Global Cochlear Implant Market to Expand at CAGR of 14.61% between 2016 and 2020

Published Date : Apr 18, 2016

ALBANY, New York, April 18, 2016 - has announced the addition of the “Global Cochlear Implant Market 2016-2020” report to its offering. According to the report, the global cochlear implants market is expected to grow at a CAGR of 14.61% during the period from 2016 to 2020. The report presents an reports of the size, driving forces, and challenges of the market. Segmentation on the basis of region and its reports is given. The report assesses the key opportunities in the market and forecasts an upsurge in the global cochlear market owing to the rise in product customization.

A cochlear implant is an electronic medical device that replaces a damaged inner ear. Cochlear implants are different from hearing aids as they don’t just make sounds louder, but in fact bypass the damaged cells of the inner cochlea or ear to provide sound signals to the brain. The device comprises an external component called the sound processor and an inner component called the implant. The working of the cochlear implant is as follows – The sound processor receives sound waves and converts them into the digital form. The implant then converts the digital information into electrical signals and sends them to the auditory nerves via an electrode array that is placed inside the cochlea. The auditory nerve then sends the impulses to the brain, where the sound signals are processed and interpreted.

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The benefits of cochlear implants to users include the ability to focus better in noisy environments, better understanding of speech as compared to hearing aids. Cochlear implants also make a person safer, as they are better able to hear alarms, approaching vehicles, and/or people calling out to them to alert them of trouble. They also allow a person to enjoy music and have conversations on phones. These benefits of cochlear implants make them popular among people with hearing disabilities, boosting the global market. The increase in the product customization and relaunch of several cochlear implants have promoted the growth of the global cochlear implants market in recent years. Furthermore, the increase in the regulatory approvals for cochlear implants has stimulated the market.

The global cochlear implants market is restricted due to the high cost of cochlear implants and the consequent drop in the adoption of these implants. The problems associated with of batteries cochlear implant are also a reason why the cochlear implants market may suffer in the coming years. Their low adoption in the U.S. is a major challenge faced by the market.

The report profiles some of the major players in the cochlear implants industry such as Cochlear, Sonova, MED-EL, and William Demant. Key strategies adopted by these companies and their segmentation by revenue are given in the report.

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