CHAMBERSBURG, PA--Global DataConsultants (www.globaldataconsultants.com) predicts that the global market for hearing aids will reach $10 billion by 2017. That represents a 50% increase from its $6.6 billion estimate of the 2010 market.
The company, whose complete report, Hearing Aid Devices: Global Pipeline Analysis, Opportunity Assessment and Market Forecasts to 2017, is available for purchase, expects that the rapid increase in the elderly population, the rising incidence of hearing loss, technological improvements in hearing instruments, and government initiatives will combine to result in an annual growth rate of 6% in hearing aid sales revenues.
Global DataConsultants predicts that the U.S. hearing aid market will increase from $2.3 billion last year to $3.5 billion in 2017. Along with growth, the company also anticipates major changes in the domestic market. It expects that traditional distribution channels (i.e., licensed audiologists and hearing instrument specialists) will lose market share, as mass marketing creates more and different sources for hearing aid buyers to choose from.