted in patients replacing the ineffective cochlea while stimulating the auditory nerve, deeming the patient to hear everything.
Global Cochlear Implants Market By Type of Fitting (Unilateral Implantation, Bilateral Implantation), End-Users (Adults, Pediatrics), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) - Industry Trends and Forecast to 2026
Key Developments in the Market:
In November 2018, Cochlear Ltd. and GN Hearing announced that they had extended their existing partnership for "Smart Hearing Alliance". This extension will focus on greater research & development focus while developing advanced levels of technology through collaborations and sharing of resources. They will take part in the development of firmware and software offerings to better integrate the combined hearing aids and solutions of the companies
In July 2018, Amplifon announced that they had agreed to acquire GAES for approximately USD 616.6 million. This acquisition will improve their presence in the Spanish and European region. This deal will also help in significant improvements to the worldwide share of Amplifon which will help in greater revenue opportunities for the organization
Global cochlear implants market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of cochlear implants market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Increasing numbers of patients worldwide suffering from hearing loss is expected to augment the growth of this market
Increasing presence of government initiatives and programs to improve the healthcare systems for hearing loss in patients is also expected to drive the growth of this market
Growing case of medical tourism by patients is also expected to boost the adoption rate from the developing regions of the world
Rising levels of population belonging to the geriatric group resulting in greater patient pool for hearing aids and implants globally is also enhancing the market growth
Large costs associated with the device is expected to restrict the growth of the market
Complications in the battery life of the device as well as its maintenance costs reducing the rate of adoption for the product is expected to restrict the growth of the market
Lack of wide-spread awareness regarding the availability and presence of the product from various developing regions is expected to restrict the growth of the market
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Segmentation: Global Cochlear Implants Market
By Type of Fitting
Reasons to Purchase this Report
Current and future of global cochlear implants market outlook in the developed and emerging markets
The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
Regions/Countries that are expected to witness the fastest growth rates during the forecast period
The latest developments, market shares, and strategies that are employed by the major market players
Customization of the Report:
All segmentation provided above in this report is represented at country level
All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization)
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