Wireless Bluetooth, Cochlear Implant Adoption to Fuel U.S. Hearing Aid Sales to Almost $8 Billion
VANCOUVER, Sept. 27, 2011 /PRNewswire/ - According to a new report by iData Research (www.idataresearch.net), the leading global authority in medical device market research, the U.S. hearing-aid and audiology device market was valued at over $5.7 billion in 2011. Technological advancements in cochlear implants, bone-anchored hearing-aids and the introduction of wireless Bluetooth® capability from Starkey, GN Resound and Cochlear America is expected to fuel this market to almost $8 billion in annual sales by 2018. iData's report is also accompanied by an Audiologist survey, which reveals consumer perception and preferences of hearing-aid brands.
"Over 78% of survey respondents who use Phonak, Starkey and Oticon hearing-aids indicated that quality and customer service were top concerns," says Dr. Kamran Zamanian, CEO of iData. "In contrast, price and ease-of-use were comparatively more important for consumers of Siemens, Lyric, Unitron, and others. In addition, the influence of different advertising media on a consumer's purchase decision had a stark contrast between brands."
The report states that Phonak has gained market share in the retail and wholesale hearing-aid market with the acquisition of large group practices to broaden their U.S. distribution channels. In contrast, Siemens, in an effort to maintain its market share, has undertaken a strategy of price-reductions and formed a strategic alliance with retail giant Amplifon.
"Additionally, the cochlear implant and bone-anchored hearing-aid segments were the fastest-growing," says Dr. Zamanian. "This is due to technological advancements in device size, sound quality and a historically low adoption rate, which is expected to increase with patient awareness campaigns. In addition, emerging bone-anchored hearing-aid competitors such as Sophono and Sonitus Medical are expected to drive down traditionally higher prices set by Cochlear America and Oticon."
For more information, register free on iData's website at: http://www.idataresearch.net/idata/registration.php
iData's 4-report series on the: "Markets for Hearing-Aids and Audiology Device" provides a comprehensive analyses of the wholesale and retail hearing-aid markets by style, circuit, battery size and more.
About iData Research
iData Research (www.idataresearch.net/idata/discoveridata.php) is an international market research and consulting group focused on providing market intelligence for medical device, dental and pharmaceutical companies. iData covers research in: hearing-devices, cardiovascular, orthopedics and more.
SOURCE iData Research Inc.