Cochlear Implants Market in Asia Pacific is projected to grow at a significant rate by 2030
The growing rate of geriatric population and their weakness towards various ENT disorders is considered a prime factor augmenting the growth of the global cochlear implants market during the forecast period, set between 2020 and 2030. A cochlear implant is a device that helps people with severe hearing impairment. The electrodes present in the device will be placed in the inner ear near the cochlea. The sound processor of cochlear implants is fitted behind the ear.
The global cochlear implants market is categorized on the basis of fitting type, end-use, and regions. In terms of fitting type, the market is bifurcated into bilateral and unilateral implants. As per segmentation by end-use, the market is split into pediatric and adult.
The report is based on a comprehensive overview of the market for cochlear implants market. It also emphasizes on the factors driving or restricting the growth of this market. Additionally, the report discusses the table of segmentation of this market, and lists the name of the leading segment with its attributed factors. Besides this, the report lists the key trends and innovations that recently helped change the market scenario for cochlear implants. The report is available for sale on the company website.
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Cochlear Implants Market: Competitive Analysis
The competitive landscape of the global cochlear implants market is consolidated in nature on account of the presence of few players, and established healthcare services in most regions. Investors of the global cochlear implants market are indulging in new proposals to obtain grants from the American Cochlear Implant Alliance for getting funds for their research and development ventures. Besides this, they are also engaging in collaborative efforts and joint ventures so as to earn the lion’s share in the overall market competition.
Some of the notable players of the global cochlear implants market include:
- Nurotron Biotechnology Co. Ltd.
- Demant A/S
- MED-EL Medical Electronics
- Cochlear Ltd.
Cochlear Implants Market: Industry Developments
- Two new sound processors called Naida Cl Marvel and Sky Cl Marvel were launched by Sonova after they received FDA approvals from the United States. This will help increase the product offerings on the one hand and attract higher revenues on the other.
Cochlear Implants Market: Trends and Opportunities
The rising number of aged population, coupled with their growing inclination towards advanced healthcare and diagnostic approaches emerges as the key growth drivers of the global market for cochlear implants. Besides this, the increasing adoption of innovative therapeutic devices and services will also aid in expansion of this market during the forecast period. Moreover, government support of various nations in terms of research and development of better hearing aids for patients of all categories are further projected to create lucrative growth opportunities for the market in the long run.
Cochlear Implants Market: Geographical Segmentation
Regionwise, the global cochlear implants market is classified into the regions of North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Each of these regions are further classified into nations. Among these, the market is currently dominated by Europe on account of the increasing awareness about speech and hearing impairment and techniques. This, coupled with the increasing efforts taken by the European government to offer favorable reimbursement policies to its citizens. Asia Pacific market is projected to grow at a significant rate on account of the increasing rate of geriatric population, coupled with the growing awareness about cochlear implants especially in emerging economies.
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