The Asia Pacific cochlear implants market is expected to reach US$ 833.1 Mn in 2027 from US$ 291.6 Mn in 2018
NEW YORK, Feb. 19, 2020 /PRNewswire/ -- The Asia Pacific cochlear implants market is expected to reach US$ 833.1 Mn in 2027 from US$ 291.6 Mn in 2018. The cochlear implant market is anticipated to grow at a growth rate of 12.5% from 2019-2027.
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The growth of the cochlear implants market during the forecast period is primarily attributed to factors like the rising number of the elderly population and the increasing incidence of hearing loss. On the other hand, the growing medical tourism industry in Asia Pacific countries is expected to have a positive effect on the growth of the Asia Pacific cochlear implants market in the coming years.
Hearing disorders are on the rise across the globe.However, the Asia Pacific region is a densely populated region, and thus the number of people suffering from hearing loss is also the greatest in this region.
As per the WHO, hearing loss is mostly observed in people aged 65 years or more, and the prevalence of this age group is highest in South Asia and the Asia Pacific. Thus the prevalence hearing loss disability is more in the Asia Pacific region.
This results in higher direct costs for health systems.This demands for ear and hearing care services and other related technologies, such as cochlear implants, hearing aids, and others.
A number of governments around the Asia Pacific have recognized the importance of mitigating current trends by preventing hearing loss. For instance, the Chinese government has launched several numbers of initiatives and programs during recent years, which helps both children as well as aging people for their hearing loss disability.
Several factors like growing population, rising genetic diseases, and infections leading to hearing loss, increasing geriatric population, and others are all together driving the increase in hearing loss in the Asia Pacific.According to the report Deafness in India, 2016, the incidence and prevalence of hearing loss in India are substantially high.
As per the report, 6.3% that is 63 million people of the population suffer from auditory loss, and four in every 1000 children suffer from severe to profound hearing loss. Thus the growing prevalence of hearing loss in the Asia Pacific region is likely to demand cochlear implants.
The above-mentioned factors are expected to offer broad growth opportunities in the healthcare industry, and this is expected to cause the demand for cochlear implants.
Asia Pacific cochlear implants market is segmented by type of fitting and end-user.Based on the type of fitting, the cochlear implant market is categorized as unilateral implantation and bilateral implantation.
On the basis of the end-user, the market is categorized as adults and pediatrics.
Some of the major primary and secondary sources for compound management included in the report are World Health Organization (WHO), United Nations Population Fund, Food, and Drug Administration (FDA), United Nations, Economic, and Social Commission for Asia and the Pacific (ESCAP), and Hear-it organization, among others.
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