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Cochlear Implant Systems Market is Determined to cross $2.5 bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-25 

Global 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. Increasing incidence of hearing loss in infants and adults will drive industry growth during the forecast period. An increasing number of elderly individuals are suffering from severe and profound sensorineural hearing loss owing to age related changes in the inner and middle ear. Hearing loss is a significant cause of disability and morbidity in the elderly population. Cochlear implants help adults to regain their hearing and fully participate in day to day activities.

Technological advancements such as improvements in design and placement of electrode and receiver have enhanced outcomes fostering greater device adoption. However, lack of awareness in developing countries and socio-cultural issues such as perceived stigma associated with these devices will impede industry expansion.

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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.

The aforesaid facts significantly underpin the growing dominance of Cochlear in global hearing aids industry. Not to mention, Cochlear is a world leader in hearing implant market and one of Australia’s most successful companies that has a major hand in commercializing the hearing implant technology. Reliable news reports reveal that the decision to develop a manufacturing unit in China was taken with the 20 plus year view of the growing cochlear implant systems industry in China. According to regional survey, China is the fastest growing market not only by volumes but also with the potential to deliver strong profitability outcomes in the coming years. On this note, it is prudent to mention that the company is seeking out investors who are interested in long-term investments. Experts preview this situation to have opened huge growth opportunities for other cochlear implant systems market players and potential stakeholders.

The deal appears to be a shrewd long-term move by Cochlear’s management team and in experts’ opinion it remains one among the top five growth stocks on the Australian Securities Exchange (ASX). Taking into account these facts, it wouldn’t be wrong to mention that the Cochlear’s China deal should significantly reward the investors over the long-term.

With the presence of local cochlear implants company – Hangzhou Nurotron Biotechnology and the recent Chochlear’s investment, China remains a profitable growth ground in the near future. Yet another lucrative hub for cochlear implant systems market players is India with its large patient pool and a slew of untapped opportunities. The fact that the country delivers cochlear implant surgery at comparatively low cost has, in turn, augmented the regional cochlear implant systems industry trends. Analysts claim that the regional government’s initiatives and efforts in bringing cochlear implant technology to the masses is acting as a major catalyst impelling India cochlear implant systems market share. Add to it, the fraternity is also influenced by growing financial support for implant surgery for children from organizations such as Power Finance Corporation and Airport Authority of India.

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Prominent industry players include Cochlear, MED-EL, William Demant, Sonova and Nurotron Biotechnology. The industry participants use strategies such as enhancing their manufacturing footprint, acquisition, new product launch and geographical expansion for improving their market position. For instance, in January 2015, Nurotron Biotechnology received approval from CDSCO for the sale of its Venus cochlear implant system in India.

Cochlear Implant Systems Market by Product

Unilateral Implant
Bilateral Implant

Market by End User

Adult
Pediatric

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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