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Cochlear Implants Market size exceeded USD 1.5 billion in 2022 and is anticipated to exhibit more than 7.5% CAGR through 2023-2032, as a result of the expansion of the aging population worldwide.
Aging is associated with a higher prevalence of hearing loss, as cumulative effects of hearing damage are prominent among older adults. Based on statistics from the United Nations Population Fund, by 2050, nearly 25% of the population in the Asia Pacific will be aged above 60 years. Since the elderly population is susceptible to chronic ailments such as hearing loss, cochlear implant surgery will gain momentum as a viable option to treat inner ear damage and enhance the quality of life.
Report Attribute | Details |
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Base Year: | 2022 |
Cochlear Implants Market Size in 2022: | USD 1.5 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 7.8% |
2032 Value Projection: | USD 3.4 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 200 |
Tables, Charts & Figures: | 363 |
Segments covered: | Type, Patient, End-use, and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Despite the favorable business environment, high cost is a major factor restraining the adoption of cochlear implants, especially among patients with low socioeconomic status in developing nations. The average price of cochlear implant surgery ranges from USD 30,000 to USD 50,000 and is relatively higher for bilateral cochlear implantation. However, the growing number of people at risk of hearing loss due to excessive and prolonged exposure to loud noise will likely create lucrative prospects for cochlear implant manufacturers over the forecast period.