MRI Compatible Cochlear Implant Market: Global Industry Analysis 2013 - 2017 and Opportunity Assessment, 2018 - 2028

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MRI Compatible Cochlear Implant Market: Global Industry Analysis 2013 - 2017 and Opportunity Assessment, 2018 - 2028

Status : August, 2020 | Healthcare IT | PPT format

Report Digest


MRI compatible cochlear implant is an electronic medical device, which is implanted in the ear to repair the function of the damaged ear. MRI compatible cochlear implant is sends the sound signal to the brain by passing it through damaged hair cell to the inner ear (cochlea). Some people have implanted MRI compatible cochlear implant in only one ear while many prefer the MRI compatible cochlear implant in both the ears. MRI compatible cochlear implant is a better option than hearing aids and sound masking devices to improve hearing abilities. Patients wearing the MRI compatible cochlear implant can focus better in a noisy environment. Patient prefer MRI compatible cochlear implant because they can talk and hear on the phone and also enjoy the music while wearing MRI compatible cochlear implant. People using MRI compatible cochlear implant can lead a normal lifestyle. In rare case radiologist suggests patients to use MRI compatible cochlear implant rather than the normal cochlear implant. The radiologist generally prefer removing magnets before MRI, therefore, MRI compatible cochlear implant are designed in that manner only.

MRI Compatible Cochlear Implant Market: Drivers and Restraints

Rising incidences of hearing loss among the geriatric population is the major factor driving the growth of MRI compatible cochlear implant market over the forecast period. Moreover, rising number of abnormal delivery is leading to birth of infants with hearing issues, which is likely to aid in the robust growth of MRI compatible cochlear implant market in the near future. Additionally, rising healthcare expenditure in developed countries and technological advancement will also propel the growth of MRI compatible cochlear implant market over the forecast period. Increased reimbursement scenario by the government leads to rise in the number of cochlear implant, which is again responsible for the exponential growth of MRI compatible cochlear implant. Cost of MRI compatible cochlear implant is quite high, therefore it cannot be preferred by patients in under developing economies, which will deter the growth of MRI compatible cochlear implant market. There is low awareness among patients about MRI compatible cochlear implants as only a few have been launched, which will hamper the growth of MRI compatible cochlear implant market over the forecast period. 

MRI Compatible Cochlear Implant Market: Segmentation

Tentatively, the global MRI compatible cochlear implant market can be segmented on the basis of implant type, age group, and geography.

Based on implant type, the global MRI compatible cochlear implant market is segmented as:

  • Unilateral Implants
  • Bilateral Implants

Based on age group, the global MRI compatible cochlear implant market is segmented as:

  • Pediatric
  • Adult
  • Geriatric

MRI Compatible Cochlear Implant Market: Overview

MRI compatible cochlear implant is expected to show exponential growth over the forecast period owing to rising number of cochlear implant and increased geriatric population. In last two decades, manufactures have evolved MRI as an alternative option for cochlear implant. Additionally, technologically improved MRI compatible cochlear implant can be used in noisy environments, such as restaurants. It also provides a feature to connect the device with mobile phones, televisions and music players. By implant type, global MRI compatible cochlear implant is dominated by bilateral implant segment in terms of revenue as it is more preferred by patients and radiologists. Among all end user, global MRI compatible cochlear implant is dominated by the geriatric segment owing to the rise in their population throughout the globe.

MRI Compatible Cochlear Implant Market: Regional Outlook

Geographically, the global MRI compatible cochlear implant market is segmented into viz. North America, Latin America, Europe, Asia-Pacific excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). North America is expected to gain maximum market share in terms of revenue owing to increased healthcare expenditure and technological advancement. After North America MRI compatible cochlear implant market is followed by Western Europe and Japan due to increased adoption of global MRI compatible cochlear implant in these regions. Asia Pacific excluding Japan region is expected to grow at a faster rate than other regions due to rising geriatric population. Latin America and Middle East and Africa is expected show delayed growth due to low awareness among the patients in these region.   

MRI Compatible Cochlear Implant Market: Key Players

Some of the key players operating in the global MRI compatible cochlear implant market are Cochlear Ltd., MED-EL, Advanced Bionics AG, Sonova Holding AG, Gaes Group, William Demant Holding A/S, Nurotron Biotechnology Company Ltd.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.