A Boom in Devices for the Hearing Impaired
Executive SummaryCompetition is spurring innovation in the hearing aid market and providers are excited at the prospect of adopting new products that can improve on existing treatments. The hottest area at the moment is implantable hearing aid devices. It's not a new concept, but it's one that many believe will command a significant share of the market.
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The aging baby boomer population is driving linear growth in the multibillion-dollar hearing aid market, which increased 4.76% in 2014, with 3.1 million units sold in the US alone according to the Hearing Industries Association. To drive further growth and capture market share, hearing aid manufacturers have been catering to boomers, and developing new high-tech hearing aids that are more like wearable health care technology, with improved performance and wireless connectivity to electronic devices.
Cochlear Americas launched the Cochlear Nucleus Hybrid Implant System in the US market in May 2014, a first-of-its kind technology that integrates the functions of a hearing aid and cochlear implant in a single device.