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Cochlear Implant Systems Market To Witness Growth Acceleration During 2020 to 2024

Author : Ronak Bora | Published Date : 2020-11-21 

Cochlear implant systems market has indeed established itself as an inherent vertical of healthcare fraternity. The growth is primarily powered by the rising demand of these devices from geriatric and infant population base. The surgically implanted electronic device’s ability to provide a sense of sound to people who are afflicted with deafness has been the obvious factor that has propelled cochlear implant systems market demand.

Technical developments like design innovations, changes in device placement among several other advancements in the internal and external components of the systems will drive the use of cochlear implants systems. A dearth of awareness across the public and medical professionals of cochlear implant systems and associated technologies in emerging economies could hamper the industry outlook to some extent. Also, the ongoing COVID-19 impact has affected the production activities across industries.

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On basis of products, unilateral cochlear implants held the largest industry share in 2016. The product reinstates hearing capabilities among the affected individuals and promotes auditory developments. A significant hike in the number of infants and adults adopting these implants for auditory purposes will urge the demand of the devices.

Amidst the current scenario where Asia Pacific with China and India at its forefront are setting the ground lucrative for investors, other prominent regions including US, Germany, Japan, and Brazil are also poised to witness substantial gains in the coming seven years. All in all, driven by technological advancements and participation of innovative and tech-driven companies in this business sphere, the growth prospects of global cochlear implant systems market seem to be commendable , with target revenue slated to surpass USD 2.5 billion by 2024. 

Global suppliers of cochlear implant systems are working on research and development activities to launch technically innovative products along with strengthening their roots in the market. The companies are also starting remote programs for customers and are focused on partnerships, collaborations, acquisitions, and mergers to sustain competition.

According to recent news reports, Cochlear Limited has invested around USD 50 million to develop a new manufacturing facility in the Chinese market. Sources deem this move to have laid the foundation for its very first manufacturing plant in the already booming China cochlear implant systems market. With the production expected to start within the coming three to three and half years, the facility in Chengdu, will raise Cochlear's global production of cochlear implant by not less than 50%. The company is also striving to strengthen its stance in the cochlear implant systems industry through launching initiatives & programs aimed at increasing awareness pertaining to hearing loss.

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Partial Chapter of the Table of Content

Chapter 4   Cochlear Implant Systems Market, By Product

4.1    market share by product, 2016 & 2024   

4.2    Unilateral implants    

4.2.1    Market size, by region, 2013-2024 (USD Million)    

4.3    Bilateral implants 

4.3.1    Market size, by region, 2013-2024 (USD Million)    

Chapter 5   Cochlear Implant Systems Market, By End User

5.1    market share by end user, 2016 & 2024  

5.2    Adult   

5.2.1    Market size, by region, 2013-2024 (USD Million)    

5.3    Pediatric   

5.3.1    Market size, by region, 2013-2024 (USD Million)    

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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