Cochlear Implant (CI) System Market Current Trends, Analysis, and Growth Factors
Global cochlear
implant (CI) system market is estimated
to grow at a CAGR of 10.6% in the years to come due to modernizations in
cochlear implants. Cochlear implant (CI) system is used to restore the hearing
sense in individuals. Cochlear implant is the only highly efficient device
available in medical sector that can potentially replace a sense. It bypasses
non-functional parts and provides electrical simulation to the nerve fibers
directly in cochlea.
The factors that driving the growth of the
market are increasing penetration of implants due to wide geographic reach of
market participants, growing geriatric population who need treatment for
hearing loss, and patients suffering from ear infections. Moreover, efforts by
manufacturers for designing aesthetically appealing devices to avoid negligence
from patients, decreased mortality rate, increased life expectancy rate and
favorable government regulations are fueling the growth of market. However,
high speculation cost of cochlear implant devices and long execution period are
expected to hamper the growth of market. Also, lack of awareness among
professionals and patients is negatively impacting the market growth.
Technological improvements in cochlear
implant devices especially that perform exceptionally in noisy surroundings is
a trend observed in cochlear implant (CI) system market. Manufacturers
designing hybrid devices which are small in size and high in efficiency are
expected to bring opportunities to the market.
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The market is categorized on the basis
of type, application, end user, and geography. On the basis of type, market is
divided into binaural and unilateral. Bilateral segment registers high growth
in cochlear implant (CI) system market owing to the speech recognition feature
among external noise.
Based on application, market is
bifurcated into pediatric and adult. Adult segment is expected to lead the
market due to growing incidences of hearing loss among geriatric population.
Based on end user, market is divided into ambulatory surgical centers,
hospitals, clinics, research & academic institutes. Clinics and hospital
segment is predicted to hold larger share of the market since they are common
places for the treatment.
Geographically, market is segmented as
North America, South America, Europe, Asia Pacific and Middle East &
Africa. North and South America are anticipated to lead market owing to the
technologically advanced devices for the procedures along with government
backing for the adoption.
The prominent players in cochlear
implant (CI) system market include Cochlear Ltd., Sonova Holding AG, Hangzhou
Nurotron Biotechnology Co Ltd, MED-EL Corporation, Shanghai Listent Medical
Tech Co., Ltd., and William Demant Holding.
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