Growing geriatric population is leading the growth of cochlear implants market over the forecast period.
According to a new market research study titled ‘Cochlear implants Market - Global Analysis and Forecasts by Product and End User. The Global Cochlear Implants Market is expected to reach US$ 4,124.1 Mn in 2027 from US$ 1,510.9 Mn in 2018. The market is estimated to grow with a CAGR of 11.9% from 2019-2027. The report highlights the trends prevalent in the global cochlear implants market and the factors driving the market along with those that act as deterrents to its growth.
The cochlear implants market by type of fitting is segmented into unilateral cochlear implantation, bilateral cochlear implantation. In 2018, the Unilateral Implantation segment held a largest market share of 55.7% of the cochlear implants market, by type of fitting. This segment is also expected to dominate the market in 2027 as unilateral cochlear implantation restores hearing and promotes auditory development. Moreover, the bilateral cochlear implantation segment is also anticipated to witness the fastest growth rate of 12.4% during the forecast period, 2019 to 2027 owing to the rising demand for the bilateral cochlear implantation.
Key factors driving the market are, growing geriatric population, increase in number of patients suffering from hearing loss, and increasing R&D expenditures in medical device companies. However, the restraining factors for the market are high cost of cochlear implants and side effects associated with the cochlear surgery.
Some of the prominent players operating in cochlear implants market are, Cochlear Ltd., MED-EL, Sonova, Nurotron Biotechnology Co. Ltd., Medtronic, Demant A/S, Starkey, WIDEX A/S, Amplifon, and GN Hearing A/S. The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, The Neuro 2 by Demant A/S was launched in the market in February 2018, it has been sweeping up prizes because of its ground-breaking design in the cochlear implant industry. Neuro 2 combines high quality engineering with a strong focus on sound quality and usability.
Global Cochlear implants Market, By Regions, 2018 (%)
Source: The Insight Partners Analysis