The global Cochlear Implant Systems 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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Now that the tide is turning, more worldwide growth in the pharmaceutical business is likely to come from emerging nations, particularly China, where health systems are rapidly developing. Despite the fact that only a few acquisitions were announced or completed, tremendous growth is projected in the future years.
In the past, developed countries were hesitant to trade in emerging markets, with only a few multinational pharmaceutical companies making acquisitions in Latin America, India, or China. However, with tremendous development potential in the East, major businesses in the pharmaceutical industry should explore acquisitions in China aggressively to gain a presence.
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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.
- Key companies in the market include 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.
For the purpose of this report, Reports and Data has segmented the global Cochlear Implant Systems Market has been segmented into fitting type, end-use, and region:
Fitting Type Outlook (Revenue, USD Billion; 2018-2028)
- Unilateral
- Bilateral
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Adults
- Pediatric
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- BENELUX
- Rest of APAC
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of Latin America
- Middle East Africa
- U.A.E.
- Saudi Arabia
- South Africa
- Rest of MEA
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Growing advancements in medical therapies to drive market growth
The pharmaceutical and healthcare industry is driven by rapid advancements in customized therapies, medical devices, and surgical procedures. Integration of advanced technologies to accelerate research and development and manufacturing and production activities are some other factors driving market growth.
High prices of certain drugs might affect revenue growth
Launch of high-priced drugs to treat rare and chronic diseases and lesser affordability in middle- and low-income regions might limit their adoption and restrain market growth going ahead. In addition, less knowledge and awareness regarding advanced treatment approaches and lower adoption of advanced technologies might further hamper market growth over the forecast period.
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