Cochlear Implant Systems Market to cross USD 2.6 billion by 2030, Says Global Market Insights Inc.
Cochlear Implant Systems Industry is anticipated to register 7.4% CAGR between 2022 and 2030 due to growing incidence of impaired hearing coupled with rising number of people adopting hearing implants.
Selbyville, Delaware , May 24, 2022 (GLOBE NEWSWIRE) —
The cochlear implant systems market value is projected to reach USD 2.6 billion by 2030, according to a new research report by Global Market Insights Inc. Increasing number of product launches coupled with increasing incidence of hearing loss will drive the market forecasts.
Single-sided deafness (SSD) is more commonly seen in children. The most common causes of single-sided deafness include genetic factors, ear injury, and infection. Hence, increasing patient pool is expected to impel demand for unilateral cochlear implants. Congenital hearing loss is a most prevalent condition found majorly amongst the neonatal. Also, under congenital hearing loss, the newborn babies suffer from one or more of hearing damages. Hence, increasing burden of hearing loss will spur the adoption of cochlear implants.
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Bilateral cochlear implant segment was valued at over USD 140 million in 2021. Several advantages associated with bilateral implantation, including improved sound quality and localization, cost effectiveness, improved hearing with both ears, and superior speech comprehension in noise is anticipated to enhance product demand. Further, bilateral implants help pediatric patients with severe-to-profound deafness hear despite background noise.
Some major findings of the cochlear implant systems market report include:
- Growing awareness regarding availability of hearing aids including cochlear implants will boost the market expansion.
- Increasing number of product launches will fuel the market progression.
- Growing integration of advanced technology in audiology devices will accelerate adoption rate of cochlear implants.
- Rising acceptance and development in implantable medical devices will augment the market outlook.
- The global pandemic has negatively impacted sales of cochlear implant system due to lockdown and movement restrictions. Owing to strict guidelines related to elective medical procedures and high infection rate, there was decline in cochlear implant surgery globally during the early pandemic period.
Browse key industry insights spread across 100 pages with 66 market data tables & 11 figures & charts from the report, “Cochlear Implant Systems Market Forecasts By Product (Unilateral Implant, Bilateral Implant), By End-User (Adult, Pediatric), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cochlear-implant-systems-market
Cochlear implant systems market from pediatric segment held over USD 600 million in 2021. Increasing prevalence of single side hearing loss in pediatric will contribute to revenue growth. According to the World health organization, around 58% of pediatric population is suffering from hearing disability. Moreover, increasing awareness, and adoption of cochlear implant systems among children will impel the market statistics. Additionally, growing introduction of advanced devices for children suffering from hearing loss will augment the industry scenario.
Asia Pacific cochlear implant systems market is estimated to progress at 8.4% CAGR through 2030. Presence of a large patient pool suffering from hearing loss with unmet demand will fuel the regional market progression. Furthermore, growing geriatric population coupled with increasing awareness about cochlear implants will augment the regional market revenue. Increasing age is associated with growing disability and functional impairments including hearing impairment, low vision, and others.
Notable companies in the cochlear implant systems industry including Cochlear Ltd., MED-EL Medical Electronics, Nurotron Biotechnology Company Ltd, Demant A/S, Sonova among others, are innovating through robust investment towards research and development activities.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
CONTACT: Contact Us: Arun Hegde Corporate Sales, USA Global Market Insights Inc. Phone: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: [email protected]
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