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. 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.
Increasing government and non-government support, and initiatives will augment Cochlear Implant Systems Market growth over the forecast years. Governments in several countries have implemented new born hearing screening programs for identifying babies suffering from hearing loss and guiding their families towards appropriate services and treatment options. Governments also provide financial aid to patients through various schemes. Non-government organizations such as Gift of Hearing Foundation and Cochlear Implant Awareness Foundation also provide support and guidance to patients.
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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.
The role that regulatory bodies play in impelling Cochlear Implant Systems Market
Being one of the most pivotal verticals of the medical devices domain, cochlear implant systems industry is strictly controlled by a regulatory frame of reference. The FDA takes it upon itself to approve or reject every new implant that debuts in the healthcare space, given the sensitivity of medical devices and their impact on the human body. Incidentally, the Nucleus 22-channel was the first cochlear implant to officially receive approval from the FDA to be safely used in adults and children.
The initial dominance of the FDA disregarded congenitally deaf children and deemed then unsuitable for cochlear implantation. However, the FDA soon approved the usage of hearing implants in children lesser than 2 years of age. Lately in fact, the FDA has approved multichannel cochlear implants to be used for prelingually deaf children as young as a year. This has provided quite a boost to cochlear implant systems market players, encouraging them to experiment with safe and advanced implants for children and adults alike.
Another recent instance demonstrating the FDA’s involvement in cochlear implant systems market is its approval for the first telehealth program to remotely operate these implants. Cochlear Limited – the global leader in cochlear implant systems industry, has received the FDA nod for the prime remote feature that would enable follow-up programming sessions for Nucleus® Cochlear Implant System via a telemedicine platform. Indeed, this approval is the first of its kind in cochlear implant systems industry and also demonstrates the efforts Cochlear has been undertaking to ensure remote care for the recipients of the Nucleus Cochlear Implant.
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.
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.
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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.