About Cochlear Implants
Cis are electronic medical devices that replace the damaged inner ear. They bypass the damaged hair cells of the inner ear and directly stimulate the auditory nerve. They are used by people who are not benefited by the use of conventional hearing aids and have severe-to-profound hearing loss.
Technavio’s analysts forecast the global cochlear implants market to grow at a CAGR of 9.27% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global cochlear implants market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cochlear Implants Market 2018-2022
Technavio recognizes the following companies as the key players in the global cochlear implants market: Cochlear, MED-EL, Nurotron Biotechnology, Sonova, and William Demant.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing focus on aesthetic appearance and customization of CIs. Factors such as social stigma and isolation and sociocultural concerns are discouraging patients from using the hearing aids or hearing assistive technologies and resulting in an intermittent use or even abandonment of assistive technologies. This is encouraging vendors to enhance the aesthetic and concealability and customization of their CI devices, which is identified as one of the key trends that will stimulate growth in the cochlear implants market during the forecasted period.”
According to the report, one driver in the market is increasing number of product approvals and launches. The number of launches and approvals of cochlear implants (CI) is increasing significantly. In addition, these products offer comfort, safety, and efficiency to patients as they are based on advanced technology. For instance, Venus Cochlear Implant System was introduced by Nurotron Biotechnology in Europe in January 2017.
Further, the report states that one challenge in the market is high cost of CIs. The cost of CIs is $25,000 per device. The average selling price of CIs typically ranges between $18,000 and $20,000. Factors that increase the cost of cochlear implantation are the evaluations before surgery, direct and indirect hospital costs, and the cost of implant and surgery.
Cochlear, MED-EL, Nurotron Biotechnology, Sonova, and William Demant.
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