This global market research report presents a comprehensive analysis of the key drivers, challenges, and upcoming trends that influence market growth. It also segments the cochlear implants market by geography and includes regions like the Americas, APAC, and EMEA. The leading vendors analyzed in this market study are Cochlear, MED-EL, Sonova, and William Demant.
Technavio has released a new market research report on the global cochlear implant market, which is expected to grow at a CAGR of around 14.5% by 2020. Cochlear implants constitute one of the fastest-growing areas of the healthcare industry, owing to new developments and technological advancements. Rise in the prevalence of acquired hearing loss has boosted the demand for cochlear implants which also helps in preserving residual hearing. The Americas accounts for 42% of the total market share, owing to the presence of favourable reimbursement policies.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Rise in product customization is the latest trend gaining traction in the cochlear implant market. Most of the leading cochlear implant device manufacturers are customizing their products in a bid to attract more consumers. Recently, it has been observed that numerous vendors are addressing the needs of the older population by developing products that increase the quality of digital sound. The advent of such aesthetically appealing cochlear implants will, in turn, augment the vendors’ growth potential by increasing their product sales,” says Brahadeesh Chandrasekaran, Lead Analyst, Healthcare & Lifesciences, Technavio Research
Of late, the market is also witnessing the advent of rechargeable cochlear implant devices. These rechargeable implant devices are small in size, eco-friendly and easy to use. Moreover, the quality and battery life of these devices are better than the ones using primary cells. Another technological advancement in the cochlear implant market is the introduction of next-generation sound processors. This technology enables patients to comprehend speech in a noisy setting.
The leading vendors in the global cochlear implant market are Cochlear, MED-EL, Sonova, and William Demant. The market offers a moderate opportunity for vendors to grow during the forecast period. Due to the rising demand for cochlear implant devices, most of the leading companies are focusing on the development and introduction of effective products. To survive and succeed in this market, the large vendors are acquiring small and medium-sized vendors as it will help them to bolster their revenue generating capacity.
A more detailed analysis is available in the Technavio report, Global Cochlear Implant Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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