Cochlear implant is an electronic medical device which is used to replace the function of the inner ear when it gets damaged. As compared to other hearing aids, it is used to bypass the damaged hair cells of the inner ear (cochlea) to facilitate the transmission of sound signals to brain. Moreover, these implants are mainly used for patients suffering from average-to-extreme hearing loss in both ears. Additionally, it can improve communication and quality of life for the people with severe hearing loss who receive little advantage from hearing aids. Therefore, cochlear implants in both ears (bilateral) are considered as standard care for the treatment of severe hearing loss, mainly for infants and children who are learning to speak and process language. According to the World Health Organization (WHO), it is estimated that over 5% of the global population or 466 million people suffer from disabling hearing loss. Additionally, by 2050, it is expected that over 900 million people will suffer from disabling hearing loss. The global cochlear implant market is expected to reach at 2,522.4 USD Million by 2025. The global cochlear implants market is expected to drive at a CAGR of 10% during the forecast period. Increasing Geriatric Population Rising in geriatric population contributing to the huge patient pool is boosting the growth of the cochlear implants market. According to the National Institutes of Health, the global older population is growing at a remarkable rate. It is estimated that 8.5 percent of people globally (617 million) are aged 65 and over. Furthermore, increasing government support for the ageing population and healthcare expenditure have fueled the market growth. Growing Prevalence of Hearing Loss in both Pediatric and Adult Population The increasing number of cases of hearing loss in both pediatric and adult population is responsible for boosting the demand of Cochlear implant in the coming years. Europe is estimated to be the second largest region owing to a large number of populations suffering from the hearing defects and the presence of well-developed healthcare infrastructure. Furthermore, according to the comprehensive Spanish study, it is forecasted that in Spain about 3,800 people have cochlear implants. Among these, 61 percent are children with hearing loss, and 39 percent are adults. Apart from this, the presence of a huge number of players offering cochlear implant is helping regions to become more potent. Unilateral Implantation Surgery Is Expected To Dominate the Market This is attributed to increasing demand for the product. Additionally, unilateral implantation surgery is carried out at a lower cost as compared to bilateral implants. According to the World Health Organization (WHO), it is estimated that the number of people suffering from hearing loss problem is more than 55 million in Europe. The growing healthcare expenditure is likely to show the positive side for the market growth in Europe. North America Is Expected To Hold the Major Share in the Unilateral Implantation MarketThis is attributed to the huge presence of patients suffering from hearing loss. According to the National Institute on Deafness and Other Communication Disorders (NIDCD), it is estimated that about 2 to 3 out of every 1,000 children in the United States are born with a noticeable level of hearing loss in one or both ears. Additionally, around 15% of American adults (37.5 million) aged 18 and over suffer from some issues with respect to hearing. Increasing government support for research and development, cutting-edge technologies, and high healthcare expenditure is driving the growth of the market, especially in the U.S. In September 2017, Cochlear Ltd. launched nucleus, which is the world's smallest and lightest behind-the-ear cochlear implant sound processor. In July 2017, Apple Inc. partnered with Cochlear Limited, a hearing implants company to launch the first iPhone Cochlear implant, which can stream audio from a well-suited iPhone, iPad, or iPod touch directly to a surgically embedded sound processor.
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