- Published on 25 February 2016
Technavio recently published a report on the global cochlear implant (CI) market that analyzes the key trends expected to impact this market for the period 2016-2020, reports Business wire.
Technavio is an international technology research and advisory company publishing market research on a variety of topics. In its recent report, it found that the global CI market is likely to exceed USD 2 billion by the year 2020, growing at a compound annual growth rate (CAGR) of more than 14%.
The factors the report points to for this healthy projection include an aging population and increasing prevalence of acquired hearing loss. It also reports that technological innovations in cochlear implants are expected to boost market growth over this period.
“Favorable government initiatives and reimbursement policies in emerging countries will encourage global vendors to focus on these countries. Despite the economic slowdown in the past and the limited healthcare expenditure in most countries, the global cochlear implants market has displayed good growth in the last few years,” explains Barath Palada, a lead analyst at Technavio for orthopedics and general medical devices.
Currently, more than 45,000 CIs are sold worldwide each year. Cochlear Ltd. and MED-EL dominated the market in 2015 with a 70% market share. The three main trends explained in the report are innovation with next-generation sound processors becoming available, high growth potential in emerging markets such as China, and the introduction of rechargeable CI devices.
Source: Business Wire