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PRESS RELEASE
Published May 24, 2023
The global sales of Cochlear Implant Market in 2021 was held at US$ 2.2Bn. With 14.1%, the projected market growth during 2022 – 2032 is expected to be significantly higher than the historical growth. Unilateral Implants are expected to be the highest revenue generating segment, projected to grow at a CAGR of over 14.3% during 2022 – 2032.
“Several government and non-governmental initiatives to fund research and improve cochlear implant usage are projected to boost market growth in the future years.” says a Fact.MR analyst.
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Adult segment commanded the largest revenue growing at a CAGR of 14.4% through the forecast period of 2022-2032. This is due to the fact that elderly is the largest affected part of the population.
COVID-19 established limitations on audiology surgery and therapy services when it first appeared. The possibility of aerosolizing the virus while drilling in the mastoid cavity increased the danger of infection during neurotological (a subset of ENT) procedures. As a result, individuals were screened for COVID-19 prior to surgery, which caused procedures to be postponed. In addition, appointments for the rehabilitation phase following a cochlear implant operation were cancelled or postponed.
Key Takeaways from Market Study
- The Cochlear Implant market is anticipated to add 3.7X value by 2032.
- The market is expected to expand at a considerable growth rate of 14.1% and be valued at US$ 9 Bn by 2032.
- Based on end-use, adult segment accounted for majority of the global Cochlear Implants market share in 2021.
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Competitive Analysis
Players in the market are constantly developing innovative solutions as well as extending their product offerings. To help healthcare organisations combat the Covid-19 pandemic, and preserve competitive advantage in the market, the companies are focused on their alliances, technology collaborations, and product launch strategies.
Some of the recent developments of key Cochlear Implant providers are as follows:
- In April 2022, Cochlear Ltd.‘s Cochlear Nucleus Implants were approved by the FDA for the treatment of unilateral hearing loss (ULH) or single-sided deafness (SDD).
- In January 2022, TODOC, a South Korean company that specializes in neural prosthetic devices and neuromodulation systems, has announced that its artificial cochlear device ‘SULLIVAN’ will be unveiled at the “CES 2022” in Las Vegas.
- In June 2021, Oticon Medical received premarket approval (PMA) from the United States Food and Drug Administration (U.S. FDA) for its Neuro System (cochlear implant system) to treat patients aged 18 years or more with bilateral severe-to-profound sensorineural hearing loss who receive limited benefit from appropriately fitted hearing aids.
- In December 2020, after receiving FDA approval to expand its product offerings, Sonova launched two new sound processors, Sky CI Marvel and Nada CI Marvel.
Key Companies Profiled:
- Cochlear Ltd.
- Sonova
- MED-EL Medical Electronics
- Demant A/S
- Nurotron Biotechnology Co. Ltd.
- Oticon Medical
- TODOC
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Market Segments Covered in Cochlear Implant Market Analysis
- By Fitting Type
- Unilateral Implants
- Bilateral Implants
- By End-Use
Key Questions Covered in the Cochlear Implant Market Report
- What is the projected value of the Cochlear Implant factors Industry in 2022?
- At what rate will the global Cochlear Implant factors market size grow until 2032?
- Which are the factors hampering the growth of Cochlear Implant factors?
- Which region is expected to lead in the global Cochlear Implant factors market By 2032?
- Which are the factors driving the Cochlear Implant factors Industry during the forecast period?
- What is the expected market value of the Cochlear Implant factors market during the forecast period?
Regional Analysis For Cochlear Implant Market:
- APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (USA, Canada and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, United Arab Emirates, South Africa)
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This Press Release has been written with the intention of providing accurate market information which will enable our readers to make informed strategic investment decisions. If you notice any problem with this content, please feel free to reach us on [email protected]
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