- Published on 09 October 2014
Year-on-year figures show a drop in US hearing aid sales in August, according to data from the Hearing Industries Association reported by Reuters. The total hearing aid market for the United States contracted by 0.25% year-on-year in August 2014 with a drop of about 3% in the private market, according to Reuters. Monthly growth rates for sales of devices in the private market have not performed as well in 2014 as last year, when monthly growth was as high as 14%. These levels are the lowest since 2008.
“We note the comparison was tough, with August being the highest growth month in 2013 at 14%, in large part due to stocking effects from Costco switching their Kirkland brand contract from Siemens to GN Store Nord,” says Lisa Clive, market analyst at Bernstein Research in New York City.
In contrast, sales of hearing aids to Veterans Affairs (VA), the US government program for military veterans, grew by 11% year-on-year. This helped to partially offset the downward trend in private market sales. Military veterans represent some 20% of all hearing aid units dispensed in the US. In this market segment, Switzerland’s Sonova had a market share of 45%, Denmark’s GN Resound and William Demant each held 11% and 8%, and lastly Germany’s Siemens had a 10% market share.
Sonova, GN Resound, and William Demant each generate about 35% to 45% of their revenues in North America, mainly the US. Siemens does not publish figures for this part of its business.