Cochlear Implants Market is Set to grow $4,124.1 Million by 2027
According to a new market research study titled ‘Cochlear implants Market - Global Analysis and Forecasts by Product and End User. The Global Cochlear Implants Market is expected to reach US$ 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. The report highlights the trends prevalent in the global cochlear implants market and the factors driving the market along with those that act as deterrents to its growth.
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.
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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 the above-mentioned factors, the market is likely to fuel its growth during the forecast period.
Asia Pacific is the fastest growing geographic market, and it is expected to be the second largest revenue contributor throughout the forecast period. The growth is contributed majorly by driving factors such as a significant rise in the prevalence of hearing disabilities across the countries, rise in the government support for the hearing care. In addition, the market players are also supporting hearing care in the countries through creating awareness and various initiatives.