The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Cochlear Implant Global Market Report 2023, the cochlear implant market is expected to show significant growth in the forecast period.

Key insights from the cochlear implant market forecast include:

1. Market Size

The global cochlear implant market is expected to grow from $1.56 billion in 2022 to $1.71 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. The cochlear implant market is expected to reach $2.36 billion in 2027 at a CAGR of 8.4%.

2. Major Driver

The increasing prevalence of hearing loss is expected to propel the growth of the cochlear implant market going forward. For instance, in February 2023, according to the World Health Organization, a Switzerland-based United Nations specialized agency for international public health, at least 700 million people will need hearing rehabilitation by 2050, and over 2.5 billion individuals are expected to suffer hearing loss. Further, in 2022, 217 million people live with hearing loss in America or 21.52% of the total population. This number is predicted to increase to 322 million by 2050. Therefore, the increasing prevalence of hearing loss is driving the growth of the cochlear implant market.

View More On The Cochlear Implant Market Report 2023 – https://www.thebusinessresearchcompany.com/report/cochlear-implant-global-market-report

3. Key Trend

Product innovation is a key trend gaining popularity in the cochlear implant market. Major companies operating in the cochlear implant market are developing innovative products to sustain their position in the market. For instance, in July 2020, Cochlear Limited, an Australia-based medical device company, got FDA (Foods and Drugs Association) approval for Cochlear Nucleus Kanso 2 Sound Processor, Nucleus 7 Processor for Custom Sound Pro fitting software and receivers of Nucleus 22 Implants. The Kanso 2 Sound Processor is the first and only off-the-ear cochlear implant sound processor to allow direct streaming from compatible Apple or Android smartphones. It is also the smallest off-the-ear cochlear implant sound processor in the world. Additionally, it works with the Nucleus Smart App, making it possible to adjust device settings and access information and hearing functions. The Kanso 2 Sound Processor has novel charging choices, including a built-in rechargeable battery2. This all-in-one home charger enables simultaneous charging, drying, and storing, and a tiny, optional portable charger for traveling.

4. Largest Region

North America was the largest region in the cochlear implant market in 2022.

5. Major Players

Major players in the cochlear implant market are Medtronic Plc, Koninklijke Philips N.V., Sonova International, Demant A/S, Sivantos Pte. Ltd., Starkey Hearing Technologies, GN ReSound, Cochlear Limited, Widex A/S, MED-EL Elektromedizinische Geräte Gesellschaft m.b.H., Advanced Bionics AG, Rion Co. Ltd., Oticon Medical Ab, EarLens Corporation, Bernafon AG, Envoy Medical Corporation, EarGo Technologies Inc., Soundhawk Corporation, GAES Medica, NeuBio AG, TODOC, Tencent, Nurotron Biotechnology Co. Ltd., IntraPace Inc., and Ototronix LLC.

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 Key Cochlear Implant Market Segments
The global cochlear implant market is segmented –
1) By Type: Unilateral Implants, Bilateral Implants
2) By Technology: Electro-Acoustic Stimulation (EAS), Acoustic Amplification Technology, Electro-Stimulation Technology
3) By Patient: Adult, Pediatric
4) By End-use: Hospitals, ENT (Ear, Nose, And Throat) Clinics, Ambulatory Surgical Centers

The Cochlear Implant Global Market Report 2023  provides an in-depth analysis on the cochlear implant market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the cochlear implant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Hearing Implants Global Market Report 2023
Neurostimulation Devices Global Market Report 2023
Neuroprosthetics Global Market Report 2023

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