Cochlear Implants Market By Implantation
(Unilateral Implantation And Bilateral Implantation), By End-User (Adults And
Pediatrics), by geography, is anticipated to grow at a significant CAGR
forecast till 2026 owing to the rising prevalence of hearing loss across the
globe and increase in approvals of technologically advanced products.
What is Global Cochlear Implants Market Value?
The global cochlear implants market was valued at USD
1.38 billion in 2020, growing at a CAGR of 9.92% during
the forecast period from 2021 to 2026, to reach USD 2.43 billion by
2026. The rise in demand for cochlear implants is primarily owing to the
growing prevalence of hearing loss of different types such as conductive
hearing loss, mixed hearing loss, one-sided sensorineural hearing loss, and
others among the population worldwide. Moreover, the growing burden old-age
population, technological advancement in cochlear implants, and increase in
product approvals by the authorities are some other factors responsible for
cochlear implants market growth.
What is Cochlear Implants Market Dynamics?
The market for cochlear implants is gaining momentum at
present owing to the rising prevalence of hearing loss among the population
across the globe where hearing aids are not much helpful. According to the
statistics published by the World Health Organization 2021, more than 5% of
the world population comprising 432 million adults and 34
million children have some degree of hearing loss. Also, as per the
same data, the increase in people with hearing loss by the year 2050 is
estimated to increase to 700 million.
Get detailed information @ Cochlear Implants Market Insights
In addition, rising exposure to high-intensity sound
which could lead to hearing impairments and hearing loss will also raise the
demand for cochlear implants. For instance, as per the World Health
Organization (WHO) statistics released in the study Deafness and hearing loss
in the year 2021, an estimated 1 billion young adults are at
risk of permanent hearing loss globally due to unsafe listening practices.
Moreover, the rising burden of age-related hearing loss is
also a driving factor for the cochlear implants market. For instance, according
to the National Institute on Deafness and Other Communication Disorders 2021
data, around 2% of the population with disabling hearing loss
were adults aged between 45 and 54 years and the rate increased to 25%
and 50% of those aged 65 to 74 and 75 and older, respectively in the
US.
Henceforth, the above-mentioned factors will contribute to
the global cochlear implants market growth during the forecasted period. However,
certain factors such as the stringent regulatory approval process of the
devices and the high cost of the implants and surgical procedures are the
factors likely to hamper the cochlear implants market growth.
Further, the unprecedented outbreak of the COVID-19 pandemic
has dived down the market growth for cochlear implants. This is because, with
the rise in the COVID-19 cases, the government across the globe implemented
various safety measures such as lockdown and stringent guidelines which
disrupted the supply chain of cochlear implants internationally. Cochlear
implants are surgically placed inside the ear. Therefore, the cancellation of
elective surgeries in the hospital during the pandemic situation to prevent the
transmission of the disease among the patients as most of the population receiving
cochlear implants belong to the old age group also impacted the cochlear
implants market. However, due to the launch of vaccines, the post-pandemic
situation of the market is expected to gain normalcy as manufacturers have
increased their manufacturing capabilities along with hospitals resuming
elective surgical procedures.
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