The earliest stages of the hearing aid industry involved franchisees offering specific products to consumers

The earliest stages of the hearing aid industry involved franchisees offering specific products to consumers. You can find their stalls at malls, commercial real estate, and occasionally large retailers such as Costco or Sam’s Club. Although these early technologies are costly, they are a way for people to effortlessly restore their hearing.

Important Hearing Aid Industry Statistics

# 1. Hearing aid sales in the U.S. increased by 3.4% in 2017 and the private and commercial sectors grew by 4%. Sales directly attributed to the Department of Veterans Affairs also increased by 0.92%.

# 2. Over 3.77 million hearing aids were distributed to patients in 2017.

# 3. Most of the hearing aid industry has transitioned to stand-alone dispensers, rather than franchises that generate revenue early in the technology. 52% of US revenue comes from these represented independent retailers, small chains and other buying groups. Costco accounts for 12% of the industry, while Beltane and Amplifon each account for 7%.

# 4. 78% of hearing aid sales in the United States come from private sellers. The rest of the revenue comes from sales in the Department of Veterans Affairs.

# 5. The top six companies in the hearing aid industry account for 98% of the global market. These companies include Widex, Starkey, Sonova, William Demant, Sivantos, and GN ReSound. The first two are private companies, so data is not always available from them.

# 6. Since 2013, the hearing aid industry in the United States has grown by 3.4%, reaching a total revenue level of $ 2 billion. During this period, the number of companies active in the industry remained stable, while employment opportunities increased by almost 2%.

# 7. The 4,368 companies currently active in the hearing aid industry in the United States have grown at an average annual rate of 3.4% since 2013.

#8. In terms of total units moved in 2014, hearing aid sales broke the barrier of 3 million units for the first time. 2018 forecast estimates also indicate that this barrier of 4 million units is also crossing for the first time.

# 9. In 1983, the industry sold 1 million units to customers for the first time. It will take 20 years for the industry to sell 2 million units, and then another 10 years to reach 3 million units.

# 10. Hearing aids in the receiver account for more than 72% of the US industrial market. Behind-the-ear assistants account for 12.6% of revenue.

# 11. Nearly 85% of hearing aids sold in the United States are BTE-style, which means that 5 out of 6 consumers using the product buy this particular model.

# 12. Currently, wireless hearing aids account for more than 91% of products sold in the United States. 99% of RICs are now wireless, while 86% of ITCs and ITEs include this technology. About 65% of traditional CIC and BTE are classified as wireless technologies.

# 13. 84% of consumers bought a pair of hearing aids instead of a single product. More than 50% of customers said they believe they are buying high-end products from industry providers. (Hearing tracker)

# 14. 18% of consumers in the United States who work with the hearing aid industry say their hearing loss is “very serious.” Another 31% of consumers said that only one or two of their ears had a “serious” hearing loss.

# 15. Hearing aids in the United States can be purchased separately for $ 2,560 and $ 2,336 at the time of purchase. That’s why Costco’s private label is such a popular product, because the average price of Kirkland hearing aids is $ 963 per piece.

# 16. Sonova is the most popular hearing aid brand in the United States, accounting for 30% of the US market in 2015.

# 17. 75% of hearing aids purchased today are purchased and installed by audiologists. Another 20% of consumers work with hearing instrument experts.

Hearing Aid Industry Trends and Analysis

Measuring the strength of the hearing aid industry each year has always been a challenge because there are some merchants, such as Costco, who do not report their sales statistics. Assuming that the growth rate of the industry remains stable before 2017, the retail industry may account for 15% of the industry.

The development of technology in the hearing aid industry is one of the most important assets driving revenue growth. Many products are much smaller than in the past, creating duplicate client sessions. New developments allow people who may not have been qualified for hearing aids to benefit from new hearing opportunities.

We expect that trends in the United States and globally will continue during the next five-year forecast period ending in the hearing aid industry in 2024. The number of companies will continue to remain relatively stable as major suppliers are available in major metropolitan areas. Look for an average growth rate of 4% as employment opportunities continue to grow.