New York, USA , Sept. 26, 2022 (GLOBE NEWSWIRE) -- The Global Cochlear Implants Market size was USD 3.8 billion in 2021 & is projected to reach USD 103.2 billion by 2030, exhibiting a CAGR of 16.7%. as per the latest research report published by Spherical Insights & Consulting.
Hearing loss is becoming more common, and as a result of technology improvements, more people are adopting hearing aids. These are the factors that are projected to propel the market forward. According to World Health Organization (WHO) estimates from 2021, over 5.0 percent of the global population (430 million people) receives hearing aid therapy.
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The COVID-19 epidemic will have a detrimental impact on overall cochlear implant sales. In 2020, the industry's revenue will be lowered due to a major drop in non-urgent treatments such as cochlear implant surgery around the world. However, in the next years, a decrease in afflicted individuals, easing of some prohibitions, and client education via various online channels will help the business restore its development. Due to a significant decline in non-urgent procedures such as cochlear implant surgery around the world, the industry's revenue will be reduced in 2020. However, in the next years, a reduction in the number of people who are afflicted, the relaxation of some regulations, and client education via various online channels will all aid the business's recovery.
Some of the leading players in the global cochlear implants market include Demant A/S, Cochlear Ltd., MED-EL Medical Electronics, Sonova, Nurotron Biotechnology, amongst others.
Hearing implants are surgically implanted hearing devices can help deaf and hard of hearing patients. Patients who cannot hear despite wearing a hearing aid may benefit from hearing implants. Cochlear implants, bone-anchored hearing systems (BAHS), auditory brainstem implants, and middle ear implants are the four basic types of hearing implants available. Hearing impairments are on the rise, and technological developments in hearing implants, as well as an increase in the senior population and patient preference for minimally invasive procedures, are driving the global hearing implants market.
Browse key industry insights spread across 200 pages with 118 market data tables and figures & charts from the report “Global Cochlear Implants Market Size By Type (Unilateral Implants, Bilateral Implants), By End Use (Adult, Pediatric); By Region (U.S., Canada, Mexico, Rest Of North America, The UK, France, Germany, Italy, Spain, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest Of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest Of Southeast Asia), Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest Of Middle East & Africa, Brazil, Argentina, Rest Of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends And Forecast, 2021-2030” in detail along with the table of contents
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The unilateral implants segment is expected to dominate the market share in 2020 of global cochlear implants market owing to the increased demand for unilateral implants can be linked to the ease with which these devices are reimbursed, as well as their reduced cost when compared to bilateral implants, quicker operation time, and less anaesthetic required. Because to the low cost of the unilateral implant, the favourable reimbursement, and the reduced operation time. The adult segment is expected to dominate the market share in 2020 of global cochlear implants market owing to the growing senior population pool and the increasing usage of cochlear implants in adults. According to the World Bank, in 2019, the total number of persons aged 65 and up made up about 9% of the overall population. Europe is expected to dominate the market share in 2020 of global cochlear implants market owing to the due to increased awareness of hearing, the availability of speech therapy clinics, and attractive reimbursement policies The European Union's technology improvements and the establishment of new facilities have contributed to the region's market growth.
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