Cochlear Implants Market information: By Product (Cochlear Implant Systems and Accessories & Upgrades), By Type (Unilateral Implant and Bilateral Implants), By End Users (Hospitals & Clinics, Ambulatory Centers, Research & Academic Institutes) – Global Forecast till 2027
The Global Cochlear Implants Market is anticipated to grow at a CAGR of 9.86% and is due to reach USD 3,203.8 Mn over the forecast period of 2017-2023, projects Market Research Future (MRFR) in a detailed report.Cochlear Implants are medical devices that are surgically inserted to provide a sense of sound to a person with hearing loss. The last few years have witnessed a significant increase in the demand for cochlear implants owing to the rise in a number of patients with hearing impairment who generate demand for diagnosis and treatment. The Centers for Disease Control and Prevention estimates that by 2025, 900 Mn people are likely to suffer from hearing impairment.The rise in global geriatric population is also expected to be a positive factor influencing the growth of the global cochlear implants market. The aged populace is more susceptible to hearing loss which induces high demand for cochlear implants.
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The Global Cochlear Implants Market has been segmented based on product, type, and end user.
By Product, the Global Cochlear Implants Market has been segmented into a cochlear implant system, and accessories & upgrades.
By Types, the Global Cochlear Implants Market has been segmented into cochlear implant system, and accessories & upgrades.
By End User, the Global Cochlear Implants Market has been segmented into hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
Cochlear Implants Market Regional Analysis
On the basis of geography, the cochlear implants market is segmented into the Americas, Asia-Pacific, Europe, and the Middle East & Africa.
According to the research, the global cochlear implants market is anticipated to be dominated by the Americas during the evaluation period owing to application of well-developed technology. Besides, the presence of a large patient pool suffering from hearing loss is projected to expand the regional market during the forecast period. In addition, the favorable initiatives taken by the government to develop the healthcare sector can grow the market in the coming period.
Europe is anticipated to acquire the second-largest market during the evaluation period owing to the increasing incidences of patients suffering from hearing problems. Further, the rising healthcare expenditure in the region is expected to expand the market, notably in the forthcoming period. The UK, Germany, and France are expected to play a salient role in strengthening the market during the forecast period.
Asia-Pacific is predicted to be the swiftest expanding market for cochlear implants during the projection tenure owing to the adoption of the latest technologies in the healthcare sector. Moreover, the presence of a huge patient pool is anticipated to drive the regional growth of the market during the forecast period. Also, the participation of emerging nations like India, Japan, and China is expected to augment the cochlear implants market by developing their healthcare infrastructure.
The notable players in the global cochlear implants market MED-El (Austria), Microson S.A. (Spain), Widex (Denmark), GAES MÉDICA (Spain), Cochlear Ltd (Australia), William Demant Holding Group (Denmark), Advanced Bionics AG (Switzerland).
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