The global cochlear implants market is expected to reach US$ 4,124.1 Mn in 2027 from US$ 1,510.9 Mn in 2018
NEW YORK, June 26, 2019 /PRNewswire/ --
The global cochlear implants market is expected to reach US$ 4,124.1 Mn in 2027 from US$ 1,510.9 Mn in 2018. The market is estimated to grow with a CAGR of 11.9% from 2019-2027.
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The market is driven by factors such as, growing the geriatric population, increase in the number of patients suffering from hearing loss, and increasing R&D expenditures in medical device companies. However, the restraining factors for the market are the high cost of cochlear implants and side effects associated with the cochlear surgery.
Hearing loss is on the rise.Unless this trend is reversed, it will mean higher direct costs for health systems.
The need will grow for ear and hearing care services and related technologies, such as hearing devices, cochlear implants, and others.If these needs are not met, this would be detrimental not only for individuals in terms of social isolation and increased poverty but also for societies as a whole, due to lower productivity.
A number of governments around the world have recognized the importance of mitigating current trends by preventing hearing loss in the first instance.Several factors like growing global population, rising genetic diseases, and infections leading to hearing loss, increasing geriatric population and others are all together driving the increase in hearing loss worldwide.
According to the report published by World Health Organization (WHO) in 2018, 466 million people across the globe suffered from hearing loss and the number is expected to rise to 630 million by 2030 and 900 million by 2050. Therefore, owing to these factors, the market is likely to witness growth during the forecast period.
Global cochlear implants market was segmented by type of fitting and end user.The type of fitting segment was further divided as unilateral cochlear implantation and bilateral cochlear implantation.
Based on the end user, the cochlear implants market is segmented into adults and pediatrics. The adults held the major market share among the end user segment owing to the growing geriatric population across the globe.
Some of the major primary and secondary sources included in the report for the cochlear implants market are World Health Organization, Hearing Loss Association of America (HLAA), Center for Hearing and Communication (CHC), China Disabled Persons Federation (CDPF), Centers for Disease Control and Prevention, Universal Newborn Hearing Screening and others.
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