Cochlear Implants Market Size Set For Rapid Growth, To Reach Around USD 259.31 Million By 2032
According to the report, the global cochlear implants market was valued at approximately USD 142.36 million in 2023 and is expected to generate revenue of around USD 259.31 million by the end of 2024, growing at a CAGR of around 9.6% between 2024 and 2032.
Zion Market Research has published a new report titled “Cochlear Implants Market by Type (Unilateral and Binaural) by Application (Children and Adult): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024–2032”.
A cochlear implant is a medical device that converts sound into electrical signals and restores the sense of hearing by performing the work of damaged parts of the cochlea by transmitting the electrical signals to the brain. It is used by people with low to high hearing loss due to various reasons. These cochlear implants are surgically implanted and consist of two parts. The inside component is implanted across the skin while the other external component is worn at the back of the ear. Cochlear implants convert sound into electrical signals and stimulate the auditory nerve and interpret them as speech or sound. The cochlear implants bypass the non-functioning part of the inner ear and provide electrical stimulation to the nerve fibers present in the cochlea. The surgical procedure for implantation is performed under general anesthesia with minimal risk.
Cochlear implants market growth in the forecast timeframe is driven by various factors, such as the increased prevalence of hearing loss coupled with an increase in the geriatric population. As per the Hearing Health Foundation Report, around 360 million people are living with hearing loss globally. Furthermore, the increasing geriatric population is also a major factor contributing to the development of the cochlear implants market in the forecast timeframe Moreover, technological advancements made in cochlear implants have led to the launch and approvals of various cochlear implants with new features. This is further anticipated to promote the development of this market. Furthermore, an increase in the number of infants born with hearing defects coupled with the increased demand for customization, appearance, and concealing of these devices are also anticipated to support the growth of the cochlear implant market in the forecast timeline. However, the high costs of cochlear implants and implant procedures might hamper the global cochlear implants market during the estimated timeframe.
The cochlear implants market is classified into type and application. Based on the type, the cochlear implant market is divided into unilateral and binaural. The binaural segment is anticipated to dominate the cochlear implant market in the forecast timeframe. Based on application, the cochlear implants market is bifurcated into adults and children. The children segment is projected to dominate the cochlear implants market in the forecast timeframe.
Europe is anticipated to lead the cochlear implant market in the forecast timeframe, due to the presence of firms using advanced technologies. Moreover, advanced healthcare amenities coupled with the growing occurrence of hearing defects are anticipated to support the expansion of the global cochlear implants market in this region. North America is anticipated to be the second-largest region in the cochlear implant market, due to the research and development activities for the creation and launching of new products. The Asia Pacific is anticipated to be the third largest and fastest growing region in the cochlear implant market, due to the presence of developing economies, such as India and China, along with the increase in healthcare facilities, high prevalence of hearing defects,and an increase in the per capita income of people in the region. Latin American and Middle Eastern and African markets are anticipated to develop moderately soon.
Some major players in the cochlear implant market include -
- Cochlear Ltd.
- MED-EL
- Advanced Bionics AG (Sonova)
- William Demant Holding A/S
- Nurotron Biotechnology Co. Ltd.
- among others.
This report segments the global cochlear implants market as follows:
Global Cochlear Implants Market: Type Segment Analysis
- Unilateral
- Binaural
Global Cochlear ImplantsMarket: Application Segment Analysis
- Adult
- Children
Global Cochlear Implants Market: Regional Segment Analysis
- North AmericaThe U.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- The Middle East and Africa
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