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San Antonio, TX, United States, 2006/03/22 - Frost & Sullivan (medicaldevices.frost.com) finds that the U.S. Hearing Instruments and ABR/OAE analyzers Markets earned revenues of $4.4 billion in 2005 and estimates this to reach $5.8 billion in 2012..
The number of individuals with hearing loss is increasing with the advent of the baby boomers. This burgeoning generation has the financial capacity to adopt hearing instruments as a life-style enhancing device, and will overcome the social barriers to hearing loss.
Frost & Sullivan finds that the U.S. Hearing Instruments and ABR/OAE analyzers Markets earned revenues of $4.4 billion in 2005 and estimates this to reach $5.8 billion in 2012.
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“Stigma associated with hearing instruments is still one of the biggest barriers for hearing instrument wearers,” explains Frost & Sullivan analyst, Dr. Mansi Kothari. “Combating this social hurdle is an uphill task for the entire industry.”
“The future of hearing instruments relies on the ability of the industry to expand the penetration rate,” notes Dr. Kothari. “However, market penetration will not be easily achieved due to the stigma and high cost associated with hearing instruments.”
“The mid-priced instruments will see the most growth as the segment with the highest value for technology,” observes Dr. Kothari.
Hearing instruments benefit tremendously from the hi-tech revolution in cellular phones. Because of the out-of-pocket payment structure the industry perceives bluetooth enabled, open-fit and binaural instruments that provide high quality sound, as more of a consumer electronics good than a medical device.
The hearing industry needs to promote hearing loss awareness and create branding of their products. By vertically integrating with clinics, manufacturers can provide greater product value with high levels of service to establish their image with hearing instrument users.
In the niche ABR/OAE analyzers market, high levels of competition restrict profitability. Technological innovations will open up markets for pediatric applications.
U.S. Hearing Instruments and ABR/OAE Analyzers Markets is part of the Medical Device Subscription, which also includes research in the following markets: Cosmetic Surgery, Cardiac Rhythm Management Market and Ophthalmic Lasers & Surgical Devices Markets. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews are available to the press.
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics.