The global market for cochlear implant is growing at a moderate pace. This market is expected to reach USD 3,203.8 million by 2023 from USD 1,486.0 million in 2016, at a CAGR of 9.86% during the assessment period of 2017-2023.The global market for cochlear implant is growing at a moderate pace. This market is expected to reach USD 3,203.8 million by 2023 from USD 1,486.0 million in 2016, at a CAGR of 9.86% during the assessment period of 2017-2023.
The global cochlear implant market is majorly segmented on the basis of product, type, end user, and region.
The global cochlear implant market, by product is segmented into cochlear implant system, and accessories & upgrades. The global cochlear implant market is majorly dominated by the cochlear implant systems with the maximum share of 77.7% of the total market in 2016. The global cochlear implant systems market is expected to reach USD 2,466.7 million by 2023 from USD 1,154.2 million in 2016 at a CAGR of 9.74% from 2017 to 2023.
The global cochlear implant market, by type is segmented into unilateral implant, and bilateral implant. The global cochlear implant market is majorly dominated by the unilateral implants with the maximum share of 78.5% of the total market in 2016. The global cochlear implant systems market for unilateral implants is expected to reach USD 2,483.2 million by 2023 from USD 1,166.6 million in 2016 at a CAGR of 9.69% from 2017 to 2023.
Moreover, on the basis of end users, global cochlear implant market is segmented into hospitals & clinics, ambulatory surgical centers, research & academic Institutes and others. Hospitals & Clinics segment accounted for the largest market share with 44.9% of the global cochlear implant market, by end user in 2016. The global cochlear implant market for hospitals & clinics is expected to reach USD 1,459.4 million by 2023 from USD 667.9 million in 2016, at a CAGR of 10.04% from 2017 to 2023.
At last, global cochlear implant market is segmented on the basis of region into Americas, Europe, Asia Pacific, and the Middle East & Africa. In 2016, Americas accounted for largest market share with nearly 41.1% of total market. Europe captured a second spot in the in global market which is followed by Asia Pacific region. Asia Pacific is the fastest growing region for cochlear implants. At last, the Middle East & Africa contributed least in the global market for cochlear implants, in 2016. The Americas cochlear implant market was valued at USD 610.9 million in 2016 and is expected to reach USD 1,273.0 million by 2023 at a growth rate of 9.4% during the forecast period.
