Cochlear Implant Systems Market Analysiss
The cochlear implant systems market is poised to record commendable growth in view of new product launches, innovative medical solutions, and technological advancements in surgical implants. Increasing prevalence of hearing loss, particularly among younger adults, heavily disrupts the chance of normal living with a challenging professional and social situation.
Current trends indicate that the prevalence of disabled hearing or hearing loss will increase in the future. According to the World Health Organization (WHO), nearly 2.5 billion people are estimated to display some degree of hearing loss by 2050 and a minimum of 700 million people will showcase need for hearing rehabilitation.
Increasing exposure of young Gen-Xers, and millennials to loud music, workplace noise and noise pollution is expected to put more than 1 billion of young adults at risk of permanent hearing loss. Such extensive rise is expected to propel the cochlear implant systems market size.
Discussed below are 3 key attributes boosting the cochlear implant systems industry:
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Introduction of FDA approved unilateral cochlear implant
The Food and Drug Administration (FDA) is responsible for regulating manufacturers of cochlear implants, playing a crucial role in the development of surgically implanted neuroprosthesis. In January 2022, the health agency granted approval to Cochlear Nucleus, designed by Cochlear Limited, which is a global leader in implantable hearing solutions.
The FDA approval of Nucleus 24 Cochlear Implant System intends to help treat patients with unilateral hearing loss (UHL) or single-sided deafness (SSD). The device is targeted the younger patient population with severe to profound hearing loss. Such extensive developments are fostering the growth of unilateral cochlear implant systems.
Increasing focus of government and state authorities to strengthen medical and healthcare offer lucrative scope for efficient regulation of the industry. In 2022, the Louisiana Department of Health (LDH) deployed an updated policy for cochlear implant systems (CIT) for streamlined and authentic operation of the space.
Massive patient pool in the U.S.
Nearly 15% of the adult American population, equivalent to 37.5 million people, above the age of 18 report disability or some form of issues in hearing. The U.S. FDA released a landmark proposal in 2021, aiming to improve access and reduce costs associated with hearing aid systems for millions of Americans.
The proposition for a new category of over-the-counter (OTC) hearing aids is intended to help the escalating incidences of hearing loss and SSD in the U.S. The Hearing Loss Associating of America (HLAA), estimates that approximately 2.7 million veterans are either given disability compensation for service-related hearing disabilities or undergo treatment similar hearing issues.
Moreover, the U.S. market exhibits favorable opportunities that will foster the development of the cochlear implant systems. For instance, the Individuals with Disabilities Education Act (IDEA) helps students with hearing loss with proper education and necessary accommodation.
Browse key industry insights spread across 100 pages with 66 market data tables & 11 figures & charts from the report, “Cochlear Implant Systems Market Size By Product (Unilateral Implant, Bilateral Implant), By End-User (Adult, Pediatric), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cochlear-implant-systems-market
Increasing geriatric population in Asia Pacific
The global geriatric population is expected to witness exponential growth, with Asia Pacific at the lead until 2050. According to the United Nations Population Fund (UNFPA), Asia Pacific is estimated to reach geriatric population of 1.3 billion in less than 30 years. Growing geriatric population indicates potential growth in prevalence of ageing-related disability issues such as poor vision, hearing loss, and others.
Competitive initiatives to strengthen healthcare infrastructure and medical services across the developing economies of APAC are supporting growth prospects for cochlear implant system manufacturers. Overall, rise in population, increasing exposure of younger adults to unhealthy lifestyle habits, extensive product development initiatives, technology revolution driving development of AI powered medical devices, and software applications will fuel the growth of cochlear implant systems market size.
Partial Table of Contents (ToC) of the report:
Chapter 1 Methodology
1.1 Market definitions
1.2 Base estimates and working
1.2.1 North America
1.2.2 Europe
1.2.3 Asia Pacific
1.2.4 Latin America
1.2.5 MEA
Chapter 2 Executive Summary
2.1 Cochlear implant systems market industry 3600 synopsis, 2017-2030
2.1.1 Business trends
2.1.2 Product trends
2.1.3 End-user trends
2.1.4 Regional trends
Browse complete table of content of this report@ https://www.gminsights.com/industry-analysis/cochlear-implant-systems-market
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