Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Global Cochlear Implants Market" report has been added to ResearchAndMarkets.com's offering.
The global cochlear implants market size was estimated to be USD 1.92 billion in 2023 and is expected to reach USD 3.67 billion by 2034 with a CAGR of 6.06% during the forecast period 2024-2034. The increasing prevalence of hearing loss, advancements in technology, rising awareness and acceptance, government initiatives and support, and R&D investments by industry players will drive the market growth. 
One major reason driving the cochlear implant market has been the increasing global prevalence of hearing loss, which is related to variables including genetic susceptibility, aging populations, and noise pollution exposure. A practical option for those with severe to profound hearing loss is cochlear implants. Continuous developments in cochlear implant technology have enhanced the implants' usefulness, performance, and longevity. For instance, in August 2023, Cochlear Limited launched the Nucleus N7 implant, which has the exclusive SmartSound technology for enhanced sound processing and customization.
By type, the unilateral implants segment accounted for the highest revenue-grossing segment in the global cochlear implants market in 2023 owing to the the growing awareness of the benefits of unilateral cochlear implants, advancements in technology enhancing the performance of single-ear devices, and an increasing number of patients opting for this solution due to its effectiveness in improving speech perception and overall quality of life for individuals with single-sided deafness or asymmetric hearing loss.
By age group, the adult segment accounted for the highest revenue-grossing segment in the global cochlear implants market in 2023 owing to the growing prevalence of age-related hearing loss among the adult population, increased awareness of cochlear implantation as an effective solution for severe hearing impairment in adults, and a rising trend towards seeking medical interventions to improve the quality of life in this demographic. Additionally, the pediatric segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing emphasis on early intervention for hearing-impaired children, rising awareness among parents and healthcare providers about the benefits of cochlear implants in facilitating language development and educational outcomes in pediatric patients.
By end-user, the hospital's segment accounted for the highest revenue-grossing segment in the global cochlear implants market in 2023 owing to the increased prevalence of surgical procedures for cochlear implantation being performed in hospital settings, growing collaborations between hospitals and manufacturers to provide comprehensive services, and the establishment of specialized audiology and ENT (Ear, Nose, and Throat) clinics within hospital premises. Additionally, the ambulatory surgical center's segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising trend towards outpatient surgical procedures, increased focus on cost-effective healthcare solutions, and advancements in medical technologies that enable streamlined and efficient cochlear implantation processes in ambulatory surgical settings.
North American region is anticipated to have the highest revenue share during the forecast period owing to the established healthcare infrastructure, a high prevalence of hearing loss, favorable reimbursement policies, and continuous technological advancements in cochlear implantation. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the increasing awareness about hearing health, rising prevalence of hearing loss, a growing elderly population, and efforts to improve healthcare accessibility.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Type, Age Group, and End-User
- Market Forecast for 5 Regions and 17+ Countries
- Exhaustive Company Profiles of the Top 10+ Major Market Players
Segmentation: Cochlear Implants Market Report 2023 - 2034
Cochlear Implants Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
- Unilateral Implant
- Bilateral Implant
Cochlear Implants Market Analysis & Forecast by Age Group 2023 - 2034 (Revenue USD Bn)
- Adult
- Adult Unilateral Implants
- Adult Bilateral Implants
- Pediatric
- Pediatric Unilateral Implants
- Pediatric Bilateral Implants
Cochlear Implants Market Analysis & Forecast by End-User 2023 - 2034 (Revenue USD Bn)
- Clinics
- Hospitals
- ENT Clinics
- Ambulatory Surgical Centers
- Others
Cochlear Implants Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value (USD) in 2023 | $1.92 Billion |
| Forecasted Market Value (USD) by 2034 | $3.67 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
Companies Profiled
- Fresenius Medical Care AG & Co. KGaA
- Baxter International Inc.
- DaVita Inc.
- Nipro Corporation
- B. Braun Melsungen AG
- NxStage Medical Inc.
- Asahi Kasei Corporation
- Toray Industries Inc.
- Gambro AB
- Medtronic plc
- Nikkiso Co. Ltd.
- Teleflex Medical
- JMS Co. Ltd.
- Rockwell Medical Inc.
- Medivators Inc.
For more information about this report visit https://www.researchandmarkets.com/r/3xfsxv
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