Press release
Cochlear Implant Market: Unveiling Key Drivers, Trends, Growth, Outlook 2024-2033
Cochlear Implant Market
The Business Research Company presents an extensive market research report on the Cochlear Implant Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The cochlear implant market size has grown strongly in recent years. It will grow from $1.71 billion in 2023 to $1.87 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to prevalence of hearing loss, increased awareness and diagnostic practices, patient advocacy and education, supportive regulatory environment, insurance coverage and reimbursement policies.
The cochlear implant market size is expected to see strong growth in the next few years. It will grow to $2.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to expansion of indications, advancements in signal processing algorithms, miniaturization and design innovations, global health initiatives, focus on pediatric population, patient-centric outcomes and quality of life measures. Major trends in the forecast period include technological advancements, wireless connectivity, development of hybrid and electro-acoustic systems, personalized mapping strategies, research in neural stimulation techniques.
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Key Market Players:
Major companies operating in the cochlear implant market report 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., Ototronix LLC
Market Drivers:
The increasing prevalence of hearing loss is expected to propel the growth of the cochlear implant market going forward. 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. Cochlear implants help hearing loss patients receive and process sounds and speech and produce helpful hearing sensations for a person with severe to profound nerve deafness by electrically stimulating nerves inside the inner ear. 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.
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https://www.thebusinessresearchcompany.com/report/cochlear-implant-global-market-report
The cochlear implant market covered in this report 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 report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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