New US market research for hearing devices

Market

US hearing aid market
©Andres Rodriguez - Fotolia

A new series of reports on the US market for hearing devices has been released by iData Research, a market research group and consulting firm.

According to the report, technological innovations aimed at improving sound quality and immediate post-fit satisfaction, along with the multiple new features proposed by manufacturers are driving the growth of both premium models and entry-level devices.

The audiology market in the United States is dominated by the hearing aid segment. The next largest segments are cochlear implants, hearing aid batteries, and bone-anchored hearing aids. According to the analysts, the influence of big box retailers such as Costco has played a significant role. The diagnostic equipment segment is expected to grow at a slightly lower rate due to high levels of existing devices, resulting in growth coming mainly from replacement of older equipment.

“The hearing aid battery segment will increase its share as the market continues to be driven by the growing number of hearing aid users,” explains Dr. Kamran Zamanian, CEO of iData. “Future growth will also continue to be fueled by larger purchases by Veterans Affairs (VA), an increase in the over-65 population, and a change in hearing aid consumer attitudes caused by the aging baby boomer population.”

The market is largely controlled by four main holding groups: William Demant, Sonova, GN Store Nord A/S and Spectrum Brands, says the report. Sonova is the leading provider, operating under the Phonak and Unitron brands.

Source: idataresearch; PRleap

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