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 : October, 2020 | Healthcare IT | PPT format

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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.

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  • Europe
  • Latin America
  • The Middle East and Africa

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