U.S. Market for Hearing Aid Devices Will Reach Approximately $2.5 Billion by 2022 Underpenetration, Increasing Awareness and Expanded Indications Will Facilitate Moderate Market Expansion, According to Findings from Decision Resources Group
BURLINGTON, Mass., May 1, 2014 /PRNewswire/ -- Decision Resources Group finds that hearing loss is currently under-addressed among the U.S. population, facilitating moderate growth in the hearing aid device market. Device penetration into the eligible patient pool will grow as awareness of these devices increases as a result of new research and educational awareness campaigns sponsored by manufacturers. This market will reach a value of approximately $2.5 billion by 2022.
Other key findings from the Medtech 360 report entitled US Markets for Hearing Aid Devices 2014:
- Wireless connectivity: An increasing number of units will include wireless connectivity, which will support integration and direct streaming of sounds from personal consumer electronics to the hearing aid device. New mobile apps will also enhance the user experience, offering features such as convenient device tuning.
- Expanding indications: More patients will eventually be eligible for hearing aid devices as indications for these products expand. For example, manufacturers are currently developing cochlear implants to treat unilateral hearing loss and lesser severities of hearing loss, which will significantly expand the eligible patient pool.
- Return of U.S. armed forces: The return of U.S. armed forces from campaigns in Afghanistan and the Middle East by the end of 2014 will lead to a dramatic increase in the number of service-connected hearing loss veterans receiving compensation for hearing aids, supporting market growth.
- Unfavorable reimbursement: The lack of reimbursement for hearing aids and middle ear implants will continue to impede the growth of these segments. These devices carry high initial and lifetime costs, and their elective nature will discourage many patients from seeking treatment.
Comments from Decision Resources Group Senior Analyst Jason Lau:
- "Recently approved devices, as well as those in the pipeline, will play a dynamic role in the hearing aid device market through 2022. For example, the adoption of hybrid cochlear implants will contribute to market growth because these devices involve both an implant and a hearing aid. Meanwhile, once approved for use in the U.S., direct acoustic cochlear stimulation devices will marginalize middle ear implant uptake even further."
- "The top three competitors have products in multiple markets, allowing them to leverage technological developments between product segments. For example, Sonova has been able to incorporate technology developed by its subsidiary, Phonak, into its cochlear implants offered by Advanced Bionics. Larger companies with existing products will also enjoy relatively quick uptake of new products due to established sales networks and relationships with health care facilities and implant centers; smaller and newer competitors will be slower to expand sales without such networks, with products constrained to fewer sites of service."
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