Research Nester released a report titled “Cochlear Implants Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global cochlear implants market in terms of market segmentation by product, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Cochlear implants are implantable devices used to partially restore the hearing ability of people with profound hearing loss in either one ear or both. The market for cochlear implants is anticipated to record a CAGR of around 9.5% over the forecast period, i.e., 2019-2027. The market is segmented by product, by end user and by region, out of which, the product segment is further bifurcated into unilateral implants and bilateral implants. Based on the product segment, the unilateral implants segment is anticipated to hold the largest share in the cochlear implants market as the surgical procedure for unilateral implants is much cheaper than that of bilateral implants.
The market for cochlear implants in the North America region is estimated to hold the largest share in the market on account of presence of developed countries such as the U.S. and Canada, which have a well-established healthcare sector. Cochlear implants market in Europe, too, holds a large share in the market on account of increasing adoption of hearing devices and implants by people in the region. On the other hand, the market in Asia Pacific is estimated to grow at the highest rate over the forecast period on account of increasing government initiatives for promoting healthcare infrastructure.
Technological Advancements in the Industry to Support the Market Growth
The rising advances in the technology in healthcare industry is a major growth driver for the cochlear implants market. The development of new and improved cochlear implants is projected to expand the market globally during the forecast period. Moreover, the increasing healthcare spending by people across all regions is another factor estimated to contribute towards the market growth. However, some restraining factors are estimated to limit the growth of this market in the upcoming years. For instance, the process of inserting a device into the ear might completely damage the ear, resulting in a total loss of hearing.
This report also provides the existing competitive scenario of some of the key players of the global cochlear implants market which includes company profiling of Cochlear Ltd. (ASX: COH), Advanced Bionics AG, MED-EL, Demant A/S (CPH: DEMANT), Nurotron Biotechnology Co. Ltd., Sonova (SWX: SOON) and Starkey. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cochlear implants market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.