Cochlear Implants Market Overview Analysis:
Currently, cochlear implant are the only effective means of facilitating the social interaction of people with hearing loss. The first cochlear implant was approved by the FDA in 1984, making 3M an industry leader. According to WHO estimates in 2012, 91% of the total population with hearing disorders worldwide were adults and 9% were children.
Cochlear Implants Market Size Analysis:
According to our research report, the Cochlear Implants Market size was valued USD 1540 Million in 2017, and it is expected to reach USD 1630 Million by 2022, with increasing a CAGR at 0.44% from the forecast time 2017-2022.
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Cochlear Implants Market – Drivers and Restraints:
In addition to the growing number of patients with hearing loss, technological advances, strategic initiatives by industry representatives, and favourable government regulations are expected to fuel the global market for cochlear implant systems. For example, in 1979, the University of Melbourne and Nucleus Limited received approval from the Australia Productivity Department to manufacture and commercialize 22 cochlear implants. In another event, the National Institutes of Health (NIH) sponsored the first consensus conference to accelerate the acceptance of multi-electrode cochlear implants. Market agents focus on developing low-noise devices that can charge quickly, have extended battery life and water resistance. According to the World Health Organization (WHO), the current production of hearing loss devices is only 10% of actual needs. Therefore, there is a lucrative opportunity for new players to enter the global market for cochlear implant systems.
Cochlear Implants Market – Regional Growth Analysis and Segmentation:
Geographically, the global market is widespread in North America, Europe, Latin America, Asia-Pacific, and Middle East and Africa. The Asia-Pacific region is expected to dominate the market for cochlear implant systems due to the high prevalence of hearing impairment in the region. The Middle East and Africa region is expected to be the second largest shareholder in 2016. This is due to the increased incidence of ear infections due to lack of adequate hygiene practices and increases in pregnancy and genetic complications that lead to hearing loss in newborns. Europe is the market next in line for cochlear implants due to the increase in the geriatric population.
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Cochlear Implants Market – Prominent Key Players Analysis:
The major cochlear implant market agents include MED-EL, Cochlear Limited, Oticon Medical, William Demant, and LSVT Global, Inc., PENTAX Medical, EBS Healthcare, Sonova, Gaes Medica, and Nurotron Biotechnology Co., Ltd.
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