#Cochlear Implant Surgery in C-scheme

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Cochlear Implant 2024 Industry Size, Demands, Growth and Top Key Players Analysis Report

Cochlear Implant Market Size, Share & Trends Analysis Report By Age Group (Adult, Pediatric), By End-use (Hospitals, Clinics), By Region, And Segment Forecasts, 2024 - 2030

Cochlear Implant Industry Overview

The global cochlear implant market size was estimated at USD 1.86 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.02% from 2024 to 2030.

Increasing awareness regarding hearing impairment, growing diagnosis rate, rising preference for bilateral fittings, and favorable government initiatives are some factors expected to drive this growth. An increase in coverage for cochlear implants in the U.S. is majorly due to increased awareness about its clinical utility and other federal & state laws, such as Americans with Disabilities Act, against discrimination faced by individuals with disabilities.

Gather more insights about the market drivers, restrains and growth of the Cochlear Implant Market

The increasing prevalence of hearing impairment among elderly is a significant factor driving market growth. The rising burden of hearing impairment in this age group is expected to drive this growth. According to the UN's World Social Report 2023, 761 million people globally are aged 65 years and above in 2021. According to the WHO, the geriatric population is expected to nearly double from 12% in 2012 to 22% in 2050, reaching two billion by 2050 from 900 million in 2015. This is expected to drive the demand for both short and long-term demand for auditory impairment devices have increased, driving the market growth.

There has been a noticeable increase in the adoption of cochlear implants in recent years due to technological advancements and the introduction of insurance & funding schemes to cover these devices. For instance, in March 2023, MED-EL Medical Electronics launched a new feature in its latest cochlear implant systems, enabling direct streaming for patients.  Cochlear implantation surgeries are now performed using minimally invasive surgical techniques with next-generation implants & speech processors. Thus, improvements in the surgical process to make it safer are likely to boost their demand.

Browse through Grand View Research's Medical Devices Industry Research Reports.

The global hysteroscopy instruments market size was estimated at USD 1.90 billion in 2023 and is projected to grow at a CAGR of 7.2% from 2024 to 2030. 

The global home sleep apnea test market size was estimated at USD 2.18 billion in 2023 and is expected to grow at a CAGR of 6.4% from 2024 to 2030.

Key Companies & Market Share Insights

Some of the key market players include Sonova, Cochlear Ltd., MED-EL Medical Electronics, and Demant A/S.

Cochlear Ltd. is engaged in developing and commercializing cochlear implants, bone conduction implants, & acoustic implants to treat hearing-impaired individuals. It is a global company with major manufacturing facilities in Sweden and Australia.

MED-EL Medical Electronics (MED-EL) is a privately held company focusing on R&D to create a rich product pipeline. It develops and commercializes cochlear, bone conduction hearing, middle ear, auditory brainstem, and electric-acoustic stimulation hearing implants.

Amplifon S.p.A. (GAES) and Zhejiang Nurotron Biotechnology Co., Ltd. (Nurotron) are some of the emerging participants in the cochlear implant market.

Zhejiang Nuoerkan Neuroelectronics Technology Co., Ltd. (Nurotron) is headquartered in China, while its R&D center is in California. It is a medical device company engaged in designing, developing, and commercializing neurostimulation systems.

Amplifon S.p.A. (GAES) offers customizable hearing solutions and services through a distribution system of association affiliates, shop-in-shops, corporate shops, and franchises. It operates based on geography in three segments: the MEA & Asia Pacific, the Americas, and Europe.

Key Cochlear Implant Companies:

Cochlear Ltd.

Sonova

MED-EL Medical Electronics

Demant A/S

Zhejiang Nurotron Biotechnology Co., Ltd. (Nurotron)

Amplifon S.p.A. (GAES)

Recent Developments

In March 2023, MED-EL Medical Electronics provided direct streaming to  their cochlear implant patient in their new MED-EL cochlear implant systems.

In November 2022, Cochlear Ltd. expanded its manufacturing facility plant in Kuala Lumpur, Malaysia. The expansion involved an asset of more than USD 6.28 million (RM 30 million) to help the growing demand for acoustic and cochlear hearing implants.

Order a free sample PDF of the Cochlear Implant Market Study, published by Grand View Research.

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Hearing Solutions: Your Journey to Better Sound

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