US: Hearing aids and audiology device market to hit $8 billion by 2018 says report

According to the report ‘U.S. Market for Hearing Aids and Audiology Devices & Audiologist Survey 2012’ forty million people in the US are experiencing some degree of hearing loss, however only a minor portion of this population is currently purchasing hearing aids for treatment. Therefore this market remains at only a fraction of its potential size.

The best-performing devices are also the highest in price, although over time technology eventually filters down to lower-cost devices. Mid-level hearing aids are expected to account for 23% of all hearing aids sold within the next five years. Leading the market is the Bone-anchored hearing aid which can treat hearing loss in patients who previously had no treatment options. There is a need for an innovative solution in the boneanchored hearing aid (BAHA) market to eliminate the abutment that causes complications for the patient. There have been however, significant improvements in sound processing and the expansion of features and accessories, which will help drive growth in this market.

The 281 page report states that theU.S.market for hearing aids and audiology devices was valued at over $5.7 billion in 2011. This market is expected to reach almost $8 billion by 2018. Growth will be driven by technological advancements in cochlear implants, bone-anchored hearing-aids and the introduction of wireless Bluetooth® capability.

View the report: ‘U.S. Market for Hearing Aids and Audiology Devices & Audiologist Survey 2012’ 

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