Cochlear Implants Market is estimated to register healthy growth in the forecasted period. As per the WHO report, in 2019, around 466 million people worldwide have disabling hearing loss. It is estimated that by 2050, over 900 million people will have disabling hearing loss. 1.1 billion young people (aged between 12–35 years) are at risk of hearing loss due to exposure to noise in recreational settings. This has created the demand for hearing aid devices, which have been the main driving factor for this market.
Further, rising geriatric population, of which approximately one-third people are affected by disabling hearing loss, also helps in the growth of the market. Technological Advancements are helping these devices to transfer signals more accurately and increase its battery life. But, the high cost of these implants and difficulty in maintenance has been restraining the market growth.
Key Market Trends
Unilateral Implantation dominates the Cochlear Implants Market
Unilateral Implants are cheaper than Bilateral Implants, which is one of the leading factors for its current dominance. Benefits have been documented in speech perception with unilateral cochlear implantation compared with hearing aids in many studies. When health-related quality-of-life was evaluated with generic measures, unilateral cochlear implantation showed significant benefit on overall health-related quality-of-life and social domains compared with preimplantation measures. Also, using disease-specific instruments of health-related quality-of-life measures, unilateral cochlear implantation showed benefits compared with preimplantation measures in these studies. These factors have positively helped the market growth of this segment
North America dominates in Cochlear Implants Market
According to a report in JAMA Network Journal, 2017, the number of adults in the United States (US) over 20 years of age with hearing loss is expected to gradually increase from the expected 44.11 million in 2020 to 73.50 million in 2060. The increase is greater in older adults with an expected 55.4% of US population above 70 years to duffer from hearing loss to 67.4% in 2060.
North America (NA) consists of developed countries like United States and Canada. Owing to a developed healthcare system and better awareness among the people, the NA region dominates this market.
Cochlear Implants market is consolidated and consists of a few market players. Majority of these companies are based in the United States and Europe as these regions are more developed and hence better funded for healthcare.
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