The global cochlear implants market accounted to US$ 1,510.9 Mn in 2018 and is expected to grow at a CAGR of 11.9% during the forecast period 2019 – 2027, to account to US$ 4,124.1 Mn by 2027.
Asia Pacific is the fastest growing geographic market, and it is expected to be the second largest revenue contributor throughout the forecast period. The growth is contributed majorly by driving factors such as a significant rise in the prevalence of hearing disabilities across the countries, rise in the government support for the hearing care. In addition, the market players are also supporting hearing care in the countries through creating awareness and various initiatives.
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Product launches and up gradation was observed as the most adopted strategy in global cochlear implants industry. For instance, in January 2019, Starkey Hearing Technologies is thrilled to introduce a product that can help give millions of people, their families, and caregivers peace of mind. Fall Alert, a revolutionary feature of Livio AI, can detect falls and send alert messages to selected contacts. Starkey Hearing Technologies incorporated significant new inventions to avoid false-positives and flag only true falls. Thus, such product up gradations is likely to boost up the growth of its own and is likely to contribute to the market growth in the coming future.
Key factors driving the market are, growing geriatric population, increase in number of patients suffering from hearing loss, and increasing R&D expenditures in medical device companies. However, the restraining factors for the market are high cost of cochlear implants and side effects associated with the cochlear surgery.
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