Cochlear Implant Market size worth $ 3.6 Billion, Globally, by 2028
The market is projected to expand because of the rising elderly population and increased adoption due to technology improvements. Several governmental initiatives to promote research and encourage cochlear implant use are likely to drive market growth.
JERSEY CITY, N.J., Nov. 8, 2021 /PRNewswire/ — Verified Market Research recently published a report, “Cochlear Implant Market” By Type of Fitting (Unilateral Implants and Bilateral Implants), By End User (Adult and Pediatric), and By Geography. According to Verified Market Research, the Global Cochlear Implant Market size was valued at USD 1.7 Billion in 2020 and is projected to reach USD 3.6 Billion by 2028, growing at a CAGR of 9.6% from 2021 to 2028.
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Global Cochlear Implant Market Overview
Congenital hearing loss is becoming more common, and cochlear implants are becoming more popular than hearing aids. These are two important reasons that are likely to drive market development in the future. One of the key growth factors in the cochlear implant industry is increased awareness of advances in technology. The cochlear implant is preferable to hearing aids in that it helps deaf people with approximately 80% of their hearing problems, whereas hearing aids only help 10% of the time. The worldwide cochlear implant market is growing as the number of individuals afflicted by noise pollution rises. The global hearing loss problem is caused by increased noise pollution from industrial, traffic, and construction activities.
Governments and various organisations are undertaking a number of efforts to promote research, and increased use of cochlear implants is likely to fuel market development in the future years. For instance, in February 2017, the American Cochlear Implant (ACI) Alliance, for example, invited researchers to submit ideas for research funds. ACI Alliance is funding this initiative as part of a joint endeavor with other interested parties, giving up to USD 150,000 each year for a maximum of three years. The prevalence of hearing impairment in the elderly population is rather high, and it is projected to increase as the population ages. According to the World Ageing Population Study, there were about 703 million individuals aged 65 and upon the globe in 2019.
In the next three decades, the number of people aged 65 and above is anticipated to more than quadruple, reaching 1.5 billion by 2050. Presbycusis is a kind of hearing loss caused by changes in the inner ear and auditory nerve as people get older. According to the National Institute of Ageing, one out of every three persons aged 65 to 74 had difficulties hearing in July 2018. The high cost of these implants, as well as the difficulty of maintaining them, has hampered market growth. Moreover, throughout the projected period,…
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