Sellbyville, DE -- (SBWIRE) -- 12/20/2018 -- The Cochlear Implant Systems Market is set 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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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.
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.

Adult business segment held significant industry share owing to the increasing ageing population base having a higher susceptibility towards age induced hearing loss. 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.

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

Technological advancements resulting in improved device performance especially in noisy environments will spur adoption rate. Progress in external component technology is leading to miniaturization of devices and increased efficiency of externally worn speech processors. Manufacturers are developing hybrid systems which provide high frequency electrical stimulation and low frequency acoustic amplification. For instance, in March 2014, Cochlear launched its Nucleus hybrid implant system that amplifies low-frequency hearing and restores access to high-frequency hearing.

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Adult business segment is poised to grow at a robust rate during the forecast timeframe. Increasing elderly population pool prone to age related hearing loss will drive segment growth. Adults often benefit immediately from the implantation procedure and continue to show improvements for about three months after the initial tuning sessions.

Pediatric business segment held significant industry share in 2016. The segment is slated to witness lucrative growth over the forecast years owing to the implementation of new born hearing screening programs in several countries enabling the identification of profound hearing loss among infants.

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