The worldwide cochlear implant systems market is projected to gain significant earnings by 2022, according to a report on Radiant Insights, Inc. It is anticipated to expand at a decent CAGR during the forecast period (2012-2022). Cochlear implant (CI) systems are medical devices that can provide deaf or hard-hearing consumers the opportunity to perceive sound.
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High prevalence of hearing disorders and increase in elderly populace are factors expected to augur market growth. Rising awareness regarding hearing aids, rising adoption rate of cochlear implants, and favorable medical reimbursement schemes are factors expected to influence market demand. In addition, technological advances in these devices are anticipated to appeal to a wider demographic.
Customization of these devices is projected to be a key trend that can affect market demand. Manufacturers of these devices have managed to make it magnetic resonance imaging (MRI) compatible. An instance of this is MED-EL’s SYNCHRONY device that received the U.S. Food and Drug Administration (FDA) approval to be certified MRI-Conditional. SYNCHRONY-enabled users can undertake MRI tests under specific conditions.
CI systems aimed at children have gained cognizance due to the severe impact it can have on their educational well-being. Governments worldwide have passed policies to reduce the age for implantation procedure to as young as 18 months. Recently, Nurotron Biotechnology received an offer to create 2,000 CI systems for children. This system is reportedly an optimal solution for severe to profound hearing loss disorders. Novel studies regarding CI systems have outlined the success of these devices to treat single-sided deafness in patients, resulting in speech recognition and improvement.
The global cochlear implant systems market is segmented by type, end user, and region. By type, the market is divided into unilateral and binaural. Major end users are adults and children.
Region-wise, the global cochlear implant systems market is segregated into India, China, Japan, Southeast Asia, Europe, and North America. Europe was one of the largest markets globally due to excellent healthcare facilities as well as adoption of technologically-advanced implants. The North America market is also anticipated to expand at a healthy CAGR over the forecast period.
The Indian cochlear implant systems market is expected to perform exceptionally due to supportive governmental schemes to offer surgical compensation to deaf students. In addition, it is encouraging the development of in-house innovations of CIs to lower the cost of CI surgeries. The China market is also projected to expand over the forecast period due to government-funded programs to treat hearing disorders among adults. These programs also cover screening tests for neonates and auditory rehabilitation programs for qualified consumers.
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Key players in the cochlear implant systems market include MED-EL, Cochlear Limited, Hangzhou Nurotron Biotechnology Co., Ltd., The William Demant Holding Group, and Sonova Holding AG. These players are focusing on developing innovative and aesthetically appealing devices to sustain their market hold. Acquisitions are also seen as a strategy to maintain market share. Recently, Cochlear Ltd. decided to acquire Sycle LLC, an audiology solutions provider. This acquisition allows the former to extend its reach globally as well as increase its consumer base. Advances in internal implantation of cochlear systems can be a game changer in the years ahead.
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