Cochlear Implant Systems Market to witness growth of 8.5% from 2017 to 2024: Global Market Insights Inc. The medical research report, “Cochlear Implant Systems Market Size By Product (Unilateral Implant, Bilateral Implant), By End-User (Adult, Pediatric), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Sweden, Denmark, China, India, Japan, Australia, Brazil, Mexico, Argentina, Colombia, Chile, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024�, by Global Market Insights, Inc. says, Cochlear Implant Systems Market size is set to exceed USD 2.5 billion by 2024. Increasing incidence of hearing loss in infants and adults will drive industry growth during the forecast period. An increasing number of elderly individuals are suffering from severe and profound sensorineural hearing loss owing to age related changes in the inner and middle ear. Hearing loss is a significant cause of disability and morbidity in the elderly population. Cochlear implants help adults to regain their hearing and fully participate in day to day activities.
Technological advancements such as improvements in design and placement of electrode and receiver have enhanced outcomes fostering greater device adoption. However, lack of awareness in developing countries and socio-cultural issues such as perceived stigma associated with these devices will impede industry expansion. Unilateral implant business will grow at a lucrative rate during the forecast years. Unilateral CI significantly helps to restore hearing in individuals along with the promotion of auditory development. Growing number of children and adults opting for unilateral CI to overcome deafness will boost segment growth. Bilateral implant business is poised to grow at a rapid pace. The use of two implants is a relatively new practice and is gaining grounds as it provides the user with benefits of left-right discrimination of sound location. However, the extra cost incurred on the second device along with the uncertainty pertaining to benefit against added risks restrains adoption.
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