Cochlear Implants Market to 2027 - Global Analysis and Forecasts by Type of Fitting (Unilateral Implantation, Bilateral Implantation) and By End User (Adults, Pediatrics) and Geography
The global cochlear implants market is expected to reach US$ 4,124.1 Mn in 2027 from US$ 1,510.9 Mn in 2018. The market is estimated to grow with a CAGR of 11.9% from 2019-2027.
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The market is driven by factors such as, growing the geriatric population, increase in the number of patients suffering from hearing loss, and increasing R&D expenditures in medical device companies. However, the restraining factors for the market are the high cost of cochlear implants and side effects associated with the cochlear surgery.
Hearing loss is on the rise. Unless this trend is reversed, it will mean higher direct costs for health systems. The need will grow for ear and hearing care services and related technologies, such as hearing devices, cochlear implants, and others. If these needs are not met, this would be detrimental not only for individuals in terms of social isolation and increased poverty but also for societies as a whole, due to lower productivity. A number of governments around the world have recognized the importance of mitigating current trends by preventing hearing loss in the first instance. Several factors like growing