The global Cochlear Implant (CI) market size was USD 2.04 Billion in 2022 and is expected to register a CAGR of 10.9% during the forecast period.
This report on the cochlear implant (CI) market is a thorough analysis of the size, share, demand, growth, gross profits, earnings, and revenue of the industry. It evaluates the data gathered to give an extensive view of the trends and predicts the possible developments in the forecast duration. For this study, historical data has been collected from the years 2020 and 2022 while taking 2020 as the base year to estimate the rise of the industry in the years 2022 to 2032.
Cochlear Implant (CI) is a neuroprosthetic electronic medical device, which is surgically implanted in the ear to provide a sense of sound to a person with a hearing loss. The CI directly transmits sound signals to the brain and is proven better than other hearing aids.
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According to the WHO, about 466 million people globally have disabling hearing loss out of which 34 million are children. Estimations tell that about by 2050, the number of people with hearing loss will go to 900 million. The growing prevalence of hearing disabilities around the world is the key driving factor of the CI market. Technological advancements, initiatives by key players, and favorable regulations by the government are contributing to the growth of the market. Furthermore, the increasing need for hearing aids and an increase in the adoption of hearing implants is also boosting the growth of the market. The global production of hearing aids meets only 10% of the global requirement, providing lucrative opportunities for new players. The restraints on the market include lack of trained professionals, high cost of treatment, and alternative treatment options.
Based on the type of fitting, the unilateral implantation controls a majority stake, accounting for more than 55% of the market share in 2018, and will continue on the same trajectory due to its low cost compared to bilateral implantation. Bilateral implantation segment is expected to witness significant growth in the coming years as many countries are only offering reimbursement policies for bilateral implantation. In terms of end-user, the adults’ segment is in the lead due to the large patient base and a growing geriatric population. Based on region, North America is dominating the market, followed by Europe. The Asia-Pacific is expected to see the highest growth rate during the forecast period owing to the extensive patient base and increasing funding in healthcare.
Some of the key findings from our Cochlear Implant (CI) market forecast
The report provides an investigation of the Cochlear Implant market to predict its growth. The past data is considered from the years 2021 and 2023 while taking 2022 as the base year to estimate the trends in the years 2023 to 2032. The industry has been categorized into different segments based on fitting type as Unilateral, Bilateral, and based on end-user as Adults, Pediatric, and others; to assess their size, share, demand, trends, gross profit, total earnings, revenue to speculate further aspects. This report also evaluates the competition to derive the individual placement of key players against the global landscape. The information provided here outlines those sectors that are expected to undergo substantial developments in the predicted years to aid the readers in deciphering the most profitable ones for their business. By doing so, it also highlights the sectors that exhibit significant potential for future investment.
Global Cochlear Implant (CI) market overview
The global cochlear implant industry is projected to undergo a steady rise in the forecast years, as observed by the outcome of the analysis provided in this study. One of the important observations made in this study is that the major players are focusing on new product launches and upgradation as a part of their key strategy. The report encompasses the different factors that have a substantial impact on revenue of the businesses. This study also profiles the key players that account for a significant share in the global economy of the cochlear implant business. The companies profiled here include Cochlear, MED-EL, Advanced Bionics (Sonova), Oticon (William Demant), Hangzhou Nurotron, Listent Medical, Nurotron Biotechnology Co. Ltd., Medtronic, Demant A/S, Starkey, WIDEX A/S, Amplifon and GN Hearing A/S. The key geographical regions mapped here are North America, Europe, Asia Pacific, the Middle East, and Africa and Latin America. The competitive analysis helps provide better insights into the individual standing of the companies against the global landscape. The forecast also provides the estimated trends in demand and their impact on the businesses.
Key players of the global Cochlear Implant (CI) market:
- Advanced Bionics (Sonova)
- Oticon (William Demant)
- Hangzhou Nurotron
- Listent Medical
- Nurotron Biotechnology Co. Ltd.
- Demant A/S
- WIDEX A/S
- GN Hearing A/S
Market segment based on Fitting Type:
Market segment based on End-user:
Market segment based on Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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