Looking for Competitive Landscape in Cochlear Implant Market?

Fact. MR: A provider of competitive intelligence and market research: Because of expanding public awareness, technological advances related hearing cochlear implants, increasing implant penetration as a result of market participants’ expanded geographic reach, and supportive government initiatives, the market demand for cochlear implants is anticipated to climb gradually. The report estimates that the global market for cochlear implants was worth US$ 2.2 billion in 2021, and that it will grow to US$ 9 billion between 2022 and 2032 at a CAGR of 14.1%. Due to their low cost, unilateral implants have a large market potential and are anticipated to increase at a rate of over 14%.

Companies including Cochlear Ltd., Sonova, MED-EL Medical Electronics, Demant A/S, and Nurotron Biotechnology Co. Ltd. are market leaders in cochlear implants. Due to government funding for cochlear implant development, a technologically advanced healthcare system, easy access to top-notch medical facilities, and hearing impairments, the North American region dominates the cochlear implant industry. Additionally, the market in APAC is anticipated to expand at the highest rate over the course of the projection period as a result of rising government financing and investment in the healthcare sector as well as the creation of cutting-edge medical facilities.

Competitive Analysis

Players in the market are constantly developing innovative solutions as well as extending their product offerings. To help healthcare organisations combat the Covid-19 pandemic, and preserve competitive advantage in the market, the companies are focused on their alliances, technology collaborations, and product launch strategies.

Some of the recent developments of key Cochlear Implant providers are as follows:

  • In April 2022, Cochlear Limited designed Cochlear Nucleus Implants for the treatment of unilateral hearing loss (UHL) or single-sided deafness have been approved by the United States Food and Drug Administration (US FDA) (SSD). Product launches and research initiatives aimed at expanding product portfolios are the primary strategic initiatives pursued by these companies in order to increase market share.
  • In January 2022, TODOC, a South Korean company that specializes in neural prosthetic devices and neuromodulation systems, has announced that its artificial cochlear device ‘SULLIVAN’ will be unveiled at the “CES 2022” in Las Vegas.
  • In June 2021, Oticon Medical received premarket approval (PMA) from the United States Food and Drug Administration (U.S. FDA) for its Neuro System (cochlear implant system) to treat patients aged 18 years or more with bilateral severe-to-profound sensorineural hearing loss who receive limited benefit from appropriately fitted hearing aids.

Get the full report here https://www.factmr.com/report/cochlear-implant-market

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