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Cochlear Implant Market Future Scope, Drivers, Demand, Outlook, Share, Trends By 2023-2032
Cochlear Implant Market
The Business Research Company's Cochlear Implant Global Market Report 2023 identifies increasing prevalence of hearing loss as the major driver for the Cochlear Implant market's growth in the forecast period. Hearing loss refers to a loss of hearing and is defined as if an individual's hearing abilities are less than those of someone with normal hearing, which is understood to have hearing thresholds of at least 20 dB in each ear.
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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cochlear implant market is expected to reach $2.36 billion in 2027 at a CAGR of 8.4%.
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Major competitors in the Cochlear Implant market are Medtronic Plc, Koninklijke Philips N.V., Sonova International, Demant A/S, Sivantos Pte. Ltd., Starkey Hearing Technologies.
A key trend in the Cochlear Implant market includes product innovation. 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.
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The Cochlear Implant market is segmented -
• By Type: Unilateral Implants, Bilateral Implants
• By Technology: Electro-Acoustic Stimulation (EAS), Acoustic Amplification Technology, Electro-Stimulation Technology
• By Patient: Adult, Pediatric
• By End-use: Hospitals, ENT (Ear, Nose, And Throat) Clinics, Ambulatory Surgical Centers
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Cochlear Implant market.
The Business Research Company's "Global Cochlear Implant Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Cochlear Implant Market Include:
1. Executive Summary
2. Cochlear Implant Market Characteristics
3. Cochlear Implant Market Trends And Strategies
4. Cochlear Implant Market - Macro Economic Scenario
5. Global Cochlear Implant Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
…………………………………………………………………………
32. Global Cochlear Implant Market Competitive Benchmarking
33. Global Cochlear Implant Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cochlear Implant Market
35. Cochlear Implant Market Future Outlook and Potential Analysis
36. Appendix
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