Cochlear Implant Market Top Companies, Trends and Growth Factors Details for Business Development
Cochlear Implant Market Growth & Trends
The global cochlear implant market size is expected to reach USD 4.0 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.5% from 2021 to 2028. Supportive initiatives by governments and various organizations, a rise in bilateral fittings, and an increasing diagnosis rate are expected to boost market growth during the forecast period. Key players in the region are conducting research activities to improve the patient experience. In February 2021, Cochlear Ltd. partnered with hearing health experts for conducting clinical trials for an investigational glucocorticoid-releasing cochlear implant. The study aims to evaluate the effect of the medical device in about 120 adults in the U.S. and Australia with moderate to profound sensorineural hearing loss.
An annually increasing investment in R&D activities for product innovation enables manufacturers to compete with other players to achieve a greater market stronghold. Cochlear Ltd. in 2019 increased its investment by 10.0%, and it employed 26.0% more employees as compared to 2018 to attain organizational growth. The launch of Nucleus Profile Plus Series cochlear implant in the U.S. and Germany by Cochlear Ltd. and HiRes Ultra 3D cochlear implant by Sonova are some of the product launches witnessed by the market in 2019.
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Cochlear Implant Market Report Highlights
- Unilateral implants led the type of fitting segment during the year 2020. However, the bilateral segment is expected to grow at the fastest rate during the forecast period. The demand for bilateral implantation in children is growing due to their cost-effective nature and better speech recognition in noise
- Based on end-use, the pediatric segment is expected to exhibit the fastest growth during the forecast period due to increasing utilization of the medical device by pediatric patients and the high prevalence of hearing loss among children. According to NIDCD, two out of three children in the U.S. are born with some level of hearing loss in either or both ears
- Europe held the largest revenue share in 2020. However, in Asia Pacific, the market is expected to grow at the fastest rate during the forecast period. This can be attributed to the rapidly increasing geriatric population coupled with rising awareness about hearing aidsand the local presence of key market players in the region
- The industry is witnessing product launches and initiatives for business expansion. For instance in February 2018, Cochlear began the development of the Sino-Australia International Hearing Hub in China and its new manufacturing facility. The manufacturing facility will help cochlear in the expansion of its global production capacity of implants. The launch of Nucleus Profile Plus Series cochlear implant in the U.S. and Germany by Cochlear Ltd. and HiRes Ultra 3D cochlear implant by Sonova are some of the product launches witnessed by the market in 2019.
Access Press Release@ https://www.grandviewresearch.com/press-release/global-cochlear-implants-market
Cochlear Implant Market Segmentation
Grand View Research has segmented the global cochlear implant market on the basis of type of fitting, end-use, and region:
Cochlear Implant Type Of Fitting Outlook (Revenue, USD Million, 2016 – 2028)
Cochlear Implant End-use Outlook (Revenue, USD Million, 2016 – 2028)
Cochlear Implant Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
- South Africa
List of Key Players of Cochlear Implant Market
- Cochlear Ltd.
- MED-EL Medical Electronics
- Demant A/S
- NurotronBiotechnolgy Co. Ltd.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.