Growing Awareness about Hearing Aids is Revolutionized the Global Cochlear Implants Market
According to a new report published by Reports Monitor titled, “Cochlear Implants Market by Type, Property & Applications: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Cochlear Implants Market was valued at XX million in 2016 and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. North America holds for the major share due to the presence of large number of patients suffering from hearing loss, well-developed technology, high healthcare expenditure, and government support for research and development.
The electronic device that partially restores hearing is termed as cochlear implant. It is one of the best option for people who have severe hearing loss from the inner-ear damage and who obtains inadequate advantages from hearing aids.
Technological improvement in cochlear implants to make the device more efficient and user-friendly can propel the growth of the market. Rising in geriatric population contributing to the huge patient pool, growing in product customization, and introduction of rechargeable cochlear implants are the factors boosting the growth of the market. Moreover, the market is mainly driven by the increasing awareness about hearing aids and due to the growing adoption of implants. However, the factors hindering the growth of the market comprises high cost of device, issues in cochlear batteries, and constrained healthcare expenditure. Additionally, new developments for developing innovative next generation sound processors and developing potential markets provide the opportunities for the growth of the market.
Based on the segmentation, the market is divided into fitting type, products, end-user, and region. Depending on the fitting type, the market is classified into unilateral implantation and bilateral implantation. According to the product segment, the market id bifurcated into cochlear implant system, and accessories & upgrades. Depending upon the end-user segment, the market is categorized into hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
The major companies in the report include: Cochlear Ltd., MED-EL GmbH, Sonova Holding AG, William Demant Holding A/S, Starkey, Nurotron Biotechnology Co. Ltd., Widex USA, Inc., Advanced Bionics AG, and Oticon Medical.
The companies adopt various development strategies such as collaboration, acquisition, merger, and others to sustain the growth of the market.
Key Question Answered: •What will be the market size in 2025 and at what rate it will grow? •Who are the major key players in global cochlear implants market and what are their strategies? •Which vertical industry is expected to show major growth? •What segment and region will lead the market and why?
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