A multichannel cochlear implant is an electronic medical device that transmits sound signals to the brain. The number of multichannel cochlear implants is likely to increase to around 160,000 per year if hearing loss is considered for both ears. In addition to the growing number of hearing loss patients, advances in technology, strategic initiatives by industry players and favorable government regulations are driving growth in the global market for these implant systems.

Multichannel Cochlear Implant Market Size and Growth Rate:

Multichannel Cochlear Implant Market projected to reach USD 3045 million by 2023 growing at a CAGR of 9.14% during the forecast period 2017 to 2023.

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Multichannel Cochlear Implant Market Growth Drivers and Restraints:

According to the World Health Organization (WHO), the current production of hearing aids represents only 10% of real needs. Therefore, there is a lucrative opportunity for new players to enter the global market for cochlear implant systems.

Multichannel Cochlear Implant Market Segmentation:

The global market for multichannel cochlear implant systems has been segmented by device type, end user and region. Depending on the type of connection, the market is segmented into unilateral implementation and bilateral implementation.

The unilateral implantation segment dominates the global market for multichannel cochlear implant systems due to its low cost. Unilateral implantation is frequent in adults. The bilateral implantation segment is expected to grow rapidly during the prognosis period due to the growing demand for cochlear implants in pediatric patients with hearing loss. In addition, several countries offer reimbursement only for bilateral agreements that contribute to the growth of the segment.

 In terms of the end user, the market is segmented into hospitals, ENT clinics and other end users. The ENT clinics sector dominates the global market for cochlear implant systems in 2016 due to the growing number of patients with hearing loss and the increased preference of patients for treatment in NCD clinics in emerging countries.

Geographical Overview of Multichannel Cochlear Implant Market:

The Middle East and Africa region is expected to represent the second largest participation in 2016. This is due to the higher incidence of otitis media, ear infections due to lack of good practice in hygiene, increase in the number of pregnancies and genetic complications that lead to hearing loss in newborns. Europe is the second largest market for multichannel cochlear implants due to the increase in the geriatric population.

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Key Players of Multichannel Cochlear Implant Market:

Some of the leading market players of Multichannel Cochlear Implant Market are Cochlear Ltd., MED-EL GmbH, Sonova Holding AG, William Demant Holding A/S, Starkey, Nurotron Biotechnology Co. Ltd., Widex USA, Inc., Cochlear Ltd., Advanced Bionics AG, Oticon Medical and others.

Key Takeaways from this Report:

• For different product types, end use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
• Identify various driving factors, constrains and untold opportunities that can impact the global marketplace
• Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
• Increase overall revenue by understanding the geographical impact on sales and distribution channels.
• Evaluate the increase in values at each step of industry supply chain to improve process efficacy and optimize the value.
• Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
• Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.

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