Cochlear Implant (CI) Market To Reach USD 4.21 Billion By 2028 | Top key Players Cochlear, MED-EL, Advanced Bionics

Increasing incidence of hearing loss and hearing impairment, growing global geriatric population, and technological advancements in cochlear implant are some key factors driving market growth

-The global cochlear implant market size is expected to reach USD 4.21 Billion by 2028 at a CAGR of 10.9%, according to the latest report by Reports and Data. Growing incidence of hearing disability in infants and geriatric population, availability of affordable cochlear implants, and technological advancements in cochlear implants such as enhanced signal transfer and improved battery life are some key factors expected to drive market revenue growth over the forecast period.

Cochlear implants are small electronic devices that can electrically stimulate the cochlear nerve to provide a sense of sound to person who is deaf or has severe hearing disability. It is the best option for people suffering from hearing loss due to inner ear damage that cannot be treated with hearing aids. Cochlear implant bypasses damaged portions of the ear to delivery sound signals to auditory nerve. It used a sound processor that fits behind the ear which captures sounds and sends them to receiver which sends signals to electrodes implanted in the cochlea. Cochlear implant has enabled people to recognize warning signals, understand sounds in environment, and understand speech in person. Cochlear implants have been FDA-approved for use in children and adults suffering from deafness or severe hearing impairment. Favorable reimbursement scenario for cochlear implant surgical process and therapy is one of the key factors expected to boost market revenue growth over the forecast period.

Growing prevalence of congenital hearing loss and increasing adoption of cochlear implants over hearing aids are some key factors expected to contribute to market growth going ahead. However, lack of skilled professionals, high costs of cochlear implants and treatments, and availability of alternative treatment options are expected to hamper market growth to a certain extent over the forecast period.

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Market Dynamics:

Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.

Surging demands and transition to patient-centric care delivery across geographies will change pharma and healthcare market trends through 2028.

Key companies in the market include

Cochlear, MED-EL, Advanced Bionics (Sonova), Oticon (William Demant), Hangzhou Nurotron, Listent Medical, Nurotron Biotechnology Co. Ltd., Medtronic, Demant A/S, Starkey, WIDEX A/S, Amplifon and GN Hearing A/S.

Competitive Outlook:

The report focuses on current and emerging trends in the healthcare industry such as incorporation of IoT and Machine Learning to enhance efficiency of medical products. Top companies in the market are focusing on R&D activities to expand their product offerings and cater to unmet medical needs.

This report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts.

Some Key Highlights from the Report:

• Unilateral implantation segment is expected to account for a sizeable revenue share in the global market owing to its increased cost-efficiency, quicker surgery, and favorable reimbursement scenario.

• Pediatric segment is expected to register robust revenue CAGR over the forecast period owing to increasing incidence of congenital hearing loss, rising number of cochlear implantation surgical procedures in children, and rising occurrence of hearing loss due to infections, inflammation, or injury.

• Asia Pacific market revenue is expected to expand significantly over the forecast period owing to increasing geriatric population, rising incidence of hearing impairment, development of advanced healthcare facilities, and increasing funding and investment in healthcare sector.

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For the purpose of this report, Reports and Data has segmented the global cochlear implant market has been segmented into fitting type, end-use, and region:

Fitting Type Outlook (Revenue, USD Billion; 2018-2028)

• Unilateral
• Bilateral

End-use Outlook (Revenue, USD Billion; 2018-2028)

• Adults
• Pediatric

Regional Outlook (Revenue, USD Billion; 2018–2028)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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