2018 Industry Insights on Cochlear Implant Systems Market:Key Players: Cochlear, MED-EL, William Demant, Sonova Group

Sellbyville, DE -- (SBWire) -- 11/08/2018 --Global Cochlear Implant Systems Market to exceed USD 2.5 billion by 2024; according to a new research study published by Global Market Insights, Inc.

Cochlear implant systems market is poised to witness lucrative growth over the forecast years. Growing incidence of hearing loss in both pediatric and adult population will drive industry growth. Profound deafness during childhood affects the development of auditory speech perception and speech production leading to a negative effect on education and employment opportunities for these children. Children receiving cochlear implants at a young age exhibit significant improvement in auditory perception skills.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Cochlear
2. MED-EL
3. William Demant
4. Sonova Group

Unilateral implant business will grow at a lucrative rate during the forecast years. Unilateral CI significantly helps to restore hearing in individuals along with the promotion of auditory development. Growing number of children and adults opting for unilateral CI to overcome deafness will boost segment growth. Adult business segment held significant industry share owing to the increasing ageing population base having a higher susceptibility towards age induced hearing loss.

Bilateral implant business is poised to grow at a rapid pace. The use of two implants is a relatively new practice and is gaining grounds as it provides the user with benefits of left-right discrimination of sound location. However, the extra cost incurred on the second device along with the uncertainty pertaining to benefit against added risks restrains adoption. Pediatric business segment is slated to exhibit lucrative growth. Spur in number of children being diagnosed with profound hearing loss as a result of new born screening programs will boost growth.

U.S. cochlear implant systems market held significant industry share in 2016. New born hearing screening programs have been implemented in all the states of the country resulting in the screening of almost each new born infant. Presence of high screening rates coupled with access to advanced healthcare infrastructure and skilled medical professionals such as ENT specialists, audiologists and cochlear implant surgeons will stimulate demand during the forecast years. Availability of latest technologically advanced devices will further augment adoption rate.

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Cochlear Implant Systems Market by Product
- Unilateral Implant
- Bilateral Implant
Cochlear Implant Systems Market by End User
- Adult
- Pediatric