Growing prevalence of congenital hearing loss and increasing adoption of cochlear implants over hearing aids are some key factors
NEW YORK, NY, UNITED STATES, November 27, 2021 /EINPresswire.com/ — The global cochlear implant market size is expected to reach USD 4.21 Billion by 2028 at a CAGR of 10.9%, according to the latest report by Reports and Data. Growing incidence of hearing disability in infants and geriatric population, availability of affordable cochlear implants, and technological advancements in cochlear implants such as enhanced signal transfer and improved battery life are some key factors expected to drive market revenue growth over the forecast period.
Cochlear implants are small electronic devices that can electrically stimulate the cochlear nerve to provide a sense of sound to person who is deaf or has severe hearing disability. It is the best option for people suffering from hearing loss due to inner ear damage that cannot be treated with hearing aids. Cochlear implant bypasses damaged portions of the ear to delivery sound signals to auditory nerve. It used a sound processor that fits behind the ear which captures sounds and sends them to receiver which sends signals to electrodes implanted in the cochlea. Cochlear implant has enabled people to recognize warning signals, understand sounds in environment, and understand speech in person. Cochlear implants have been FDA-approved for use in children and adults suffering from deafness or severe hearing impairment. Favorable reimbursement scenario for cochlear implant surgical process and therapy is one of the key factors expected to boost market revenue growth over the forecast period.
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Growing prevalence of congenital hearing loss and increasing adoption of cochlear implants over hearing aids are some key factors expected to contribute to market growth going ahead. However, lack of skilled professionals, high costs of cochlear implants and treatments, and availability of alternative treatment options are expected to hamper market growth to a certain extent over the forecast period.
A comprehensive analysis of the value chain and downstream raw materials and upstream essentials is offered in the report. The market report also covers technical data, manufacturing and production costs, research and development activities, regulatory framework, macro and micro-economic factors, and globalization. The report further segments the Cochlear Implant (CI) market on the basis of key companies, product types, applications, and key regions to impart better understanding of the Cochlear Implant (CI) market.
Leading Companies Profiled in the Report are:
Cochlear, MED-EL, Advanced Bionics (Sonova), Oticon (William Demant), Hangzhou Nurotron, Listent Medical, Nurotron Biotechnology Co. Ltd., Medtronic, Demant A/S, Starkey, WIDEX A/S, Amplifon and GN Hearing A/S.
Some Key Highlights from the Report:
• Unilateral implantation segment is expected to account for a sizeable revenue share in the global market owing to its increased cost-efficiency, quicker surgery, and favorable reimbursement scenario.
• Pediatric segment is expected to register robust revenue CAGR over the forecast period owing to increasing incidence of congenital hearing loss, rising number of cochlear implantation surgical procedures in children, and rising occurrence of hearing loss due to infections, inflammation, or injury.
• Asia Pacific market revenue is expected to expand significantly over the forecast period owing to increasing geriatric population, rising incidence of hearing impairment, development of advanced healthcare facilities, and increasing funding and investment in healthcare sector.
For the purpose of this report, Reports and Data has segmented the global cochlear implant market has been segmented into fitting type, end-use, and region:
Fitting Type Outlook (Revenue, USD Billion; 2018-2028)
End-use Outlook (Revenue, USD Billion; 2018-2028)
Key Regions Covered in the Report:
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
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The pharma and healthcare industry, over the recent past, has undergone a paradigm shift with regards to the adoption of advanced technologies. Integration of AI, ML, 3D printing, and AR/VR have accelerated the R&D process, develop innovative and personalized medicines and therapies, and have improved efficiency and effectiveness of overall healthcare processing thereby improving patient outcomes. In addition, growing popularity and acceptance of wearable tech that enables patients to manage their health and make fruitful decisions and increasing integration of patient monitoring systems have further contributed to the revenue growth of the market. Progress in genomics and proteomics, focus on personalized medicine, and increasing number of clinical trials for pipeline therapeutics are further expected to create lucrative opportunities for key players in the market.
Key Benefits of the Global Cochlear Implant (CI) Market Report:
• In-depth analysis of the market potential, threats, limitations, growth prospects and opportunities, drivers, restraints, challenges, and risks
• Analysis of the market opportunities and key trends to help stakeholders capitalize on the emerging prospects
• Analysis and accurate forecast estimation of the Global Cochlear Implant (CI) Market
• Study of the key players including SWOT analysis and Porter’s Five Forces
• Analysis of each segment and sub-segment of the market to determine the growth trends and their market contribution
• Study of the developments in the competitive landscape such as agreements, partnerships, expansions, new product launches and brand promotions, and other market features
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Highlights of the TOC of the report:
• Chapter 1: Market overview
• Chapter 2: Global Cochlear Implant (CI) market analysis
• Chapter 3: Regional analysis of the Cochlear Implant (CI) industry
• Chapter 4: Market segmentation based on types and applications
• Chapter 5: Revenue analysis based on types and applications
• Chapter 6: Market share
• Chapter 7: Competitive Landscape
• Chapter 8: Drivers, Restraints, Challenges, and Opportunities
• Chapter 9: Gross Margin and Price Analysis
• So on
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