A Boom in Devices for the Hearing Impaired
Competition 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.
The market for neurostimulation products in the US was valued at approximately $1.3 billion in 2009 and it hasn't even scratched the surface of its potential. According to "US Markets for Neurostimulation Products," a report published in March by the Medtech Insight division of Elsevier Business Intelligence, this market is projected to grow at a healthy compound annual rate of almost 16%, reaching more than $2.7 billion five years from now.