Hearing aids accounted for over 90% of this market, and hearing aid revenues are expected to grow due to the demand from aging baby boomers. In addition, approximately 33.4 million people in the U.S. suffer from hearing loss; however, only 17% of this population has purchased hearing aids as a treatment. Therefore, this market remains at only a fraction of its potential size as the industry has found it difficult to increase device penetration.
The hearing aid market includes a range of devices designed to suit style, function and price preferences. Hearing aids styles include traditional behind-the-ear (BTE), in-the-ear, in-the-canal, completely-in–the-canal, and open-fit or receiver-in-canal (Open-fit/RIC).
Read more on the different styles of hearing devices and how patient income affects the U.S. hearing aid market in iData Research’s new article in Healthcare Digital: