The hearing aid market - United States

The global hearing aid market, valued at $8.38 billion in 2018, is projected to expand to $14.45 billion by 2026, exhibiting a CAGR of 7.2%. This growth is driven by an aging population and increasing prevalence of hearing disabilities, with expectations that by 2050 around 900 million people will suffer from such conditions. The United States, holding a significant share of this market with a valuation of $3.18 billion in 2018 and anticipated CAGR of 4% through 2023 to reach $3.9 billion, is influenced by its aging demographic and the high cost barrier to hearing aid adoption. Hearing aid sales volume in the US has seen a 67% increase over 11 years and is expected to surpass 4 million units annually post-2019. The US import rate surpasses exports, with a coverage rate of 27.3% in 2018, indicating a growing trend in imports versus exports. Key international trade partners include Mexico, Poland, Canada, China, and Vietnam. The industry is also witnessing technological advancements like Bluetooth integration and 3D printing for customized devices, alongside regulatory shifts towards OTC markets aimed at increasing accessibility and competition..Title: "Expanding Horizons in the U.S. Hearing Aid Market: A Comprehensive Demand Analysis" As we delve into the U.S. hearing aid market, several key trends emerge, painting a picture of a sector on the rise. The American hearing aid consumer primarily opts for the receiver-in-the-canal (RIC) model, which dominates the market with approximately 72% usage, while behind-the-ear (BTE) models trail at a distant second with about 13%. Men in the U.S. are notably more likely to experience hearing impairments, with a significant proportion twice as likely as women to develop hearing issues, predominantly because of heightened exposure to noisy environments rather than genetic predispositions. Geographically, hearing impairment is a widespread challenge across the United States, with states like West Virginia reporting around 6% of their population affected, in contrast to roughly 3% in California. The prevalence of hearing issues appears to be evenly distributed, with no particular area suffering disproportionately more than others. The aging population is a prominent driver of demand within this market. With an estimated 48 million Americans dealing with some form of hearing loss, the segment with the highest incidence is those aged 65 and above. Statistics indicate about one-third of individuals between 65 and 74 years old, and nearly half of those over 75, report hearing problems. These figures have direct implications on market growth, with projections indicating around 22% of U.S. adults will be over 65 by 2050, up from the current figures hovering around 17%. The market's demand is also influenced by broader societal factors and health-related causes, including infectious diseases, usage of harmful medications, noise exposure, and the aging process itself. Significant advancements in Bluetooth technology and the use of 3D printing show the potential to meet consumer desires for more tailored and high-tech solutions. Regarding market offerings, a noteworthy diversity in brands and models exists, with RIC, BTE, and completely-in-canal (CIC) models leading the selection choice. As consumers prioritize sound quality, reliability, and ease of use, brands like Oticon, Phonak, and Widex rise to the forefront, offering devices that best match these preferences. In terms of spending, the industry witnesses some price discrepancies, with average unit costs spanning from around $800 to $2,200 across various leading brands. The overall U.S. market, valued at approximately $3 billion in 2018, is anticipated to grow to nearly $4 billion by 2023, marking.### Dominant Forces in the Hearing Aid Industry: A Look at the Leading Companies In the world of hearing aids, a few names stand tall, thanks to their robust market presence, innovative offerings, and trusted reputation. The industry, resembling an oligopoly, is spearheaded by six major players frequently referred to as the "Big Six." These companies have carved out a commanding market share and are instrumental in shaping the future trajectory of hearing aid technology and accessibility. #### Phonak Part of the Sonova Group, Phonak is a pioneering force in hearing aid innovation. Known for exceptional sound quality and industry-leading battery life, Phonak caters to a wide range of hearing impairments with its diverse portfolio. Phonak’s Audéo Marvel line is particularly noted for its rechargeable technology and connectivity features that seamlessly integrate with modern lifestyles. #### Sonova Swiss-based Sonova stands out as a global leader in the auditory space. The umbrella company for Phonak, Sonova is respected for its commitment to research and development, continually pushing the boundaries of what's possible in hearing aid technology. Through a sophisticated use of 3D printing, Sonova customizes hearing aids to each client’s unique needs, demonstrating the company's patient-centric approach. #### Oticon Championing "people first" philosophy, Oticon is another big name that audiologists trust. Its product, Oticon Opn S, garners commendation for excellent sound quality. The company continues to impress with its innovative, sleek designs and its focus on creating hearing aids that support a brain-oriented understanding of hearing. #### Widex Noted for both quality and aesthetics, Widex is a brand that doesn't shy away from advancing technology. Its EVOKE model is a testament to the company's dedication to delivering superior sound experience with cutting-edge features such as machine learning-based personalization of audio settings. Widex's commitment to sustainable energy is also noteworthy, emphasizing their broader responsibility towards the planet. #### ReSound Another key player, ReSound, brings forward a legacy of defining the hearing aid standards with their LiNX Quattro, among other models. They prioritize connectivity and user-friendly technology, allowing individuals with hearing loss to enjoy advanced features like direct streaming and remote customization. #### Signia Signia, formerly known as Siemens Hearing Instruments, has made a name for itself by focusing on performance and user comfort. Their Signia Xperience platform boasts features that enable users to hear sound from all directions, offering a natural listening experience that has won accolades from both users and

Inforamtion

• Number of pages : 30 pages
• Format : Digital and PDF versions
• Last update : 25/10/2021

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