Cochlear's (ASX:COH) Nexa Implant and Processor is expected to increase the company's market share over at least the medium term, Jefferies said in a Feb. 1 note.

A survey of 25 cochlear implant ear, nose, and throat surgeons, all of whom have implanted the Nexa Implant, found that the product demonstrates competitive advantage, which will likely drive market share gains.

Most of the respondents also believe that the Nexa Processor offers a competitive advantage in terms of its positive impact on neural health.

Respondents expect a median 10% increase in market share for the company in cochlear implants over a three-year period, Jefferies said.

The investment advisory firm believes the company is a franchise with an established track record and holds a dominant global market share in the hearing implant industry, which is expected to grow further with upcoming product releases.

Jefferies maintained a buy rating on Cochlear and a price target of AU$345.

Cochlear shares rose nearly 1% in afternoon trade Tuesday.