Global Cochlear Implant Market Anticipated to Display Impressive Growth Rate by the End of 2021
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A cochlear implant is a surgically implanted device that offers a sense of sound to a person who has a severe or profound hearing loss. These devices are mounted inside of the ear and have helped a large number of people to hear better or to hear again entirely. According to the key findings, rise in product customization and benefits of cochlear implants in comparison to conventional hearing aids have bolstered the market growth in a very short span. Also, increase in geriatric population and the recent rise in the prevalence of acquired hearing loss will foster the prospects for growth in this market until 2020. Analysts have estimated that the global cochlear implant market will surge at a healthy rate during the forecast period 2017-2021.
The report starts by presenting precise overview of cochlear implant along with its working principle, benefits, risks and market segments. Market analysis has been done on the basis of value, volume, end-use and region. Regionally, report also includes a detailed analysis of the cochlear implant market in the United States, and finds that provision of cochlear implants (CIs) for those within the criteria for implantation remains lower in the United States than in some other developed nations. According to the study, low adoption of cochlear implants in the US, high cost of cochlear implants and the technical issues associated with them are some of the challenges faced by the market.
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Furthermore, market can be divided into on the basis of the type of fitting and end user. On the basis of the type of fitting the market can be sub-segmented into unilateral and bilateral implantation. By end-use, the market can be separated into adults and pediatrics. The research further analyzes major market trends boosting the market growth, such as expanding insurance coverage in the US, introduction of rechargeable sound processors and cochlear implants based on TEABM technology.
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Cochlear Ltd., William Demant, Sonova Holding AG and MED-EL. are some of the key players operating in the global cochlear implant market. Geographical growth and technological developments in cochlear implants to make them effective & user-friendly are the key strategic initiatives taken by major industry players.
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