The global cochlear implants market is expected to be around $3 billion in 2025.Innovations in customization of cochlear implant devices along with reimbursement policies in developing countries will drive the growth of this market. Technological advancements especially in sound chips are fuelling the demand for these products. Rise in geriatric population along with increased incidence of acquired hearing loss are also contributing to the market growth substantially. In 2014, the total American geriatric population was 46.2 million which represented 14.5% of the total population. By 2040, this will grow up to 21.7% of the total American population.
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Cochlear Implants Market: Regional Outlook
Europe constituted the major market share of the overall market in 2016, owing to the advanced health infrastructure in the European Union. Presence of huge patient base along with increased adoption of implants is the key factor for the market growth. North America is the second largest market for implants because of the presence of favorable reimbursement policies along with the high purchasing power of people in this region.
Asia-Pacific market is expected to record fastest growth over the forecast period, due to increased awareness and favorable government initiatives in developing countries to increased awareness about the benefits of early implantation in children. For instance, Medtronic launched the Shruti Program in India which aims to increase awareness about diagnosis and treatment of underserved patients, especially children affected by ear disorders.
Cochlear Implants Market: Competitive Analysis
The market is heavily dominated by few large companies such as Cochlear Ltd. and MED-EL, who have a global presence and a diverse product portfolio. These players are highly focused on developing innovative products to sustain the market competition. For instance, in 2015, MED-EL received FDA approval for its SYNCHRONY cochlear implant, the first and only cochlear implant approved for 3.0T MRI without magnet removal. Some of the other key players in this market are William Demant Holding A/S, Sonova, Gaes Group, and Nurotron Biotechnology Co. Ltd.
Cochlear Implants Market Opportunities:
Increase in geriatric population worldwide will boost the demand for implants significantly. According to a World Health Organization (WHO), the geriatric population (senior citizens at least 65 years in age) will increase by 88% in coming years. Also, proven results of effectiveness of implantations in children at a young age propose significant prospects in the pediatric market worldwide. Developing countries exhibit a lucrative market due to growing awareness and easily available reimbursement policies.
Cochlear Implants Market Segmentation:
By Fitting Type:
- Bilateral Implantation
- Unilateral Implantation
By End User:
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Table of Contents:
1.1. Report Description
1.2. Research Methodology
1.2.1. Secondary Research
1.2.2. Primary Research
2. Executive Summary
2.1. Key Highlights
3. Market Overview
3.1.1. Market Definition
3.2. Market Share Analysis
3.3. Market Dynamics
220.127.116.11. Rising Prevalence of Hearing Disorders
18.104.22.168. Rise in Geriatric Population
22.214.171.124. Increase in the Customization of Hearing Implant Devices
126.96.36.199. Wide Acceptance of Hearing Implants Procedures Among Patients with Hearing Disorders
188.8.131.52. Rapid Technological Advancements
184.108.40.206. High Cost of Hearing Implants
220.127.116.11. Emerging Market to Offer Lucrative Growth Opportunities
3.4. Industry Trends
3.5. Reimbursement Scenario
4. Cochlear Implants Market, By Fitting Type
4.2. Cochlear Implants Market Assessment and Forecast, By Fitting Type, 2016-2025
4.3. Unilateral Implantation
4.3.1. Market Assessment and Forecast, By Region, 2016-2025 ($Million)
4.4. Bilateral Implantation
4.4.1. Market Assessment and Forecast, By Region, 2016-2025 ($Million)
…CONTINUED FOR TOC
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